MUX vs. NAK

Last updated Jun 3, 2026

MUX (McEwen Mining Inc.) and NAK (Northern Dynasty Minerals Ltd.) are both stocks. Both are in the Basic Materials sector — MUX in Other Precious Metals & Mining, NAK in Other Industrial Metals & Mining. Over the past 10 years, MUX returned -0.73%/yr vs 20.79%/yr for NAK. At a 0.30 correlation, their price movements are largely independent.

Performance

MUX vs. NAK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in McEwen Mining Inc. (MUX) and Northern Dynasty Minerals Ltd. (NAK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MUX having a 20.53% return and NAK slightly higher at 20.81%. Over the past 10 years, MUX has underperformed NAK with an annualized return of -0.73%, while NAK has yielded a comparatively higher 20.79% annualized return.

MUX

• 1D: 2.53%
• 1M: 4.74%
• YTD: 20.53%
• 6M: 22.25%
• 1Y: 158.82%
• 3Y*: 40.29%
• 5Y*: 9.61%
• 10Y*: -0.73%

NAK

• 1D: 3.93%
• 1M: 16.10%
• YTD: 20.81%
• 6M: 30.05%
• 1Y: 105.17%
• 3Y*: 120.83%
• 5Y*: 32.93%
• 10Y*: 20.79%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MUX vs. NAK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUX McEwen Mining Inc.	20.53%	137.92%	7.91%	23.04%	-33.90%	-10.00%	-22.44%	-30.01%	-19.78%	-21.37%
NAK Northern Dynasty Minerals Ltd.	20.81%	238.78%	79.86%	46.42%	-32.31%	1.30%	-25.12%	-24.46%	-67.84%	-14.49%

Correlation

The correlation between MUX and NAK is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 10, 2003	0.30

The correlation between MUX and NAK shifts across timeframes, from 0.26 (10 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap MUX : $1.62B NAK : $1.31B
EPS MUX : $1.26 NAK : -$0.19
PB Ratio MUX : 2.48 NAK : 73.84
Total Revenue (TTM) MUX : $161.86M NAK : $0.00
Gross Profit (TTM) MUX : $53.23M NAK : -$85.85K
EBITDA (TTM) MUX : $52.58M NAK : -$99.80M

Return for Risk

MUX vs. NAK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MUX

MUX Risk / Return Rank: 88
MUX Sharpe Ratio Rank: 91
MUX Sortino Ratio Rank: 84
MUX Omega Ratio Rank: 84
MUX Calmar Ratio Rank: 91
MUX Martin Ratio Rank: 89

NAK

NAK Risk / Return Rank: 70
NAK Sharpe Ratio Rank: 68
NAK Sortino Ratio Rank: 70
NAK Omega Ratio Rank: 75
NAK Calmar Ratio Rank: 72
NAK Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MUX vs. NAK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for McEwen Mining Inc. (MUX) and Northern Dynasty Minerals Ltd. (NAK). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	MUX	NAK	Difference
Sharpe ratio Return per unit of total volatility	2.42	0.92	+1.50
Sortino ratio Return per unit of downside risk	2.71	1.78	+0.93
Omega ratio Gain probability vs. loss probability	1.35	1.26	+0.09
Calmar ratio Return relative to maximum drawdown	4.90	1.84	+3.06
Martin ratio Return relative to average drawdown	11.39	3.17	+8.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUX vs. NAK - Sharpe Ratio Comparison

The current MUX Sharpe Ratio is 2.42, which is higher than the NAK Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of MUX and NAK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MUX	NAK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	0.92	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.40	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	0.21	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	-0.00	0.00

Drawdowns

MUX vs. NAK - Drawdown Comparison

The maximum MUX drawdown since its inception was -99.67%, roughly equal to the maximum NAK drawdown of -99.01%. Use the drawdown chart below to compare losses from any high point for MUX and NAK.

Drawdown Indicators

	MUX	NAK	Difference
Max Drawdown Largest peak-to-trough decline	-99.67%	-99.01%	-0.66%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-67.68%	+31.40%
Max Drawdown (3Y) Largest decline over 3 years	-46.49%	-67.68%	+21.19%
Max Drawdown (5Y) Largest decline over 5 years	-82.48%	-67.68%	-14.80%
Max Drawdown (10Y) Largest decline over 10 years	-93.89%	-93.79%	-0.10%
Current Drawdown Current decline from peak	-92.58%	-88.71%	-3.87%
Average Drawdown Average peak-to-trough decline	-86.48%	-73.91%	-12.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.62%	39.31%	-23.69%

Volatility

MUX vs. NAK - Volatility Comparison

McEwen Mining Inc. (MUX) and Northern Dynasty Minerals Ltd. (NAK) have volatilities of 18.99% and 18.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUX	NAK	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.99%	18.98%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	47.94%	75.87%	-27.93%
Volatility (1Y) Calculated over the trailing 1-year period	66.34%	115.14%	-48.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.31%	83.47%	-20.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.82%	97.83%	-34.01%

Dividends

MUX vs. NAK - Dividend Comparison

Neither MUX nor NAK has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUX McEwen Mining Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.39%	0.55%	0.44%	0.34%	0.47%
NAK Northern Dynasty Minerals Ltd.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both MUX and NAK in my portfolio?

MUX and NAK have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUX or NAK?

MUX has higher volatility (18.99%) compared to NAK (18.98%). In terms of maximum drawdown, MUX dropped -99.67% vs NAK's -99.01%.

Which has better risk-adjusted returns?

MUX currently has the higher Sharpe Ratio (2.42 vs 0.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.