NAK vs. TMQ

Last updated Jun 4, 2026

NAK (Northern Dynasty Minerals Ltd.) and TMQ (Trilogy Metals Inc.) are both stocks. Both operate in the Other Industrial Metals & Mining industry within the Basic Materials sector. Over the past 10 years, NAK returned 20.11%/yr vs 24.56%/yr for TMQ. At a 0.18 correlation, their price movements are largely independent.

Performance

NAK vs. TMQ - Performance Comparison

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

Returns By Period

In the year-to-date period, NAK achieves a 14.21% return, which is significantly higher than TMQ's 3.25% return. Over the past 10 years, NAK has underperformed TMQ with an annualized return of 20.11%, while TMQ has yielded a comparatively higher 24.56% annualized return.

NAK

• 1D: -5.46%
• 1M: 8.70%
• YTD: 14.21%
• 6M: 16.58%
• 1Y: 77.17%
• 3Y*: 116.74%
• 5Y*: 31.24%
• 10Y*: 20.11%

TMQ

• 1D: -6.90%
• 1M: 3.25%
• YTD: 3.25%
• 6M: -1.77%
• 1Y: 244.96%
• 3Y*: 105.93%
• 5Y*: 8.28%
• 10Y*: 24.56%

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

NAK vs. TMQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NAK Northern Dynasty Minerals Ltd.	14.21%	238.78%	79.86%	46.42%	-32.31%	1.30%	-25.12%	-24.46%	-67.84%	-14.49%
TMQ Trilogy Metals Inc.	3.25%	271.55%	169.77%	-21.82%	-66.67%	-17.50%	-23.08%	50.29%	58.72%	114.95%

Correlation

The correlation between NAK and TMQ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Apr 26, 2012	0.18

Over the past year, NAK and TMQ have become more correlated (0.46) than their long-term average of 0.18, meaning their price movements have been converging.

Fundamentals

Market Cap NAK : $1.24B TMQ : $765.14M
EPS NAK : -$0.19 TMQ : -$0.23
PB Ratio NAK : 69.81 TMQ : 6.30
Total Revenue (TTM) NAK : $0.00 TMQ : $0.00
Gross Profit (TTM) NAK : -$85.85K TMQ : $0.00
EBITDA (TTM) NAK : -$99.80M TMQ : -$7.33M

Return for Risk

NAK vs. TMQ — Risk / Return Rank

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

NAK

NAK Risk / Return Rank: 65
NAK Sharpe Ratio Rank: 63
NAK Sortino Ratio Rank: 67
NAK Omega Ratio Rank: 71
NAK Calmar Ratio Rank: 64
NAK Martin Ratio Rank: 60

TMQ

TMQ Risk / Return Rank: 85
TMQ Sharpe Ratio Rank: 72
TMQ Sortino Ratio Rank: 96
TMQ Omega Ratio Rank: 94
TMQ Calmar Ratio Rank: 85
TMQ Martin Ratio Rank: 76

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.

NAK vs. TMQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Dynasty Minerals Ltd. (NAK) and Trilogy Metals Inc. (TMQ). 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.

	NAK	TMQ	Difference
Sharpe ratio Return per unit of total volatility	0.68	1.05	-0.37
Sortino ratio Return per unit of downside risk	1.59	4.46	-2.87
Omega ratio Gain probability vs. loss probability	1.23	1.56	-0.33
Calmar ratio Return relative to maximum drawdown	1.15	3.54	-2.40
Martin ratio Return relative to average drawdown	1.97	5.29	-3.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NAK vs. TMQ - Sharpe Ratio Comparison

The current NAK Sharpe Ratio is 0.68, which is lower than the TMQ Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of NAK and TMQ, 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

	NAK	TMQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.68	1.05	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.06	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.24	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	-0.00	0.00

Drawdowns

NAK vs. TMQ - Drawdown Comparison

The maximum NAK drawdown since its inception was -99.01%, roughly equal to the maximum TMQ drawdown of -96.55%. Use the drawdown chart below to compare losses from any high point for NAK and TMQ.

Drawdown Indicators

	NAK	TMQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.01%	-96.55%	-2.46%
Max Drawdown (1Y) Largest decline over 1 year	-67.68%	-69.62%	+1.94%
Max Drawdown (3Y) Largest decline over 3 years	-67.68%	-69.62%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-67.68%	-87.53%	+19.85%
Max Drawdown (10Y) Largest decline over 10 years	-93.79%	-88.01%	-5.78%
Current Drawdown Current decline from peak	-89.33%	-58.02%	-31.31%
Average Drawdown Average peak-to-trough decline	-73.91%	-71.96%	-1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.32%	46.49%	-7.17%

Volatility

NAK vs. TMQ - Volatility Comparison

Northern Dynasty Minerals Ltd. (NAK) and Trilogy Metals Inc. (TMQ) have volatilities of 20.00% and 20.71%, 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

	NAK	TMQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.00%	20.71%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	76.00%	57.61%	+18.39%
Volatility (1Y) Calculated over the trailing 1-year period	114.96%	234.96%	-120.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.51%	128.32%	-44.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	97.83%	101.06%	-3.23%

Dividends

NAK vs. TMQ - Dividend Comparison

Neither NAK nor TMQ has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NAK and TMQ in my portfolio?

NAK and TMQ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAK or TMQ?

TMQ has higher volatility (20.71%) compared to NAK (20.00%). In terms of maximum drawdown, NAK dropped -99.01% vs TMQ's -96.55%.

Which has better risk-adjusted returns?

TMQ currently has the higher Sharpe Ratio (1.05 vs 0.68), 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.