NEXT vs. LAC

Last updated Jun 9, 2026

NEXT (NextDecade Corporation) and LAC (Lithium Americas Corp.) are both stocks. NEXT operates in Oil & Gas E&P (Energy), while LAC operates in Other Industrial Metals & Mining (Basic Materials). Over the past year, NEXT returned 1.81% vs 68.89% for LAC. At a 0.17 correlation, their price movements are largely independent.

Performance

NEXT vs. LAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NextDecade Corporation (NEXT) and Lithium Americas Corp. (LAC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NEXT achieves a 60.53% return, which is significantly higher than LAC's 4.59% return.

NEXT

• 1D: -0.82%
• 1M: 11.90%
• YTD: 60.53%
• 6M: 31.78%
• 1Y: 1.81%
• 3Y*: 11.28%
• 5Y*: 14.12%
• 10Y*: -1.63%

LAC

• 1D: 0.66%
• 1M: -18.13%
• YTD: 4.59%
• 6M: -14.12%
• 1Y: 68.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NEXT vs. LAC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NEXT NextDecade Corporation	60.53%	-31.65%	61.64%	-6.84%
LAC Lithium Americas Corp.	4.59%	46.80%	-53.59%	-27.19%

Correlation

The correlation between NEXT and LAC is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.17

The correlation between NEXT and LAC shifts across timeframes, from 0.06 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap NEXT : $2.24B LAC : $1.61B
EPS NEXT : -$1.35 LAC : -$0.28
Total Revenue (TTM) NEXT : $0.00 LAC : $0.00
Gross Profit (TTM) NEXT : -$15.67M LAC : -$580.22K
EBITDA (TTM) NEXT : -$271.66M LAC : -$52.10M

Return for Risk

NEXT vs. LAC — Risk / Return Rank

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

NEXT

NEXT Risk / Return Rank: 43
NEXT Sharpe Ratio Rank: 44
NEXT Sortino Ratio Rank: 43
NEXT Omega Ratio Rank: 43
NEXT Calmar Ratio Rank: 43
NEXT Martin Ratio Rank: 42

LAC

LAC Risk / Return Rank: 68
LAC Sharpe Ratio Rank: 61
LAC Sortino Ratio Rank: 79
LAC Omega Ratio Rank: 74
LAC Calmar Ratio Rank: 64
LAC Martin Ratio Rank: 59

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.

NEXT vs. LAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NextDecade Corporation (NEXT) and Lithium Americas Corp. (LAC). 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.

	NEXT	LAC	Difference
Sharpe ratio: Return per unit of total volatility	0.03	0.53	-0.50
Sortino ratio: Return per unit of downside risk	0.51	2.16	-1.66
Omega ratio: Gain probability vs. loss probability	1.06	1.25	-0.18
Calmar ratio: Return relative to maximum drawdown	0.03	1.10	-1.07
Martin ratio: Return relative to average drawdown	0.04	1.69	-1.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NEXT vs. LAC - Sharpe Ratio Comparison

The current NEXT Sharpe Ratio is 0.03, which is lower than the LAC Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of NEXT and LAC, 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

	NEXT	LAC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	0.53	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.26	+0.24

Drawdowns

NEXT vs. LAC - Drawdown Comparison

The maximum NEXT drawdown since its inception was -88.79%, which is greater than LAC's maximum drawdown of -81.83%. Use the drawdown chart below to compare losses from any high point for NEXT and LAC.

Drawdown Indicators

	NEXT	LAC	Difference
Max Drawdown Largest peak-to-trough decline	-88.79%	-81.83%	-6.96%
Max Drawdown (1Y) Largest decline over 1 year	-60.00%	-63.08%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-60.00%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.00%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-88.79%	—	—
Current Drawdown Current decline from peak	-29.50%	-61.09%	+31.59%
Average Drawdown Average peak-to-trough decline	-39.04%	-63.22%	+24.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.88%	40.87%	+0.01%

Volatility

NEXT vs. LAC - Volatility Comparison

The current volatility for NextDecade Corporation (NEXT) is 14.18%, while Lithium Americas Corp. (LAC) has a volatility of 21.31%. This indicates that NEXT experiences smaller price fluctuations and is considered to be less risky than LAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NEXT	LAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.18%	21.31%	-7.13%
Volatility (6M) Calculated over the trailing 6-month period	46.34%	52.78%	-6.44%
Volatility (1Y) Calculated over the trailing 1-year period	63.74%	132.10%	-68.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.46%	101.33%	-24.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.06%	101.33%	-14.27%

Dividends

NEXT vs. LAC - Dividend Comparison

Neither NEXT nor LAC has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both NEXT and LAC in my portfolio?

NEXT and LAC have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEXT or LAC?

LAC has higher volatility (21.31%) compared to NEXT (14.18%). In terms of maximum drawdown, NEXT dropped -88.79% vs LAC's -81.83%.

Which has better risk-adjusted returns?

LAC currently has the higher Sharpe Ratio (0.53 vs 0.03), 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.