NG vs. ^TNX
NG (NovaGold Resources Inc.) is a stock, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 10 years, NG returned -1.51%/yr vs 11.69%/yr for ^TNX. At a correlation of -0.09, they often move in opposite directions.
Performance
NG vs. ^TNX - Performance Comparison
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Returns By Period
In the year-to-date period, NG achieves a -35.94% return, which is significantly lower than ^TNX's 9.75% return. Over the past 10 years, NG has underperformed ^TNX with an annualized return of -1.51%, while ^TNX has yielded a comparatively higher 11.69% annualized return.
NG
- 1D
- -2.13%
- 1M
- -19.76%
- 6M
- -40.77%
- YTD
- -35.94%
- 1Y
- 24.37%
- 3Y*
- 12.08%
- 5Y*
- -6.53%
- 10Y*
- -1.51%
^TNX
- 1D
- 0.66%
- 1M
- 1.83%
- 6M
- 9.54%
- YTD
- 9.75%
- 1Y
- 3.30%
- 3Y*
- 4.71%
- 5Y*
- 27.50%
- 10Y*
- 11.69%
NG vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NG NovaGold Resources Inc. | -35.94% | 179.88% | -10.96% | -37.46% | -12.83% | -29.06% | 7.92% | 126.84% | 0.51% | -13.82% |
^TNX Cboe 10-Year Treasury Note Yield Index | 9.75% | -8.97% | 18.29% | -0.34% | 156.55% | 64.89% | -52.21% | -28.56% | 11.68% | -1.68% |
Correlation
The correlation between NG and ^TNX is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.22 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2003 | -0.09 |
The correlation between NG and ^TNX shifts across timeframes, from -0.24 (1 year) to -0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NG vs. ^TNX — Risk / Return Rank
NG
^TNX
NG vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NovaGold Resources Inc. (NG) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NG | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.07 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.46 | 0.43 | +0.02 |
| Martin ratioReturn relative to average drawdown | 1.01 | 0.78 | +0.23 |
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Drawdowns
NG vs. ^TNX - Drawdown Comparison
The maximum NG drawdown since its inception was -97.85%, roughly equal to the maximum ^TNX drawdown of -96.85%. Use the drawdown chart below to compare losses from any high point for NG and ^TNX.
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Drawdown Indicators
| NG | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.85% | -96.85% | -1.00% |
Max Drawdown (1Y)Largest decline over 1 year | -58.45% | -11.94% | -46.51% |
Max Drawdown (3Y)Largest decline over 3 years | -58.45% | -27.41% | -31.04% |
Max Drawdown (5Y)Largest decline over 5 years | -72.23% | -27.41% | -44.82% |
Max Drawdown (10Y)Largest decline over 10 years | -81.22% | -84.57% | +3.35% |
Current DrawdownCurrent decline from peak | -65.06% | -71.16% | +6.10% |
Average DrawdownAverage peak-to-trough decline | -58.04% | -55.02% | -3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.27% | 6.64% | +19.63% |
Volatility
NG vs. ^TNX - Volatility Comparison
NovaGold Resources Inc. (NG) has a higher volatility of 24.35% compared to Cboe 10-Year Treasury Note Yield Index (^TNX) at 4.22%. This indicates that NG's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NG | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.35% | 4.22% | +20.13% |
Volatility (6M)Calculated over the trailing 6-month period | 64.00% | 11.02% | +52.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.84% | 15.08% | +59.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.25% | 31.86% | +28.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.19% | 47.73% | +8.46% |
Frequently Asked Questions
NG and ^TNX have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NG has higher volatility (24.35%) compared to ^TNX (4.22%). In terms of maximum drawdown, NG dropped -97.85% vs ^TNX's -96.85%.
NG currently has the higher Sharpe Ratio (0.36 vs 0.34), 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.
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