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 1.68%/yr vs 11.06%/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 -18.88% return, which is significantly lower than ^TNX's 8.31% return. Over the past 10 years, NG has underperformed ^TNX with an annualized return of 1.68%, while ^TNX has yielded a comparatively higher 11.06% annualized return.
NG
- 1D
- -3.08%
- 1M
- -2.20%
- YTD
- -18.88%
- 6M
- -25.00%
- 1Y
- 82.61%
- 3Y*
- 18.18%
- 5Y*
- -1.83%
- 10Y*
- 1.68%
^TNX
- 1D
- 1.30%
- 1M
- -1.08%
- YTD
- 8.31%
- 6M
- 8.16%
- 1Y
- 3.06%
- 3Y*
- 6.44%
- 5Y*
- 24.84%
- 10Y*
- 11.06%
NG vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NG NovaGold Resources Inc. | -18.88% | 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 | 8.31% | -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 | -0.21 |
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 | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.04 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 0.26 | +1.34 |
| Martin ratioReturn relative to average drawdown | 3.61 | 0.47 | +3.14 |
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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 | -52.11% | -11.94% | -40.17% |
Max Drawdown (3Y)Largest decline over 3 years | -52.30% | -27.41% | -24.89% |
Max Drawdown (5Y)Largest decline over 5 years | -73.33% | -27.41% | -45.92% |
Max Drawdown (10Y)Largest decline over 10 years | -81.22% | -84.57% | +3.35% |
Current DrawdownCurrent decline from peak | -55.75% | -71.53% | +15.78% |
Average DrawdownAverage peak-to-trough decline | -58.02% | -55.00% | -3.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.98% | 6.58% | +16.40% |
Volatility
NG vs. ^TNX - Volatility Comparison
NovaGold Resources Inc. (NG) has a higher volatility of 21.07% compared to Cboe 10-Year Treasury Note Yield Index (^TNX) at 3.69%. 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 | 21.07% | 3.69% | +17.38% |
Volatility (6M)Calculated over the trailing 6-month period | 61.86% | 10.75% | +51.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.33% | 15.15% | +59.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.81% | 32.20% | +27.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.05% | 47.96% | +8.09% |
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 (21.07%) compared to ^TNX (3.69%). In terms of maximum drawdown, NG dropped -97.85% vs ^TNX's -96.85%.
NG currently has the higher Sharpe Ratio (1.12 vs 0.20), 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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