NG vs. GC=F

Last updated Jun 3, 2026

NG (NovaGold Resources Inc.) is a stock, while GC=F (Gold) is an asset. Over the past 10 years, NG returned 3.61%/yr vs 13.80%/yr for GC=F. At a 0.47 correlation, their price movements are largely independent.

Performance

NG vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NovaGold Resources Inc. (NG) and Gold (GC=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NG achieves a -10.09% return, which is significantly lower than GC=F's 4.48% return. Over the past 10 years, NG has underperformed GC=F with an annualized return of 3.61%, while GC=F has yielded a comparatively higher 13.80% annualized return.

NG

• 1D: 0.60%
• 1M: 4.10%
• YTD: -10.09%
• 6M: -15.52%
• 1Y: 123.47%
• 3Y*: 17.17%
• 5Y*: -3.78%
• 10Y*: 3.61%

GC=F

• 1D: 0.98%
• 1M: -2.39%
• YTD: 4.48%
• 6M: 7.94%
• 1Y: 34.08%
• 3Y*: 32.28%
• 5Y*: 19.29%
• 10Y*: 13.80%

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

NG vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NG NovaGold Resources Inc.	-10.09%	179.88%	-10.96%	-37.46%	-12.83%	-29.06%	7.92%	126.84%	0.51%	-13.82%
GC=F Gold	4.48%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Correlation

The correlation between NG and GC=F is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Dec 5, 2003	0.47

The correlation between NG and GC=F has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Return for Risk

NG vs. GC=F — Risk / Return Rank

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

NG

NG Risk / Return Rank: 80
NG Sharpe Ratio Rank: 83
NG Sortino Ratio Rank: 78
NG Omega Ratio Rank: 78
NG Calmar Ratio Rank: 82
NG Martin Ratio Rank: 79

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 48
GC=F Sortino Ratio Rank: 48
GC=F Omega Ratio Rank: 45
GC=F Calmar Ratio Rank: 61
GC=F Martin Ratio Rank: 67

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.

NG vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NovaGold Resources Inc. (NG) and Gold (GC=F). 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.

	NG	GC=F	Difference
Sharpe ratio Return per unit of total volatility	1.62	1.25	+0.37
Sortino ratio Return per unit of downside risk	2.22	1.63	+0.59
Omega ratio Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio Return relative to maximum drawdown	2.94	2.03	+0.91
Martin ratio Return relative to average drawdown	6.50	5.15	+1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NG vs. GC=F - Sharpe Ratio Comparison

The current NG Sharpe Ratio is 1.62, which is comparable to the GC=F Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of NG and GC=F, 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

	NG	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	1.25	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	1.05	-1.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.84	-0.77
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.62	-0.58

Drawdowns

NG vs. GC=F - Drawdown Comparison

The maximum NG drawdown since its inception was -97.85%, which is greater than GC=F's maximum drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for NG and GC=F.

Drawdown Indicators

	NG	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-97.85%	-44.36%	-53.49%
Max Drawdown (1Y) Largest decline over 1 year	-45.56%	-17.73%	-27.83%
Max Drawdown (3Y) Largest decline over 3 years	-57.38%	-17.73%	-39.65%
Max Drawdown (5Y) Largest decline over 5 years	-77.69%	-20.43%	-57.26%
Max Drawdown (10Y) Largest decline over 10 years	-81.22%	-20.87%	-60.35%
Current Drawdown Current decline from peak	-50.95%	-15.03%	-35.92%
Average Drawdown Average peak-to-trough decline	-58.04%	-13.03%	-45.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.62%	7.01%	+13.61%

Volatility

NG vs. GC=F - Volatility Comparison

NovaGold Resources Inc. (NG) has a higher volatility of 21.51% compared to Gold (GC=F) at 5.37%. This indicates that NG's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NG	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.51%	5.37%	+16.14%
Volatility (6M) Calculated over the trailing 6-month period	59.38%	23.05%	+36.33%
Volatility (1Y) Calculated over the trailing 1-year period	76.73%	26.56%	+50.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.42%	18.21%	+41.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.81%	16.44%	+39.37%

Frequently Asked Questions

Can I hold both NG and GC=F in my portfolio?

NG and GC=F have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NG or GC=F?

NG has higher volatility (21.51%) compared to GC=F (5.37%). In terms of maximum drawdown, NG dropped -97.85% vs GC=F's -44.36%.

Which has better risk-adjusted returns?

NG currently has the higher Sharpe Ratio (1.62 vs 1.25), 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.