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Correlation Analysis

Apple Inc. vs Newmont Corporation

AAPL vs NEM

+0.411

Moderate positive

When one moves up, the other tends to follow.

AAPL logo

Apple Inc.

AAPL

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple's iPhone makes up a majority of the firm sales, and Apple's other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple's sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Market cap 3.8T

NEM logo

Newmont Corporation

NEM

Newmont is the world's largest gold miner. It bought Goldcorp in 2019, combined its Nevada mines in a joint venture with competitor Barrick later that year, and also purchased competitor Newcrest in November 2023. Its portfolio includes 11 mines and interests in two joint ventures in the Americas, Africa, Australia, and Papua New Guinea. The company is expected to sell roughly 5.3 million ounces of gold in 2026 from its continuing mines after selling six higher-cost, smaller mines following the Newcrest acquisition. Newmont also produces material amounts of copper, silver, zinc, and lead as byproducts. It had about two decades of gold reserves, along with significant byproduct reserves at the end of December 2025.

Market cap 121.8B · 17,500 employees

Apr 9, 2021 — Apr 7, 2026Daily1,254 observationsStockStockTechnologyMaterials

Time Series

Rebased to 100

Green: AAPLGray: NEM36 of 1,254 points (sampled)

Who Moves First

AAPL leads NEM by 6 days

AAPL tends to move before NEM.

Best correlation after shifting: +0.416 (13 shifts scanned)

Do They Crash Together?

Correlation by Market Regime

How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.

Both Rising

-0.571

13 periods · Return correlation when both series rose

Both Falling

+0.277

8 periods · Return correlation when both series fell

Diverging

-0.857

14 periods · Return correlation when series moved apart

R-Squared

16.9%

Share of variance in one series explained by the other.

Trend Agreement

53.1%

How often both series moved in the same direction period-to-period.

Overlap Quality

1,254

Deep shared window — 1,254 usable pairs.

Significance

p < 0.001

95% CI: [0.364, 0.456]

Scatter

XY Regression

112.3120140160180200220240260280285.625.2406080100120125Apple Inc.Newmont CorporationData pointsFit (r = 0.411)

Pipeline

Data quality details

Pipeline Summary

1,254 paired observations survived the daily window.

Raw input

1,254

1,254

Normalized

1,254

1,254

Prepared

1,254

1,254

Aligned

1,254

1,254

Invalid removed

0

A: 0 / B: 0

Duplicates removed

0

A: 0 / B: 0

Alignment drops

0

A: 0 / B: 0

Series A

AAPL logo

Apple Inc.

AAPL

Market cap 3.8T

Stock · 1,254 raw → 1,254 prepared

Series B

NEM logo

Newmont Corporation

NEM

Market cap 121.8B · 17,500 employees

Stock · 1,254 raw → 1,254 prepared

Sign agreement

100.0%

How often both values share the same sign.

Zero crossings

13

Estimated crossover points between normalized spreads.

Slope

0.2000

Linear regression slope.

Intercept

18.9101

Linear regression intercept.

Related Extremes

Highest and Lowest Correlated

Saved 3 hours ago · ID: stock-aapl-vs-stock-nem-daily-20260408-aaygk6