Investors focused on the Basic Materials space have likely heard of Novagold Resources (NG Quick QuoteNG - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.

Novagold Resources is a member of our Basic Materials group, which includes 239 different companies and currently sits at #7 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. NG is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for NG's full-year earnings has moved 27.27% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Based on the latest available data, NG has gained about 3.91% so far this year. In comparison, Basic Materials companies have returned an average of -25.93%. This shows that Novagold Resources is outperforming its peers so far this year.

To break things down more, NG belongs to the Mining - Gold industry, a group that includes 30 individual companies and currently sits at #16 in the Zacks Industry Rank. This group has lost an average of 7.31% so far this year, so NG is performing better in this area.

NG will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.