AEM vs ASA: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and ASA Gold and Precious Metals Limited (ASA) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and ASA?
Over the past 3 years, AEM and ASA moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.89 lands near the 3-year figure. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 1498.3 %².
Within AEM's tracked universe of 36 assets, ASA comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ASA ahead by 21.1 points (+55.9% versus +77.0%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AEM vs ASA: side by side
| AEM (Agnico Eagle Mines Limited) | ASA (ASA Gold and Precious Metals Limited) | |
|---|---|---|
| 1-year return | +55.9% | +77.0% |
| 5-year return | +323.8% | +218.5% |
| Volatility (ann.) | 40.9% | 42.5% |
| Beta vs S&P 500 | 0.70 | 0.92 |
| Max drawdown (3Y) | -45.8% | -40.8% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | 1.7 |
| Dividend yield | 0.79% | 0.11% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | ASA |
|---|---|---|
| 2022 | +1.1% | -32.1% |
| 2023 | +9.0% | +5.4% |
| 2024 | +46.0% | +34.5% |
| 2025 | +119.5% | +195.6% |
| 2026 | +27.6% | +9.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and ASA good diversifiers for each other?
No. With a correlation of 0.86, AEM and ASA move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AEM and ASA?
As of 2026-08-27, the correlation of weekly returns between AEM and ASA is 0.86 over 3 years, 0.89 over 1 year and 0.84 over 5 years.
Is ASA a good diversifier for AEM?
No. With a correlation of 0.86, AEM and ASA move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
A reading of 0.86 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AEM correlations · ASA correlations
