AEM vs AU: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and AngloGold Ashanti PLC (AU) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and AU?
Over the past 3 years, AEM and AU moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.90 lands near the 3-year figure. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 1966.9 %².
Among the 36 assets we track against AEM, AU ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AU ahead by 67.9 points (+55.9% versus +123.8%).
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 AU: side by side
| AEM (Agnico Eagle Mines Limited) | AU (AngloGold Ashanti PLC) | |
|---|---|---|
| 1-year return | +55.9% | +123.8% |
| 5-year return | +323.8% | +725.4% |
| Volatility (ann.) | 40.9% | 56.7% |
| Beta vs S&P 500 | 0.70 | 0.92 |
| Max drawdown (3Y) | -45.8% | -39.9% |
| Market cap | $109.1B | $59.9B |
| P/E (trailing) | 18.4 | 15.8 |
| Dividend yield | 0.79% | 3.83% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | AU |
|---|---|---|
| 2022 | +1.1% | -5.1% |
| 2023 | +9.0% | -2.7% |
| 2024 | +46.0% | +26.5% |
| 2025 | +119.5% | +288.2% |
| 2026 | +27.6% | +43.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and AU good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AEM and AU?
The AEM/AU correlation stands at 0.85 on a 3-year window (1 year: 0.90, 5 years: 0.83), computed from weekly returns as of 2026-08-27.
Is AU a good diversifier for AEM?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 mean?
A reading of 0.85 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aem-vs-au.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aem-vs-au/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AEM correlations · AU correlations
