AEM vs BAR: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and GraniteShares Gold Trust Shares of Beneficial Interest (BAR) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and BAR?
On 3 years of weekly data the AEM/BAR correlation comes out at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. The 5-year figure is 0.80, and annualized covariance runs at 630.9 %².
By 3-year correlation, BAR places #12 of the 36 assets tracked against AEM. The last year tells two different stories: AEM led by 20.4 percentage points, +55.9% for AEM against +35.5% for BAR. Note the risk asymmetry: AEM runs 2.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 BAR: side by side
| AEM (Agnico Eagle Mines Limited) | BAR (GraniteShares Gold Trust Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | +55.9% | +35.5% |
| 5-year return | +323.8% | +152.4% |
| Volatility (ann.) | 40.9% | 18.6% |
| Beta vs S&P 500 | 0.70 | 0.17 |
| Max drawdown (3Y) | -45.8% | -26.3% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | BAR |
|---|---|---|
| 2022 | +1.1% | -0.6% |
| 2023 | +9.0% | +13.0% |
| 2024 | +46.0% | +27.0% |
| 2025 | +119.5% | +64.1% |
| 2026 | +27.6% | +6.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and BAR good diversifiers for each other?
No. With a correlation of 0.83, AEM and BAR move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AEM and BAR?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.84 over the last year and 0.80 over 5 years.
Is BAR a good diversifier for AEM?
No. With a correlation of 0.83, AEM and BAR move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aem-vs-bar.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aem-vs-bar/)
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Related comparisons
Hubs: AEM correlations · BAR correlations
