AEM vs CGAU: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and Centerra Gold Inc. (CGAU) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and CGAU?
Across a 3-year window, the weekly returns of AEM and CGAU correlate at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.91 lands near the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 1563.3 %².
Among the 36 assets we track against AEM, CGAU ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CGAU ahead by 157.5 points (+55.9% versus +213.4%).
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 CGAU: side by side
| AEM (Agnico Eagle Mines Limited) | CGAU (Centerra Gold Inc.) | |
|---|---|---|
| 1-year return | +55.9% | +213.4% |
| 5-year return | +323.8% | +269.1% |
| Volatility (ann.) | 40.9% | 45.7% |
| Beta vs S&P 500 | 0.70 | 1.13 |
| Max drawdown (3Y) | -45.8% | -29.5% |
| Market cap | $109.1B | $4.7B |
| P/E (trailing) | 18.4 | 7.6 |
| Dividend yield | 0.79% | 0.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | CGAU |
|---|---|---|
| 2022 | +1.1% | -30.2% |
| 2023 | +9.0% | +19.4% |
| 2024 | +46.0% | -1.4% |
| 2025 | +119.5% | +156.7% |
| 2026 | +27.6% | +70.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and CGAU good diversifiers for each other?
No: a correlation of 0.84 means AEM and CGAU tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AEM and CGAU?
As of 2026-08-27, the correlation of weekly returns between AEM and CGAU is 0.84 over 3 years, 0.91 over 1 year and 0.75 over 5 years.
Is CGAU a good diversifier for AEM?
No: a correlation of 0.84 means AEM and CGAU tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aem-vs-cgau.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aem-vs-cgau/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AEM correlations · CGAU correlations
