AEM vs EGO: Correlation
Agnico Eagle Mines Limited (AEM) and Eldorado Gold Corporation (EGO) show a very strong relationship: their 3-year correlation of weekly returns is 0.81.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and EGO?
On 3 years of weekly data the AEM/EGO correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.81 over 3. The 5-year figure is 0.79, and annualized covariance runs at 1658.8 %².
Among the 36 assets we track against AEM, EGO ranks #17 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months EGO outperformed by 42.7 percentage points (+55.9% for AEM against +98.6% for EGO).
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 EGO: side by side
| AEM (Agnico Eagle Mines Limited) | EGO (Eldorado Gold Corporation) | |
|---|---|---|
| 1-year return | +55.9% | +98.6% |
| 5-year return | +323.8% | +463.3% |
| Volatility (ann.) | 40.9% | 50.3% |
| Beta vs S&P 500 | 0.70 | 0.73 |
| Max drawdown (3Y) | -45.8% | -44.0% |
| Market cap | $109.1B | $12.5B |
| P/E (trailing) | 18.4 | 16.7 |
| Dividend yield | 0.79% | 0.32% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | EGO |
|---|---|---|
| 2022 | +1.1% | -10.6% |
| 2023 | +9.0% | +55.1% |
| 2024 | +46.0% | +14.6% |
| 2025 | +119.5% | +141.6% |
| 2026 | +27.6% | +34.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and EGO good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AEM and EGO?
The AEM/EGO correlation stands at 0.81 on a 3-year window (1 year: 0.83, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is EGO a good diversifier for AEM?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
A reading of 0.81 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 · EGO correlations
