AEM vs ELE: Correlation
Agnico Eagle Mines Limited (AEM) and Elemental Royalty Corporation (ELE) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and ELE?
On 3 years of weekly data the AEM/ELE correlation comes out at 0.63, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. The 5-year figure is 0.56, and annualized covariance runs at 1136.0 %².
Among the 36 assets we track against AEM, ELE ranks #28 by 3-year correlation. Twelve-month performance is nearly a tie, at +55.9% for AEM and +52.7% for ELE.
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 ELE: side by side
| AEM (Agnico Eagle Mines Limited) | ELE (Elemental Royalty Corporation) | |
|---|---|---|
| 1-year return | +55.9% | +52.7% |
| 5-year return | +323.8% | +117.9% |
| Volatility (ann.) | 40.9% | 44.3% |
| Beta vs S&P 500 | 0.70 | 0.87 |
| Max drawdown (3Y) | -45.8% | -40.9% |
| Market cap | $109.1B | $1.4B |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | 0.27% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | ELE |
|---|---|---|
| 2022 | +1.1% | -25.3% |
| 2023 | +9.0% | -15.4% |
| 2024 | +46.0% | -3.9% |
| 2025 | +119.5% | +114.0% |
| 2026 | +27.6% | +32.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and ELE good diversifiers for each other?
Only partially. A correlation of 0.63 means AEM and ELE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AEM and ELE?
As of 2026-08-27, the correlation of weekly returns between AEM and ELE is 0.63 over 3 years, 0.73 over 1 year and 0.56 over 5 years.
Is ELE a good diversifier for AEM?
Only partially. A correlation of 0.63 means AEM and ELE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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-ele.json
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Related comparisons
Hubs: AEM correlations · ELE correlations
