AEM vs EQX: Correlation
Agnico Eagle Mines Limited (AEM) and Equinox Gold Corp. (EQX) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and EQX?
Across a 3-year window, the weekly returns of AEM and EQX correlate at 0.75, strong. The past 12 months show a tighter link (0.87) than the 3-year average (0.75). Stretching to 5 years gives 0.76, with an annualized covariance of 1733.4 %².
Within AEM's tracked universe of 36 assets, EQX comes in at #22 by 3-year correlation. Over the last 12 months EQX came out ahead by 8.8 percentage points (+55.9% against +64.7%).
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 EQX: side by side
| AEM (Agnico Eagle Mines Limited) | EQX (Equinox Gold Corp.) | |
|---|---|---|
| 1-year return | +55.9% | +64.7% |
| 5-year return | +323.8% | +98.0% |
| Volatility (ann.) | 40.9% | 56.6% |
| Beta vs S&P 500 | 0.70 | 1.19 |
| Max drawdown (3Y) | -45.8% | -54.0% |
| Market cap | $109.1B | $15.7B |
| P/E (trailing) | 18.4 | 21.0 |
| Dividend yield | 0.79% | 0.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | EQX |
|---|---|---|
| 2022 | +1.1% | -51.5% |
| 2023 | +9.0% | +49.1% |
| 2024 | +46.0% | +2.7% |
| 2025 | +119.5% | +179.7% |
| 2026 | +27.6% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and EQX good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AEM and EQX?
As of 2026-08-27, the correlation of weekly returns between AEM and EQX is 0.75 over 3 years, 0.87 over 1 year and 0.76 over 5 years.
Is EQX a good diversifier for AEM?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 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-eqx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aem-vs-eqx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AEM correlations · EQX correlations
