AEM vs FNV: Correlation
Measured on weekly returns over the past three years, Agnico Eagle Mines Limited (AEM) and Franco-Nevada Corporation (FNV) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and FNV?
Across a 3-year window, the weekly returns of AEM and FNV correlate at 0.85, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.89) sits close to the 3-year figure. Stretching to 5 years gives 0.85, with an annualized covariance of 1117.2 %².
Within AEM's tracked universe of 36 assets, FNV comes in at #9 by 3-year correlation. On 12-month performance AEM holds a 9.3-point edge, +55.9% against +46.6%.
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 FNV: side by side
| AEM (Agnico Eagle Mines Limited) | FNV (Franco-Nevada Corporation) | |
|---|---|---|
| 1-year return | +55.9% | +46.6% |
| 5-year return | +323.8% | +97.2% |
| Volatility (ann.) | 40.9% | 32.2% |
| Beta vs S&P 500 | 0.70 | 0.36 |
| Max drawdown (3Y) | -45.8% | -29.2% |
| Market cap | $109.1B | $52.3B |
| P/E (trailing) | 18.4 | 35.0 |
| Dividend yield | 0.79% | 0.61% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | FNV |
|---|---|---|
| 2022 | +1.1% | -0.4% |
| 2023 | +9.0% | -18.0% |
| 2024 | +46.0% | +7.4% |
| 2025 | +119.5% | +77.1% |
| 2026 | +27.6% | +31.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and FNV good diversifiers for each other?
No. With a correlation of 0.85, AEM and FNV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AEM and FNV?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.89 over the last year and 0.85 over 5 years.
Is FNV a good diversifier for AEM?
No. With a correlation of 0.85, AEM and FNV move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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-fnv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aem-vs-fnv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEM correlations · FNV correlations
