AEM vs GAU: Correlation
Agnico Eagle Mines Limited (AEM) and Galiano Gold Inc. (GAU) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and GAU?
On 3 years of weekly data the AEM/GAU correlation comes out at 0.64, strong. Lately the two have moved closer together, with the 1-year correlation at 0.80 versus 0.64 over 3 years. The 5-year figure is 0.62, and annualized covariance runs at 1861.9 %².
By 3-year correlation, GAU places #27 of the 36 assets tracked against AEM. The last year tells two different stories: AEM led by 42.8 percentage points, +55.9% for AEM against +13.1% for GAU. Risk is not evenly split, since GAU carries 1.7 times the volatility of the other side.
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 GAU: side by side
| AEM (Agnico Eagle Mines Limited) | GAU (Galiano Gold Inc.) | |
|---|---|---|
| 1-year return | +55.9% | +13.1% |
| 5-year return | +323.8% | +183.5% |
| Volatility (ann.) | 40.9% | 70.6% |
| Beta vs S&P 500 | 0.70 | 0.93 |
| Max drawdown (3Y) | -45.8% | -51.8% |
| Market cap | $109.1B | $0.6B |
| P/E (trailing) | 18.4 | 8.9 |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | GAU |
|---|---|---|
| 2022 | +1.1% | -25.7% |
| 2023 | +9.0% | +80.8% |
| 2024 | +46.0% | +30.9% |
| 2025 | +119.5% | +105.7% |
| 2026 | +27.6% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and GAU good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AEM and GAU?
As of 2026-08-27, the correlation of weekly returns between AEM and GAU is 0.64 over 3 years, 0.80 over 1 year and 0.62 over 5 years.
Is GAU a good diversifier for AEM?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 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-gau.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aem-vs-gau/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AEM correlations · GAU correlations
