AEM vs GGN: Correlation
Agnico Eagle Mines Limited (AEM) and GAMCO Global Gold, Natural Resources & Income Trust (GGN) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and GGN?
Across a 3-year window, the weekly returns of AEM and GGN correlate at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 606.2 %².
Within AEM's tracked universe of 36 assets, GGN comes in at #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AEM outperformed by 27.3 percentage points (+55.9% for AEM against +28.6% for GGN). Risk is not evenly split, since AEM carries 2.2 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 GGN: side by side
| AEM (Agnico Eagle Mines Limited) | GGN (GAMCO Global Gold, Natural Resources & Income Trust) | |
|---|---|---|
| 1-year return | +55.9% | +28.6% |
| 5-year return | +323.8% | +128.2% |
| Volatility (ann.) | 40.9% | 18.5% |
| Beta vs S&P 500 | 0.70 | 0.36 |
| Max drawdown (3Y) | -45.8% | -16.9% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | 2.8 |
| Dividend yield | 0.79% | 6.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | GGN |
|---|---|---|
| 2022 | +1.1% | +6.8% |
| 2023 | +9.0% | +14.1% |
| 2024 | +46.0% | +9.6% |
| 2025 | +119.5% | +48.2% |
| 2026 | +27.6% | +15.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and GGN good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AEM and GGN?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.87 over the last year and 0.75 over 5 years.
Is GGN a good diversifier for AEM?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
A reading of 0.80 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aem-vs-ggn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aem-vs-ggn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEM correlations · GGN correlations
