AEM vs GLD: Correlation
Agnico Eagle Mines Limited (AEM) and SPDR Gold Shares (GLD) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and GLD?
Across a 3-year window, the weekly returns of AEM and GLD correlate at 0.83, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 632.2 %².
Among the 36 assets we track against AEM, GLD ranks #13 by 3-year correlation. The last year tells two different stories: AEM led by 20.8 percentage points, +55.9% for AEM against +35.1% for GLD. 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 GLD: side by side
| AEM (Agnico Eagle Mines Limited) | GLD (SPDR Gold Shares) | |
|---|---|---|
| 1-year return | +55.9% | +35.1% |
| 5-year return | +323.8% | +149.5% |
| Volatility (ann.) | 40.9% | 18.7% |
| Beta vs S&P 500 | 0.70 | 0.18 |
| Max drawdown (3Y) | -45.8% | -26.4% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | AEM | GLD |
|---|---|---|
| 2022 | +1.1% | -0.8% |
| 2023 | +9.0% | +12.7% |
| 2024 | +46.0% | +26.7% |
| 2025 | +119.5% | +63.7% |
| 2026 | +27.6% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and GLD good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AEM and GLD?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.84 over the last year and 0.80 over 5 years.
Is GLD a good diversifier for AEM?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
A reading of 0.83 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
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Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aem-vs-gld/)
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Related comparisons
Hubs: AEM correlations · GLD correlations
