AEM vs GROY: Correlation
Measured on weekly returns over the past three years, Agnico Eagle Mines Limited (AEM) and Gold Royalty Corp. (GROY) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and GROY?
On 3 years of weekly data the AEM/GROY correlation comes out at 0.68, strong. Little has changed lately, as the 1-year reading of 0.73 lands near the 3-year figure. The 5-year figure is 0.62, and annualized covariance runs at 1541.3 %².
Among the 36 assets we track against AEM, GROY ranks #25 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AEM outperformed by 51.6 percentage points (+55.9% for AEM against +4.3% for GROY).
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 GROY: side by side
| AEM (Agnico Eagle Mines Limited) | GROY (Gold Royalty Corp.) | |
|---|---|---|
| 1-year return | +55.9% | +4.3% |
| 5-year return | +323.8% | -15.6% |
| Volatility (ann.) | 40.9% | 55.2% |
| Beta vs S&P 500 | 0.70 | 1.04 |
| Max drawdown (3Y) | -45.8% | -51.6% |
| Market cap | $109.1B | $0.8B |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | GROY |
|---|---|---|
| 2022 | +1.1% | -52.0% |
| 2023 | +9.0% | -36.3% |
| 2024 | +46.0% | -17.7% |
| 2025 | +119.5% | +233.9% |
| 2026 | +27.6% | -15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and GROY good diversifiers for each other?
Only partially. A correlation of 0.68 means AEM and GROY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AEM and GROY?
As of 2026-08-27, the correlation of weekly returns between AEM and GROY is 0.68 over 3 years, 0.73 over 1 year and 0.62 over 5 years.
Is GROY a good diversifier for AEM?
Only partially. A correlation of 0.68 means AEM and GROY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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-groy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aem-vs-groy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AEM correlations · GROY correlations
