AEM vs HMY: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and Harmony Gold Mining Company Limited (HMY) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and HMY?
On 3 years of weekly data the AEM/HMY correlation comes out at 0.77, strong. Recent behaviour matches the longer record: 0.83 over 1 year against 0.77 over 3. The 5-year figure is 0.76, and annualized covariance runs at 2009.7 %².
By 3-year correlation, HMY places #20 of the 36 assets tracked against AEM. The trailing year gives AEM the advantage: +55.9% versus +46.1%, a 9.8-point spread. One caveat on sizing: HMY is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 HMY: side by side
| AEM (Agnico Eagle Mines Limited) | HMY (Harmony Gold Mining Company Limited) | |
|---|---|---|
| 1-year return | +55.9% | +46.1% |
| 5-year return | +323.8% | +492.0% |
| Volatility (ann.) | 40.9% | 63.5% |
| Beta vs S&P 500 | 0.70 | 1.18 |
| Max drawdown (3Y) | -45.8% | -48.8% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | 13.9 |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | HMY |
|---|---|---|
| 2022 | +1.1% | -16.4% |
| 2023 | +9.0% | +82.5% |
| 2024 | +46.0% | +35.4% |
| 2025 | +119.5% | +144.2% |
| 2026 | +27.6% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and HMY good diversifiers for each other?
Only partially. A correlation of 0.77 means AEM and HMY 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 HMY?
As of 2026-08-27, the correlation of weekly returns between AEM and HMY is 0.77 over 3 years, 0.83 over 1 year and 0.76 over 5 years.
Is HMY a good diversifier for AEM?
Only partially. A correlation of 0.77 means AEM and HMY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 mean?
On the −1 to +1 scale, 0.77 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
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Related comparisons
Hubs: AEM correlations · HMY correlations
