AEM vs IAG: Correlation
Measured on weekly returns over the past three years, Agnico Eagle Mines Limited (AEM) and Iamgold Corporation (IAG) carry a correlation of 0.83, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and IAG?
Across a 3-year window, the weekly returns of AEM and IAG correlate at 0.83, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.89) sits close to the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 2086.1 %².
Within AEM's tracked universe of 36 assets, IAG comes in at #14 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IAG ahead by 79.3 points (+55.9% versus +135.2%). Note the risk asymmetry: IAG runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 IAG: side by side
| AEM (Agnico Eagle Mines Limited) | IAG (Iamgold Corporation) | |
|---|---|---|
| 1-year return | +55.9% | +135.2% |
| 5-year return | +323.8% | +832.5% |
| Volatility (ann.) | 40.9% | 61.7% |
| Beta vs S&P 500 | 0.70 | 1.24 |
| Max drawdown (3Y) | -45.8% | -43.3% |
| Market cap | $109.1B | $12.3B |
| P/E (trailing) | 18.4 | 10.9 |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | IAG |
|---|---|---|
| 2022 | +1.1% | -17.6% |
| 2023 | +9.0% | -1.9% |
| 2024 | +46.0% | +104.0% |
| 2025 | +119.5% | +219.6% |
| 2026 | +27.6% | +30.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and IAG good diversifiers for each other?
No. With a correlation of 0.83, AEM and IAG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AEM and IAG?
The AEM/IAG correlation stands at 0.83 on a 3-year window (1 year: 0.89, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is IAG a good diversifier for AEM?
No. With a correlation of 0.83, AEM and IAG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 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-iag.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aem-vs-iag/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEM correlations · IAG correlations
