AEM vs MAKO: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and Mako Mining Corp (MAKO) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and MAKO?
Across a 3-year window, the weekly returns of AEM and MAKO correlate at 0.61, strong. Lately the two have moved closer together, with the 1-year correlation at 0.77 versus 0.61 over 3 years. Stretching to 5 years gives 0.52, with an annualized covariance of 1434.4 %².
Among the 36 assets we track against AEM, MAKO ranks #29 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MAKO ahead by 91.7 points (+55.9% versus +147.6%).
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 MAKO: side by side
| AEM (Agnico Eagle Mines Limited) | MAKO (Mako Mining Corp) | |
|---|---|---|
| 1-year return | +55.9% | +147.6% |
| 5-year return | +323.8% | +320.0% |
| Volatility (ann.) | 40.9% | 57.6% |
| Beta vs S&P 500 | 0.70 | 1.23 |
| Max drawdown (3Y) | -45.8% | -31.9% |
| Market cap | $109.1B | $1.0B |
| P/E (trailing) | 18.4 | 18.5 |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | MAKO |
|---|---|---|
| 2022 | +1.1% | -67.7% |
| 2023 | +9.0% | +105.0% |
| 2024 | +46.0% | +7.8% |
| 2025 | +119.5% | +162.4% |
| 2026 | +27.6% | +88.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and MAKO good diversifiers for each other?
Only partially. A correlation of 0.61 means AEM and MAKO 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 MAKO?
The AEM/MAKO correlation stands at 0.61 on a 3-year window (1 year: 0.77, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is MAKO a good diversifier for AEM?
Only partially. A correlation of 0.61 means AEM and MAKO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
A reading of 0.61 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-mako.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aem-vs-mako/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AEM correlations · MAKO correlations
