AEM vs NEM: Correlation
Measured on weekly returns over the past three years, Agnico Eagle Mines Limited (AEM) and Newmont (NEM) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and NEM?
Over the past 3 years, AEM and NEM moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.90) sits close to the 3-year figure. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 1478.8 %².
Among the 36 assets we track against AEM, NEM ranks #11 by 3-year correlation. The last year tells two different stories: NEM led by 28.8 percentage points, +55.9% for AEM against +84.7% for NEM.
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 NEM: side by side
| AEM (Agnico Eagle Mines Limited) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +55.9% | +84.7% |
| 5-year return | +323.8% | +165.9% |
| Volatility (ann.) | 40.9% | 43.0% |
| Beta vs S&P 500 | 0.70 | 0.87 |
| Max drawdown (3Y) | -45.8% | -36.6% |
| Market cap | $109.1B | $139.4B |
| P/E (trailing) | 18.4 | 16.6 |
| Dividend yield | 0.79% | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | AEM | NEM |
|---|---|---|
| 2022 | +1.1% | -20.8% |
| 2023 | +9.0% | -8.8% |
| 2024 | +46.0% | -7.8% |
| 2025 | +119.5% | +172.8% |
| 2026 | +27.6% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and NEM good diversifiers for each other?
No. With a correlation of 0.84, AEM and NEM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AEM and NEM?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.90 over the last year and 0.83 over 5 years.
Is NEM a good diversifier for AEM?
No. With a correlation of 0.84, AEM and NEM move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.84 mean?
A reading of 0.84 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-nem.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: AEM correlations · NEM correlations
