AEM vs OR: Correlation
Agnico Eagle Mines Limited (AEM) and OR Royalties Inc. (OR) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and OR?
Across a 3-year window, the weekly returns of AEM and OR correlate at 0.80, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.86 over 1 year against 0.80 over 3. Stretching to 5 years gives 0.80, with an annualized covariance of 1243.8 %².
Within AEM's tracked universe of 36 assets, OR comes in at #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with AEM ahead by 31.2 points (+55.9% versus +24.7%).
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 OR: side by side
| AEM (Agnico Eagle Mines Limited) | OR (OR Royalties Inc.) | |
|---|---|---|
| 1-year return | +55.9% | +24.7% |
| 5-year return | +323.8% | +236.7% |
| Volatility (ann.) | 40.9% | 37.9% |
| Beta vs S&P 500 | 0.70 | 0.77 |
| Max drawdown (3Y) | -45.8% | -41.0% |
| Market cap | $109.1B | $7.2B |
| P/E (trailing) | 18.4 | 28.6 |
| Dividend yield | 0.79% | 0.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | OR |
|---|---|---|
| 2022 | +1.1% | +0.0% |
| 2023 | +9.0% | +19.8% |
| 2024 | +46.0% | +28.1% |
| 2025 | +119.5% | +96.4% |
| 2026 | +27.6% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and OR good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AEM and OR?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.86 over the last year and 0.80 over 5 years.
Is OR a good diversifier for AEM?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 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-or.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aem-vs-or/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AEM correlations · OR correlations
