AEM vs RGLD: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and Royal Gold, Inc. (RGLD) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and RGLD?
Across a 3-year window, the weekly returns of AEM and RGLD correlate at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.86 over 3. Stretching to 5 years gives 0.85, with an annualized covariance of 1262.5 %².
Among the 36 assets we track against AEM, RGLD ranks #7 by 3-year correlation. Neither side won the trailing year by much: +55.9% against +53.3%.
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 RGLD: side by side
| AEM (Agnico Eagle Mines Limited) | RGLD (Royal Gold, Inc.) | |
|---|---|---|
| 1-year return | +55.9% | +53.3% |
| 5-year return | +323.8% | +156.8% |
| Volatility (ann.) | 40.9% | 35.8% |
| Beta vs S&P 500 | 0.70 | 0.64 |
| Max drawdown (3Y) | -45.8% | -38.2% |
| Market cap | $109.1B | $22.8B |
| P/E (trailing) | 18.4 | 29.5 |
| Dividend yield | 0.79% | 0.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | RGLD |
|---|---|---|
| 2022 | +1.1% | +8.5% |
| 2023 | +9.0% | +8.7% |
| 2024 | +46.0% | +10.4% |
| 2025 | +119.5% | +70.4% |
| 2026 | +27.6% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and RGLD good diversifiers for each other?
No. With a correlation of 0.86, AEM and RGLD move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AEM and RGLD?
The AEM/RGLD correlation stands at 0.86 on a 3-year window (1 year: 0.90, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is RGLD a good diversifier for AEM?
No. With a correlation of 0.86, AEM and RGLD move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.86 mean?
A reading of 0.86 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-rgld.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aem-vs-rgld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AEM correlations · RGLD correlations
