AEM vs SA: Correlation
Measured on weekly returns over the past three years, Agnico Eagle Mines Limited (AEM) and Seabridge Gold, Inc. (SA) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and SA?
Across a 3-year window, the weekly returns of AEM and SA correlate at 0.77, strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.77 over 3. Stretching to 5 years gives 0.75, with an annualized covariance of 1781.1 %².
Among the 36 assets we track against AEM, SA ranks #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SA outperformed by 49.2 percentage points (+55.9% for AEM against +105.1% for SA).
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 SA: side by side
| AEM (Agnico Eagle Mines Limited) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | +55.9% | +105.1% |
| 5-year return | +323.8% | +93.2% |
| Volatility (ann.) | 40.9% | 56.7% |
| Beta vs S&P 500 | 0.70 | 1.46 |
| Max drawdown (3Y) | -45.8% | -52.5% |
| Market cap | $109.1B | $3.7B |
| P/E (trailing) | 18.4 | 179.3 |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | SA |
|---|---|---|
| 2022 | +1.1% | -23.7% |
| 2023 | +9.0% | -3.6% |
| 2024 | +46.0% | -5.9% |
| 2025 | +119.5% | +159.3% |
| 2026 | +27.6% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and SA good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AEM and SA?
The AEM/SA correlation stands at 0.77 on a 3-year window (1 year: 0.75, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is SA a good diversifier for AEM?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
A reading of 0.77 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-sa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aem-vs-sa/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AEM correlations · SA correlations
