AG vs ASM: Correlation
How closely do First Majestic Silver Corp. (AG) and Avino Silver & Gold Mines Ltd. (ASM) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and ASM?
Over the past 3 years, AG and ASM moved with a correlation of 0.73, which is strong. Recent behaviour matches the longer record: 0.78 over 1 year against 0.73 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 3977.0 %².
Among the 27 assets we track against AG, ASM ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AG outperformed by 63.8 percentage points (+139.9% for AG against +76.1% for ASM).
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.
AG vs ASM: side by side
| AG (First Majestic Silver Corp.) | ASM (Avino Silver & Gold Mines Ltd.) | |
|---|---|---|
| 1-year return | +139.9% | +76.1% |
| 5-year return | +74.1% | +657.8% |
| Volatility (ann.) | 70.1% | 77.8% |
| Beta vs S&P 500 | 1.45 | 1.95 |
| Max drawdown (3Y) | -53.0% | -53.1% |
| Market cap | $10.7B | $1.3B |
| P/E (trailing) | 30.2 | 28.6 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | ASM |
|---|---|---|
| 2022 | -24.7% | -20.9% |
| 2023 | -26.0% | -23.5% |
| 2024 | -10.5% | +69.2% |
| 2025 | +204.1% | +605.7% |
| 2026 | +30.7% | +24.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and ASM good diversifiers for each other?
Only partially. A correlation of 0.73 means AG and ASM 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 AG and ASM?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.78 over the last year and 0.71 over 5 years.
Is ASM a good diversifier for AG?
Only partially. A correlation of 0.73 means AG and ASM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
A reading of 0.73 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AG correlations · ASM correlations
