AG vs BVN: Correlation
How closely do First Majestic Silver Corp. (AG) and Buenaventura Mining Company Inc. (BVN) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and BVN?
Over the past 3 years, AG and BVN moved with a correlation of 0.60, which is strong. The past 12 months show a tighter link (0.77) than the 3-year average (0.60). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 1898.6 %².
Among the 27 assets we track against AG, BVN ranks #16 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AG outperformed by 39.3 percentage points (+139.9% for AG against +100.6% for BVN). One caveat on sizing: AG is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 BVN: side by side
| AG (First Majestic Silver Corp.) | BVN (Buenaventura Mining Company Inc.) | |
|---|---|---|
| 1-year return | +139.9% | +100.6% |
| 5-year return | +74.1% | +411.8% |
| Volatility (ann.) | 70.1% | 44.9% |
| Beta vs S&P 500 | 1.45 | 0.86 |
| Max drawdown (3Y) | -53.0% | -38.3% |
| Market cap | $10.7B | – |
| P/E (trailing) | 30.2 | 8.8 |
| Dividend yield | 0.22% | 3.14% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | BVN |
|---|---|---|
| 2022 | -24.7% | +2.5% |
| 2023 | -26.0% | +106.5% |
| 2024 | -10.5% | -24.1% |
| 2025 | +204.1% | +146.4% |
| 2026 | +30.7% | +34.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and BVN good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AG and BVN?
As of 2026-08-27, the correlation of weekly returns between AG and BVN is 0.60 over 3 years, 0.77 over 1 year and 0.57 over 5 years.
Is BVN a good diversifier for AG?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 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.
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Related comparisons
Hubs: AG correlations · BVN correlations
