AG vs FSM: Correlation
Measured on weekly returns over the past three years, First Majestic Silver Corp. (AG) and Fortuna Mining Corp. (FSM) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and FSM?
Across a 3-year window, the weekly returns of AG and FSM correlate at 0.85, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.90 lands near the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 3524.1 %².
Few assets follow AG as closely as FSM, which ranks #2 of 27 tracked partners. Their recent paths diverged sharply: over the last 12 months AG outperformed by 70.9 percentage points (+139.9% for AG against +69.0% for FSM).
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 FSM: side by side
| AG (First Majestic Silver Corp.) | FSM (Fortuna Mining Corp.) | |
|---|---|---|
| 1-year return | +139.9% | +69.0% |
| 5-year return | +74.1% | +196.5% |
| Volatility (ann.) | 70.1% | 59.4% |
| Beta vs S&P 500 | 1.45 | 1.22 |
| Max drawdown (3Y) | -53.0% | -41.2% |
| Market cap | $10.7B | $3.8B |
| P/E (trailing) | 30.2 | 10.8 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | FSM |
|---|---|---|
| 2022 | -24.7% | -3.8% |
| 2023 | -26.0% | +2.9% |
| 2024 | -10.5% | +11.1% |
| 2025 | +204.1% | +128.7% |
| 2026 | +30.7% | +30.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and FSM good diversifiers for each other?
No. With a correlation of 0.85, AG and FSM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AG and FSM?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.90 over the last year and 0.80 over 5 years.
Is FSM a good diversifier for AG?
No. With a correlation of 0.85, AG and FSM move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 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 · FSM correlations
