AG vs HL: Correlation
First Majestic Silver Corp. (AG) and Hecla Mining Company (HL) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and HL?
Across a 3-year window, the weekly returns of AG and HL correlate at 0.82, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 3832.4 %².
HL is one of the assets that tracks AG most closely: it ranks #3 out of the 27 assets we track against AG. Correlation aside, the last 12 months split them widely, with HL ahead by 27.2 points (+139.9% versus +167.1%).
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 HL: side by side
| AG (First Majestic Silver Corp.) | HL (Hecla Mining Company) | |
|---|---|---|
| 1-year return | +139.9% | +167.1% |
| 5-year return | +74.1% | +265.0% |
| Volatility (ann.) | 70.1% | 66.9% |
| Beta vs S&P 500 | 1.45 | 1.50 |
| Max drawdown (3Y) | -53.0% | -55.8% |
| Market cap | $10.7B | $14.4B |
| P/E (trailing) | 30.2 | 24.9 |
| Dividend yield | 0.22% | 0.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | HL |
|---|---|---|
| 2022 | -24.7% | +7.0% |
| 2023 | -26.0% | -13.0% |
| 2024 | -10.5% | +2.8% |
| 2025 | +204.1% | +291.8% |
| 2026 | +30.7% | +11.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and HL good diversifiers for each other?
No: a correlation of 0.82 means AG and HL tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AG and HL?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.86 over the last year and 0.80 over 5 years.
Is HL a good diversifier for AG?
No: a correlation of 0.82 means AG and HL tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ag-vs-hl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ag-vs-hl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AG correlations · HL correlations
