AG vs SCZM: Correlation
How closely do First Majestic Silver Corp. (AG) and Santacruz Silver Mining Ltd. (SCZM) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and SCZM?
Across a 3-year window, the weekly returns of AG and SCZM correlate at 0.69, strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 4695.1 %².
By 3-year correlation, SCZM places #13 of the 27 assets tracked against AG. Their recent paths diverged sharply: over the last 12 months AG outperformed by 31.1 percentage points (+139.9% for AG against +108.8% for SCZM).
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 SCZM: side by side
| AG (First Majestic Silver Corp.) | SCZM (Santacruz Silver Mining Ltd.) | |
|---|---|---|
| 1-year return | +139.9% | +108.8% |
| 5-year return | +74.1% | +818.6% |
| Volatility (ann.) | 70.1% | 96.4% |
| Beta vs S&P 500 | 1.45 | 1.72 |
| Max drawdown (3Y) | -53.0% | -63.2% |
| Market cap | $10.7B | $0.9B |
| P/E (trailing) | 30.2 | 21.3 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | SCZM |
|---|---|---|
| 2022 | -24.7% | +25.0% |
| 2023 | -26.0% | -38.3% |
| 2024 | -10.5% | +5.5% |
| 2025 | +204.1% | +1137.2% |
| 2026 | +30.7% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and SCZM good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AG and SCZM?
As of 2026-08-27, the correlation of weekly returns between AG and SCZM is 0.69 over 3 years, 0.78 over 1 year and 0.65 over 5 years.
Is SCZM a good diversifier for AG?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ag-vs-sczm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ag-vs-sczm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AG correlations · SCZM correlations
