AG vs TGB: Correlation
How closely do First Majestic Silver Corp. (AG) and Trekor Metals Limited (TGB) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and TGB?
Across a 3-year window, the weekly returns of AG and TGB correlate at 0.66, strong. The relationship has been stable: the 1-year correlation (0.72) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 2873.9 %².
Within AG's tracked universe of 27 assets, TGB comes in at #14 by 3-year correlation. The last year tells two different stories: TGB led by 64.5 percentage points, +139.9% for AG against +204.4% for TGB.
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 TGB: side by side
| AG (First Majestic Silver Corp.) | TGB (Trekor Metals Limited) | |
|---|---|---|
| 1-year return | +139.9% | +204.4% |
| 5-year return | +74.1% | +450.0% |
| Volatility (ann.) | 70.1% | 62.1% |
| Beta vs S&P 500 | 1.45 | 1.89 |
| Max drawdown (3Y) | -53.0% | -44.3% |
| Market cap | $10.7B | $3.5B |
| P/E (trailing) | 30.2 | 484.0 |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | TGB |
|---|---|---|
| 2022 | -24.7% | -28.3% |
| 2023 | -26.0% | -4.8% |
| 2024 | -10.5% | +38.6% |
| 2025 | +204.1% | +191.8% |
| 2026 | +30.7% | +71.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and TGB good diversifiers for each other?
Only partially. A correlation of 0.66 means AG and TGB 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 TGB?
As of 2026-08-27, the correlation of weekly returns between AG and TGB is 0.66 over 3 years, 0.72 over 1 year and 0.62 over 5 years.
Is TGB a good diversifier for AG?
Only partially. A correlation of 0.66 means AG and TGB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 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
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Related comparisons
Hubs: AG correlations · TGB correlations
