AG vs USAS: Correlation
How closely do First Majestic Silver Corp. (AG) and Americas Gold and Silver Corporation (USAS) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and USAS?
On 3 years of weekly data the AG/USAS correlation comes out at 0.71, strong. Lately the two have moved closer together, with the 1-year correlation at 0.81 versus 0.71 over 3 years. The 5-year figure is 0.67, and annualized covariance runs at 4088.1 %².
By 3-year correlation, USAS places #10 of the 27 assets tracked against AG. Neither side won the trailing year by much: +139.9% against +139.2%.
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 USAS: side by side
| AG (First Majestic Silver Corp.) | USAS (Americas Gold and Silver Corporation) | |
|---|---|---|
| 1-year return | +139.9% | +139.2% |
| 5-year return | +74.1% | +122.9% |
| Volatility (ann.) | 70.1% | 82.6% |
| Beta vs S&P 500 | 1.45 | 1.41 |
| Max drawdown (3Y) | -53.0% | -63.5% |
| Market cap | $10.7B | $1.9B |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | USAS |
|---|---|---|
| 2022 | -24.7% | -29.6% |
| 2023 | -26.0% | -56.1% |
| 2024 | -10.5% | +52.0% |
| 2025 | +204.1% | +437.9% |
| 2026 | +30.7% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and USAS good diversifiers for each other?
Only partially. A correlation of 0.71 means AG and USAS 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 USAS?
The AG/USAS correlation stands at 0.71 on a 3-year window (1 year: 0.81, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is USAS a good diversifier for AG?
Only partially. A correlation of 0.71 means AG and USAS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 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-usas.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ag-vs-usas/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AG correlations · USAS correlations
