AGI vs CMCL: Correlation
Alamos Gold Inc. Class A (AGI) and Caledonia Mining Corporation Plc (CMCL) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGI and CMCL?
Over the past 3 years, AGI and CMCL moved with a correlation of 0.70, which is strong. The past 12 months show a tighter link (0.82) than the 3-year average (0.70). Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 1700.0 %².
Within AGI's tracked universe of 26 assets, CMCL comes in at #18 by 3-year correlation. The last year tells two different stories: AGI led by 22.3 percentage points, +27.7% for AGI against +5.4% for CMCL.
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.
AGI vs CMCL: side by side
| AGI (Alamos Gold Inc. Class A) | CMCL (Caledonia Mining Corporation Plc) | |
|---|---|---|
| 1-year return | +27.7% | +5.4% |
| 5-year return | +404.0% | +156.5% |
| Volatility (ann.) | 46.1% | 52.7% |
| Beta vs S&P 500 | 0.76 | 1.10 |
| Max drawdown (3Y) | -49.6% | -55.2% |
| Market cap | $15.9B | $0.5B |
| P/E (trailing) | 13.5 | 7.3 |
| Dividend yield | 0.35% | 2.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGI | CMCL |
|---|---|---|
| 2022 | +33.1% | +11.4% |
| 2023 | +34.3% | +2.6% |
| 2024 | +37.7% | -18.9% |
| 2025 | +109.6% | +183.7% |
| 2026 | -1.6% | -1.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGI and CMCL good diversifiers for each other?
Only partially. A correlation of 0.70 means AGI and CMCL 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 AGI and CMCL?
The AGI/CMCL correlation stands at 0.70 on a 3-year window (1 year: 0.82, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is CMCL a good diversifier for AGI?
Only partially. A correlation of 0.70 means AGI and CMCL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AGI correlations · CMCL correlations
