ALM vs ASA: Correlation
Almonty Industries Inc. (ALM) and ASA Gold and Precious Metals Limited (ASA) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALM and ASA?
Across a 3-year window, the weekly returns of ALM and ASA correlate at 0.38, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.60 versus 0.38 over 3 years. Stretching to 5 years gives 0.36, with an annualized covariance of 1459.9 %².
Within ALM's tracked universe of 13 assets, ASA comes in at #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ALM outperformed by 271.7 percentage points (+348.7% for ALM against +77.0% for ASA). Note the risk asymmetry: ALM runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ALM vs ASA: side by side
| ALM (Almonty Industries Inc.) | ASA (ASA Gold and Precious Metals Limited) | |
|---|---|---|
| 1-year return | +348.7% | +77.0% |
| 5-year return | +1028.4% | +218.5% |
| Volatility (ann.) | 89.8% | 42.5% |
| Beta vs S&P 500 | 1.32 | 0.92 |
| Max drawdown (3Y) | -57.9% | -40.8% |
| Market cap | $5.4B | – |
| P/E (trailing) | 82.1 | 1.7 |
| Dividend yield | 0.00% | 0.11% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALM | ASA |
|---|---|---|
| 2022 | -27.7% | -32.1% |
| 2023 | -19.7% | +5.4% |
| 2024 | +53.2% | +34.5% |
| 2025 | +526.5% | +195.6% |
| 2026 | +114.4% | +9.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALM and ASA good diversifiers for each other?
Reasonably. At 0.38, ALM and ASA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALM and ASA?
As of 2026-08-27, the correlation of weekly returns between ALM and ASA is 0.38 over 3 years, 0.60 over 1 year and 0.36 over 5 years.
Is ASA a good diversifier for ALM?
Reasonably. At 0.38, ALM and ASA keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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/alm-vs-asa.json
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Related comparisons
Hubs: ALM correlations · ASA correlations
