ASA vs ASM: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and Avino Silver & Gold Mines Ltd. (ASM) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and ASM?
On 3 years of weekly data the ASA/ASM correlation comes out at 0.77, strong. Recent behaviour matches the longer record: 0.83 over 1 year against 0.77 over 3. The 5-year figure is 0.76, and annualized covariance runs at 2544.7 %².
By 3-year correlation, ASM places #19 of the 59 assets tracked against ASA. Their 12-month results are close: +77.0% for ASA against +76.1% for ASM. Note the risk asymmetry: ASM runs 1.8 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.
ASA vs ASM: side by side
| ASA (ASA Gold and Precious Metals Limited) | ASM (Avino Silver & Gold Mines Ltd.) | |
|---|---|---|
| 1-year return | +77.0% | +76.1% |
| 5-year return | +218.5% | +657.8% |
| Volatility (ann.) | 42.5% | 77.8% |
| Beta vs S&P 500 | 0.92 | 1.95 |
| Max drawdown (3Y) | -40.8% | -53.1% |
| Market cap | – | $1.3B |
| P/E (trailing) | 1.7 | 28.6 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | ASM |
|---|---|---|
| 2022 | -32.1% | -20.9% |
| 2023 | +5.4% | -23.5% |
| 2024 | +34.5% | +69.2% |
| 2025 | +195.6% | +605.7% |
| 2026 | +9.5% | +24.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and ASM good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASA and ASM?
The ASA/ASM correlation stands at 0.77 on a 3-year window (1 year: 0.83, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is ASM a good diversifier for ASA?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
A reading of 0.77 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-asm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asa-vs-asm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · ASM correlations
