ASA vs BAR: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and GraniteShares Gold Trust Shares of Beneficial Interest (BAR) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and BAR?
Across a 3-year window, the weekly returns of ASA and BAR correlate at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 648.9 %².
By 3-year correlation, BAR places #7 of the 59 assets tracked against ASA. The last year tells two different stories: ASA led by 41.5 percentage points, +77.0% for ASA against +35.5% for BAR. Note the risk asymmetry: ASA runs 2.3 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 BAR: side by side
| ASA (ASA Gold and Precious Metals Limited) | BAR (GraniteShares Gold Trust Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | +77.0% | +35.5% |
| 5-year return | +218.5% | +152.4% |
| Volatility (ann.) | 42.5% | 18.6% |
| Beta vs S&P 500 | 0.92 | 0.17 |
| Max drawdown (3Y) | -40.8% | -26.3% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | BAR |
|---|---|---|
| 2022 | -32.1% | -0.6% |
| 2023 | +5.4% | +13.0% |
| 2024 | +34.5% | +27.0% |
| 2025 | +195.6% | +64.1% |
| 2026 | +9.5% | +6.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and BAR good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ASA and BAR?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.87 over the last year and 0.82 over 5 years.
Is BAR a good diversifier for ASA?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-bar.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asa-vs-bar/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · BAR correlations
