ASA vs BTG: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and B2Gold Corp (BTG) carry a correlation of 0.79, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and BTG?
Across a 3-year window, the weekly returns of ASA and BTG correlate at 0.79, strong. Recent behaviour matches the longer record: 0.86 over 1 year against 0.79 over 3. Stretching to 5 years gives 0.79, with an annualized covariance of 1867.9 %².
Among the 59 assets we track against ASA, BTG ranks #14 by 3-year correlation. The last year tells two different stories: ASA led by 32.1 percentage points, +77.0% for ASA against +44.9% for BTG.
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 BTG: side by side
| ASA (ASA Gold and Precious Metals Limited) | BTG (B2Gold Corp) | |
|---|---|---|
| 1-year return | +77.0% | +44.9% |
| 5-year return | +218.5% | +85.7% |
| Volatility (ann.) | 42.5% | 55.7% |
| Beta vs S&P 500 | 0.92 | 1.12 |
| Max drawdown (3Y) | -40.8% | -40.7% |
| Market cap | – | $7.7B |
| P/E (trailing) | 1.7 | 10.4 |
| Dividend yield | 0.11% | 1.39% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | BTG |
|---|---|---|
| 2022 | -32.1% | -5.1% |
| 2023 | +5.4% | -7.2% |
| 2024 | +34.5% | -18.1% |
| 2025 | +195.6% | +87.2% |
| 2026 | +9.5% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and BTG good diversifiers for each other?
Only partially. A correlation of 0.79 means ASA and BTG 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 ASA and BTG?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.86 over the last year and 0.79 over 5 years.
Is BTG a good diversifier for ASA?
Only partially. A correlation of 0.79 means ASA and BTG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 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-btg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asa-vs-btg/)
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Related comparisons
Hubs: ASA correlations · BTG correlations
