ASA vs CGAU: Correlation
ASA Gold and Precious Metals Limited (ASA) and Centerra Gold Inc. (CGAU) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and CGAU?
Over the past 3 years, ASA and CGAU moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. The link has tightened recently: the 1-year correlation (0.93) runs above the 3-year figure (0.82). Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 1594.1 %².
Within ASA's tracked universe of 59 assets, CGAU comes in at #8 by 3-year correlation. The last year tells two different stories: CGAU led by 136.4 percentage points, +77.0% for ASA against +213.4% for CGAU.
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 CGAU: side by side
| ASA (ASA Gold and Precious Metals Limited) | CGAU (Centerra Gold Inc.) | |
|---|---|---|
| 1-year return | +77.0% | +213.4% |
| 5-year return | +218.5% | +269.1% |
| Volatility (ann.) | 42.5% | 45.7% |
| Beta vs S&P 500 | 0.92 | 1.13 |
| Max drawdown (3Y) | -40.8% | -29.5% |
| Market cap | – | $4.7B |
| P/E (trailing) | 1.7 | 7.6 |
| Dividend yield | 0.11% | 0.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | CGAU |
|---|---|---|
| 2022 | -32.1% | -30.2% |
| 2023 | +5.4% | +19.4% |
| 2024 | +34.5% | -1.4% |
| 2025 | +195.6% | +156.7% |
| 2026 | +9.5% | +70.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and CGAU good diversifiers for each other?
No. With a correlation of 0.82, ASA and CGAU move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ASA and CGAU?
As of 2026-08-27, the correlation of weekly returns between ASA and CGAU is 0.82 over 3 years, 0.93 over 1 year and 0.75 over 5 years.
Is CGAU a good diversifier for ASA?
No. With a correlation of 0.82, ASA and CGAU move nearly in lockstep, so holding both adds very little diversification.
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-cgau.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asa-vs-cgau/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · CGAU correlations
