ASA vs CNL: Correlation
ASA Gold and Precious Metals Limited (ASA) and Collective Mining Ltd. (CNL) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and CNL?
On 3 years of weekly data the ASA/CNL correlation comes out at 0.58, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.77 versus 0.58 over 3 years. The 5-year figure is 0.35, and annualized covariance runs at 1488.1 %².
By 3-year correlation, CNL places #44 of the 59 assets tracked against ASA. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 46.0 percentage points (+77.0% for ASA against +31.0% for CNL).
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 CNL: side by side
| ASA (ASA Gold and Precious Metals Limited) | CNL (Collective Mining Ltd.) | |
|---|---|---|
| 1-year return | +77.0% | +31.0% |
| 5-year return | +218.5% | +565.6% |
| Volatility (ann.) | 42.5% | 59.9% |
| Beta vs S&P 500 | 0.92 | 0.70 |
| Max drawdown (3Y) | -40.8% | -51.6% |
| Market cap | – | $1.5B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | CNL |
|---|---|---|
| 2022 | -32.1% | -12.8% |
| 2023 | +5.4% | +67.4% |
| 2024 | +34.5% | +29.6% |
| 2025 | +195.6% | +250.7% |
| 2026 | +9.5% | +9.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and CNL good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASA and CNL?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.77 over the last year and 0.35 over 5 years.
Is CNL a good diversifier for ASA?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 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/asa-vs-cnl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asa-vs-cnl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASA correlations · CNL correlations
