ASA vs EQX: Correlation
How closely do ASA Gold and Precious Metals Limited (ASA) and Equinox Gold Corp. (EQX) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and EQX?
On 3 years of weekly data the ASA/EQX correlation comes out at 0.78, strong. Lately the two have moved closer together, with the 1-year correlation at 0.92 versus 0.78 over 3 years. The 5-year figure is 0.78, and annualized covariance runs at 1881.6 %².
By 3-year correlation, EQX places #16 of the 59 assets tracked against ASA. Over the last 12 months ASA came out ahead by 12.3 percentage points (+77.0% against +64.7%).
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 EQX: side by side
| ASA (ASA Gold and Precious Metals Limited) | EQX (Equinox Gold Corp.) | |
|---|---|---|
| 1-year return | +77.0% | +64.7% |
| 5-year return | +218.5% | +98.0% |
| Volatility (ann.) | 42.5% | 56.6% |
| Beta vs S&P 500 | 0.92 | 1.19 |
| Max drawdown (3Y) | -40.8% | -54.0% |
| Market cap | – | $15.7B |
| P/E (trailing) | 1.7 | 21.0 |
| Dividend yield | 0.11% | 0.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | EQX |
|---|---|---|
| 2022 | -32.1% | -51.5% |
| 2023 | +5.4% | +49.1% |
| 2024 | +34.5% | +2.7% |
| 2025 | +195.6% | +179.7% |
| 2026 | +9.5% | -3.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and EQX good diversifiers for each other?
Only partially. A correlation of 0.78 means ASA and EQX 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 EQX?
The ASA/EQX correlation stands at 0.78 on a 3-year window (1 year: 0.92, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is EQX a good diversifier for ASA?
Only partially. A correlation of 0.78 means ASA and EQX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 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-eqx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asa-vs-eqx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · EQX correlations
