ASA vs FSM: Correlation
How closely do ASA Gold and Precious Metals Limited (ASA) and Fortuna Mining Corp. (FSM) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and FSM?
Across a 3-year window, the weekly returns of ASA and FSM correlate at 0.77, strong. The past 12 months show a tighter link (0.91) than the 3-year average (0.77). Stretching to 5 years gives 0.73, with an annualized covariance of 1951.5 %².
Among the 59 assets we track against ASA, FSM ranks #20 by 3-year correlation. On 12-month performance ASA holds a 8.0-point edge, +77.0% against +69.0%.
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 FSM: side by side
| ASA (ASA Gold and Precious Metals Limited) | FSM (Fortuna Mining Corp.) | |
|---|---|---|
| 1-year return | +77.0% | +69.0% |
| 5-year return | +218.5% | +196.5% |
| Volatility (ann.) | 42.5% | 59.4% |
| Beta vs S&P 500 | 0.92 | 1.22 |
| Max drawdown (3Y) | -40.8% | -41.2% |
| Market cap | – | $3.8B |
| P/E (trailing) | 1.7 | 10.8 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | FSM |
|---|---|---|
| 2022 | -32.1% | -3.8% |
| 2023 | +5.4% | +2.9% |
| 2024 | +34.5% | +11.1% |
| 2025 | +195.6% | +128.7% |
| 2026 | +9.5% | +30.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and FSM good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASA and FSM?
The ASA/FSM correlation stands at 0.77 on a 3-year window (1 year: 0.91, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is FSM a good diversifier for ASA?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
A reading of 0.77 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ASA correlations · FSM correlations
