ASA vs GAU: Correlation
ASA Gold and Precious Metals Limited (ASA) and Galiano Gold Inc. (GAU) show a strong relationship: their 3-year correlation of weekly returns is 0.67.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and GAU?
On 3 years of weekly data the ASA/GAU correlation comes out at 0.67, strong. The past 12 months show a tighter link (0.85) than the 3-year average (0.67). The 5-year figure is 0.65, and annualized covariance runs at 1998.6 %².
Within ASA's tracked universe of 59 assets, GAU comes in at #36 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 63.9 percentage points (+77.0% for ASA against +13.1% for GAU). One caveat on sizing: GAU is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 GAU: side by side
| ASA (ASA Gold and Precious Metals Limited) | GAU (Galiano Gold Inc.) | |
|---|---|---|
| 1-year return | +77.0% | +13.1% |
| 5-year return | +218.5% | +183.5% |
| Volatility (ann.) | 42.5% | 70.6% |
| Beta vs S&P 500 | 0.92 | 0.93 |
| Max drawdown (3Y) | -40.8% | -51.8% |
| Market cap | – | $0.6B |
| P/E (trailing) | 1.7 | 8.9 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | GAU |
|---|---|---|
| 2022 | -32.1% | -25.7% |
| 2023 | +5.4% | +80.8% |
| 2024 | +34.5% | +30.9% |
| 2025 | +195.6% | +105.7% |
| 2026 | +9.5% | -4.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and GAU good diversifiers for each other?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ASA and GAU?
The ASA/GAU correlation stands at 0.67 on a 3-year window (1 year: 0.85, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is GAU a good diversifier for ASA?
To a limited degree. At 0.67 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.67 mean?
A reading of 0.67 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-gau.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asa-vs-gau/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · GAU correlations
