ASA vs GGN: Correlation
How closely do ASA Gold and Precious Metals Limited (ASA) and GAMCO Global Gold, Natural Resources & Income Trust (GGN) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and GGN?
Over the past 3 years, ASA and GGN moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 631.5 %².
By 3-year correlation, GGN places #11 of the 59 assets tracked against ASA. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 48.4 percentage points (+77.0% for ASA against +28.6% for GGN). Risk is not evenly split, since ASA carries 2.3 times the volatility of the other side.
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 GGN: side by side
| ASA (ASA Gold and Precious Metals Limited) | GGN (GAMCO Global Gold, Natural Resources & Income Trust) | |
|---|---|---|
| 1-year return | +77.0% | +28.6% |
| 5-year return | +218.5% | +128.2% |
| Volatility (ann.) | 42.5% | 18.5% |
| Beta vs S&P 500 | 0.92 | 0.36 |
| Max drawdown (3Y) | -40.8% | -16.9% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | 2.8 |
| Dividend yield | 0.11% | 6.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | GGN |
|---|---|---|
| 2022 | -32.1% | +6.8% |
| 2023 | +5.4% | +14.1% |
| 2024 | +34.5% | +9.6% |
| 2025 | +195.6% | +48.2% |
| 2026 | +9.5% | +15.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and GGN good diversifiers for each other?
No: a correlation of 0.80 means ASA and GGN tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ASA and GGN?
As of 2026-08-27, the correlation of weekly returns between ASA and GGN is 0.80 over 3 years, 0.86 over 1 year and 0.79 over 5 years.
Is GGN a good diversifier for ASA?
No: a correlation of 0.80 means ASA and GGN tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 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-ggn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asa-vs-ggn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASA correlations · GGN correlations
