ASA vs GNT: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and GAMCO Natural Resources, Gold & Income Trust (GNT) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and GNT?
Across a 3-year window, the weekly returns of ASA and GNT correlate at 0.69, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 610.9 %².
Among the 59 assets we track against ASA, GNT ranks #30 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 25.9 percentage points (+77.0% for ASA against +51.1% for GNT). Risk is not evenly split, since ASA carries 2.0 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 GNT: side by side
| ASA (ASA Gold and Precious Metals Limited) | GNT (GAMCO Natural Resources, Gold & Income Trust) | |
|---|---|---|
| 1-year return | +77.0% | +51.1% |
| 5-year return | +218.5% | +152.2% |
| Volatility (ann.) | 42.5% | 21.0% |
| Beta vs S&P 500 | 0.92 | 0.40 |
| Max drawdown (3Y) | -40.8% | -15.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | 1.7 | 3.2 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | GNT |
|---|---|---|
| 2022 | -32.1% | +2.8% |
| 2023 | +5.4% | +7.8% |
| 2024 | +34.5% | +10.5% |
| 2025 | +195.6% | +52.4% |
| 2026 | +9.5% | +32.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and GNT good diversifiers for each other?
To a limited degree. At 0.69 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 GNT?
The ASA/GNT correlation stands at 0.69 on a 3-year window (1 year: 0.67, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is GNT a good diversifier for ASA?
To a limited degree. At 0.69 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 0.69 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-gnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asa-vs-gnt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASA correlations · GNT correlations
