ASA vs LGO: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and Largo Inc. (LGO) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and LGO?
On 3 years of weekly data the ASA/LGO correlation comes out at 0.43, moderate. Recent behaviour matches the longer record: 0.51 over 1 year against 0.43 over 3. The 5-year figure is 0.41, and annualized covariance runs at 1319.4 %².
Within ASA's tracked universe of 59 assets, LGO comes in at #52 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ASA ahead by 128.2 points (+77.0% versus -51.2%). One caveat on sizing: LGO 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 LGO: side by side
| ASA (ASA Gold and Precious Metals Limited) | LGO (Largo Inc.) | |
|---|---|---|
| 1-year return | +77.0% | -51.2% |
| 5-year return | +218.5% | -94.6% |
| Volatility (ann.) | 42.5% | 72.9% |
| Beta vs S&P 500 | 0.92 | 0.94 |
| Max drawdown (3Y) | -40.8% | -83.8% |
| Market cap | – | $0.1B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | LGO |
|---|---|---|
| 2022 | -32.1% | -41.9% |
| 2023 | +5.4% | -57.1% |
| 2024 | +34.5% | -25.5% |
| 2025 | +195.6% | -45.3% |
| 2026 | +9.5% | -22.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and LGO good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ASA and LGO?
As of 2026-08-27, the correlation of weekly returns between ASA and LGO is 0.43 over 3 years, 0.51 over 1 year and 0.41 over 5 years.
Is LGO a good diversifier for ASA?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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.
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Related comparisons
Hubs: ASA correlations · LGO correlations
