ASA vs MAKO: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and Mako Mining Corp (MAKO) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and MAKO?
Across a 3-year window, the weekly returns of ASA and MAKO correlate at 0.66, strong. The past 12 months show a tighter link (0.82) than the 3-year average (0.66). Stretching to 5 years gives 0.58, with an annualized covariance of 1624.8 %².
By 3-year correlation, MAKO places #37 of the 59 assets tracked against ASA. Correlation aside, the last 12 months split them widely, with MAKO ahead by 70.6 points (+77.0% versus +147.6%).
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 MAKO: side by side
| ASA (ASA Gold and Precious Metals Limited) | MAKO (Mako Mining Corp) | |
|---|---|---|
| 1-year return | +77.0% | +147.6% |
| 5-year return | +218.5% | +320.0% |
| Volatility (ann.) | 42.5% | 57.6% |
| Beta vs S&P 500 | 0.92 | 1.23 |
| Max drawdown (3Y) | -40.8% | -31.9% |
| Market cap | – | $1.0B |
| P/E (trailing) | 1.7 | 18.5 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | MAKO |
|---|---|---|
| 2022 | -32.1% | -67.7% |
| 2023 | +5.4% | +105.0% |
| 2024 | +34.5% | +7.8% |
| 2025 | +195.6% | +162.4% |
| 2026 | +9.5% | +88.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and MAKO good diversifiers for each other?
To a limited degree. At 0.66 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 MAKO?
The ASA/MAKO correlation stands at 0.66 on a 3-year window (1 year: 0.82, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is MAKO a good diversifier for ASA?
To a limited degree. At 0.66 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 0.66 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-mako.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asa-vs-mako/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · MAKO correlations
