ASA vs MUX: Correlation
How closely do ASA Gold and Precious Metals Limited (ASA) and McEwen Inc. (MUX) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and MUX?
On 3 years of weekly data the ASA/MUX correlation comes out at 0.73, strong. The link has tightened recently: the 1-year correlation (0.84) runs above the 3-year figure (0.73). The 5-year figure is 0.70, and annualized covariance runs at 1748.0 %².
Within ASA's tracked universe of 59 assets, MUX comes in at #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MUX ahead by 20.3 points (+77.0% versus +97.3%).
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 MUX: side by side
| ASA (ASA Gold and Precious Metals Limited) | MUX (McEwen Inc.) | |
|---|---|---|
| 1-year return | +77.0% | +97.3% |
| 5-year return | +218.5% | +90.0% |
| Volatility (ann.) | 42.5% | 56.7% |
| Beta vs S&P 500 | 0.92 | 1.41 |
| Max drawdown (3Y) | -40.8% | -46.5% |
| Market cap | – | $1.3B |
| P/E (trailing) | 1.7 | 16.7 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | MUX |
|---|---|---|
| 2022 | -32.1% | -33.9% |
| 2023 | +5.4% | +23.0% |
| 2024 | +34.5% | +7.9% |
| 2025 | +195.6% | +137.9% |
| 2026 | +9.5% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and MUX good diversifiers for each other?
Only partially. A correlation of 0.73 means ASA and MUX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ASA and MUX?
As of 2026-08-27, the correlation of weekly returns between ASA and MUX is 0.73 over 3 years, 0.84 over 1 year and 0.70 over 5 years.
Is MUX a good diversifier for ASA?
Only partially. A correlation of 0.73 means ASA and MUX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 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 · MUX correlations
