ASA vs NEWP: Correlation
How closely do ASA Gold and Precious Metals Limited (ASA) and New Pacific Metals Corp. (NEWP) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and NEWP?
Over the past 3 years, ASA and NEWP moved with a correlation of 0.72, which is strong. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. Over 5 years the correlation is 0.68, and the annualized covariance of weekly returns is 2349.1 %².
By 3-year correlation, NEWP places #26 of the 59 assets tracked against ASA. Correlation aside, the last 12 months split them widely, with NEWP ahead by 241.6 points (+77.0% versus +318.6%). Risk is not evenly split, since NEWP carries 1.8 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 NEWP: side by side
| ASA (ASA Gold and Precious Metals Limited) | NEWP (New Pacific Metals Corp.) | |
|---|---|---|
| 1-year return | +77.0% | +318.6% |
| 5-year return | +218.5% | +96.6% |
| Volatility (ann.) | 42.5% | 76.6% |
| Beta vs S&P 500 | 0.92 | 1.96 |
| Max drawdown (3Y) | -40.8% | -64.6% |
| Market cap | – | $1.4B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | NEWP |
|---|---|---|
| 2022 | -32.1% | -23.5% |
| 2023 | +5.4% | -15.1% |
| 2024 | +34.5% | -38.2% |
| 2025 | +195.6% | +197.5% |
| 2026 | +9.5% | +111.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and NEWP good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASA and NEWP?
The ASA/NEWP correlation stands at 0.72 on a 3-year window (1 year: 0.81, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is NEWP a good diversifier for ASA?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 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-newp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asa-vs-newp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · NEWP correlations
