ASA vs NFGC: Correlation
ASA Gold and Precious Metals Limited (ASA) and New Found Gold Corp (NFGC) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and NFGC?
Across a 3-year window, the weekly returns of ASA and NFGC correlate at 0.62, strong. The past 12 months show a tighter link (0.73) than the 3-year average (0.62). Stretching to 5 years gives 0.60, with an annualized covariance of 1678.8 %².
Within ASA's tracked universe of 59 assets, NFGC comes in at #40 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 61.6 percentage points (+77.0% for ASA against +15.4% for NFGC). One caveat on sizing: NFGC is 1.5 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 NFGC: side by side
| ASA (ASA Gold and Precious Metals Limited) | NFGC (New Found Gold Corp) | |
|---|---|---|
| 1-year return | +77.0% | +15.4% |
| 5-year return | +218.5% | -71.1% |
| Volatility (ann.) | 42.5% | 64.2% |
| Beta vs S&P 500 | 0.92 | 1.22 |
| Max drawdown (3Y) | -40.8% | -78.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | NFGC |
|---|---|---|
| 2022 | -32.1% | -43.5% |
| 2023 | +5.4% | -13.4% |
| 2024 | +34.5% | -48.0% |
| 2025 | +195.6% | +63.2% |
| 2026 | +9.5% | -34.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and NFGC good diversifiers for each other?
Only partially. A correlation of 0.62 means ASA and NFGC 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 NFGC?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.73 over the last year and 0.60 over 5 years.
Is NFGC a good diversifier for ASA?
Only partially. A correlation of 0.62 means ASA and NFGC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 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-nfgc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asa-vs-nfgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · NFGC correlations
