ASA vs PPTA: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and Perpetua Resources Corp. (PPTA) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and PPTA?
Over the past 3 years, ASA and PPTA moved with a correlation of 0.58, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.81 versus 0.58 over 3 years. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 1918.8 %².
Among the 59 assets we track against ASA, PPTA ranks #46 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ASA ahead by 36.3 points (+77.0% versus +40.7%). Note the risk asymmetry: PPTA runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 PPTA: side by side
| ASA (ASA Gold and Precious Metals Limited) | PPTA (Perpetua Resources Corp.) | |
|---|---|---|
| 1-year return | +77.0% | +40.7% |
| 5-year return | +218.5% | +427.8% |
| Volatility (ann.) | 42.5% | 77.8% |
| Beta vs S&P 500 | 0.92 | 0.85 |
| Max drawdown (3Y) | -40.8% | -54.6% |
| Market cap | – | $3.3B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | PPTA |
|---|---|---|
| 2022 | -32.1% | -38.5% |
| 2023 | +5.4% | +8.6% |
| 2024 | +34.5% | +236.6% |
| 2025 | +195.6% | +126.9% |
| 2026 | +9.5% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and PPTA good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASA and PPTA?
Using weekly returns as of 2026-08-27: 0.58 over 3 years, with 0.81 over the last year and 0.54 over 5 years.
Is PPTA a good diversifier for ASA?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 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-ppta.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asa-vs-ppta/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · PPTA correlations
