ASA vs PZG: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and Paramount Gold Nevada Corp. (PZG) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and PZG?
Across a 3-year window, the weekly returns of ASA and PZG correlate at 0.45, moderate. The past 12 months show a tighter link (0.68) than the 3-year average (0.45). Stretching to 5 years gives 0.46, with an annualized covariance of 1173.7 %².
By 3-year correlation, PZG places #51 of the 59 assets tracked against ASA. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 19.1 percentage points (+77.0% for ASA against +57.9% for PZG).
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 PZG: side by side
| ASA (ASA Gold and Precious Metals Limited) | PZG (Paramount Gold Nevada Corp.) | |
|---|---|---|
| 1-year return | +77.0% | +57.9% |
| 5-year return | +218.5% | +73.0% |
| Volatility (ann.) | 42.5% | 60.9% |
| Beta vs S&P 500 | 0.92 | 0.50 |
| Max drawdown (3Y) | -40.8% | -60.3% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | PZG |
|---|---|---|
| 2022 | -32.1% | -50.6% |
| 2023 | +5.4% | +8.7% |
| 2024 | +34.5% | -8.8% |
| 2025 | +195.6% | +268.4% |
| 2026 | +9.5% | +19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and PZG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ASA and PZG?
As of 2026-08-27, the correlation of weekly returns between ASA and PZG is 0.45 over 3 years, 0.68 over 1 year and 0.46 over 5 years.
Is PZG a good diversifier for ASA?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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.
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Related comparisons
Hubs: ASA correlations · PZG correlations
