ASA vs SA: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and Seabridge Gold, Inc. (SA) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and SA?
Over the past 3 years, ASA and SA moved with a correlation of 0.78, which is strong. Little has changed lately, as the 1-year reading of 0.85 lands near the 3-year figure. Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 1881.3 %².
Among the 59 assets we track against ASA, SA ranks #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SA outperformed by 28.1 percentage points (+77.0% for ASA against +105.1% for SA).
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 SA: side by side
| ASA (ASA Gold and Precious Metals Limited) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | +77.0% | +105.1% |
| 5-year return | +218.5% | +93.2% |
| Volatility (ann.) | 42.5% | 56.7% |
| Beta vs S&P 500 | 0.92 | 1.46 |
| Max drawdown (3Y) | -40.8% | -52.5% |
| Market cap | – | $3.7B |
| P/E (trailing) | 1.7 | 179.3 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | SA |
|---|---|---|
| 2022 | -32.1% | -23.7% |
| 2023 | +5.4% | -3.6% |
| 2024 | +34.5% | -5.9% |
| 2025 | +195.6% | +159.3% |
| 2026 | +9.5% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and SA good diversifiers for each other?
To a limited degree. At 0.78 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ASA and SA?
As of 2026-08-27, the correlation of weekly returns between ASA and SA is 0.78 over 3 years, 0.85 over 1 year and 0.78 over 5 years.
Is SA a good diversifier for ASA?
To a limited degree. At 0.78 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 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.
Use this data
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Related comparisons
Hubs: ASA correlations · SA correlations
