ASA vs SBSW: Correlation
ASA Gold and Precious Metals Limited (ASA) and D/B/A Sibanye-Stillwater Limited (SBSW) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and SBSW?
On 3 years of weekly data the ASA/SBSW correlation comes out at 0.74, strong. Lately the two have moved closer together, with the 1-year correlation at 0.85 versus 0.74 over 3 years. The 5-year figure is 0.71, and annualized covariance runs at 2056.3 %².
By 3-year correlation, SBSW places #23 of the 59 assets tracked against ASA. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 16.5 percentage points (+77.0% for ASA against +60.5% for SBSW). Risk is not evenly split, since SBSW carries 1.5 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 SBSW: side by side
| ASA (ASA Gold and Precious Metals Limited) | SBSW (D/B/A Sibanye-Stillwater Limited) | |
|---|---|---|
| 1-year return | +77.0% | +60.5% |
| 5-year return | +218.5% | -6.1% |
| Volatility (ann.) | 42.5% | 65.8% |
| Beta vs S&P 500 | 0.92 | 1.28 |
| Max drawdown (3Y) | -40.8% | -61.0% |
| Market cap | – | $8.9B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 10.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | SBSW |
|---|---|---|
| 2022 | -32.1% | -9.6% |
| 2023 | +5.4% | -46.6% |
| 2024 | +34.5% | -39.2% |
| 2025 | +195.6% | +331.8% |
| 2026 | +9.5% | -11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and SBSW good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASA and SBSW?
As of 2026-08-27, the correlation of weekly returns between ASA and SBSW is 0.74 over 3 years, 0.85 over 1 year and 0.71 over 5 years.
Is SBSW a good diversifier for ASA?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
A reading of 0.74 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ASA correlations · SBSW correlations
