ASA vs SCZM: Correlation
How closely do ASA Gold and Precious Metals Limited (ASA) and Santacruz Silver Mining Ltd. (SCZM) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and SCZM?
Over the past 3 years, ASA and SCZM moved with a correlation of 0.68, which is strong. Recent behaviour matches the longer record: 0.78 over 1 year against 0.68 over 3. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 2800.5 %².
Among the 59 assets we track against ASA, SCZM ranks #33 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SCZM ahead by 31.8 points (+77.0% versus +108.8%). Risk is not evenly split, since SCZM carries 2.3 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 SCZM: side by side
| ASA (ASA Gold and Precious Metals Limited) | SCZM (Santacruz Silver Mining Ltd.) | |
|---|---|---|
| 1-year return | +77.0% | +108.8% |
| 5-year return | +218.5% | +818.6% |
| Volatility (ann.) | 42.5% | 96.4% |
| Beta vs S&P 500 | 0.92 | 1.72 |
| Max drawdown (3Y) | -40.8% | -63.2% |
| Market cap | – | $0.9B |
| P/E (trailing) | 1.7 | 21.3 |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | SCZM |
|---|---|---|
| 2022 | -32.1% | +25.0% |
| 2023 | +5.4% | -38.3% |
| 2024 | +34.5% | +5.5% |
| 2025 | +195.6% | +1137.2% |
| 2026 | +9.5% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and SCZM good diversifiers for each other?
To a limited degree. At 0.68 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 SCZM?
The ASA/SCZM correlation stands at 0.68 on a 3-year window (1 year: 0.78, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SCZM a good diversifier for ASA?
To a limited degree. At 0.68 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 0.68 mean?
On the −1 to +1 scale, 0.68 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
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-sczm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asa-vs-sczm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASA correlations · SCZM correlations
