ASA vs SKE: Correlation
ASA Gold and Precious Metals Limited (ASA) and Skeena Resources Limited (SKE) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and SKE?
On 3 years of weekly data the ASA/SKE correlation comes out at 0.72, strong. Lately the two have moved closer together, with the 1-year correlation at 0.91 versus 0.72 over 3 years. The 5-year figure is 0.73, and annualized covariance runs at 1916.0 %².
Within ASA's tracked universe of 59 assets, SKE comes in at #27 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SKE ahead by 45.8 points (+77.0% versus +122.8%).
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 SKE: side by side
| ASA (ASA Gold and Precious Metals Limited) | SKE (Skeena Resources Limited) | |
|---|---|---|
| 1-year return | +77.0% | +122.8% |
| 5-year return | +218.5% | +205.9% |
| Volatility (ann.) | 42.5% | 62.6% |
| Beta vs S&P 500 | 0.92 | 1.42 |
| Max drawdown (3Y) | -40.8% | -36.1% |
| Market cap | – | $4.4B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | SKE |
|---|---|---|
| 2022 | -32.1% | -49.0% |
| 2023 | +5.4% | -8.3% |
| 2024 | +34.5% | +78.7% |
| 2025 | +195.6% | +172.1% |
| 2026 | +9.5% | +48.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and SKE good diversifiers for each other?
Only partially. A correlation of 0.72 means ASA and SKE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ASA and SKE?
As of 2026-08-27, the correlation of weekly returns between ASA and SKE is 0.72 over 3 years, 0.91 over 1 year and 0.73 over 5 years.
Is SKE a good diversifier for ASA?
Only partially. A correlation of 0.72 means ASA and SKE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 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-ske.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asa-vs-ske/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASA correlations · SKE correlations
