ASA vs TFPM: Correlation
ASA Gold and Precious Metals Limited (ASA) and Triple Flag Precious Metals Corp. (TFPM) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and TFPM?
On 3 years of weekly data the ASA/TFPM correlation comes out at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 1313.1 %².
Among the 59 assets we track against ASA, TFPM ranks #6 by 3-year correlation. The last year tells two different stories: ASA led by 43.6 percentage points, +77.0% for ASA against +33.4% for TFPM.
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 TFPM: side by side
| ASA (ASA Gold and Precious Metals Limited) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +77.0% | +33.4% |
| 5-year return | +218.5% | n/a |
| Volatility (ann.) | 42.5% | 37.3% |
| Beta vs S&P 500 | 0.92 | 0.62 |
| Max drawdown (3Y) | -40.8% | -34.9% |
| Market cap | – | $7.2B |
| P/E (trailing) | 1.7 | 17.5 |
| Dividend yield | 0.11% | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | TFPM |
|---|---|---|
| 2022 | -32.1% | – |
| 2023 | +5.4% | -1.8% |
| 2024 | +34.5% | +14.6% |
| 2025 | +195.6% | +122.2% |
| 2026 | +9.5% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and TFPM good diversifiers for each other?
No. With a correlation of 0.83, ASA and TFPM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ASA and TFPM?
The ASA/TFPM correlation stands at 0.83 on a 3-year window (1 year: 0.88, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is TFPM a good diversifier for ASA?
No. With a correlation of 0.83, ASA and TFPM move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.83 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 · TFPM correlations
