ASA vs THM: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and International Tower Hill Mines, Ltd. (THM) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and THM?
Across a 3-year window, the weekly returns of ASA and THM correlate at 0.69, strong. Recent behaviour matches the longer record: 0.78 over 1 year against 0.69 over 3. Stretching to 5 years gives 0.65, with an annualized covariance of 2632.6 %².
Among the 59 assets we track against ASA, THM ranks #32 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months THM outperformed by 23.7 percentage points (+77.0% for ASA against +100.7% for THM). Note the risk asymmetry: THM runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 THM: side by side
| ASA (ASA Gold and Precious Metals Limited) | THM (International Tower Hill Mines, Ltd.) | |
|---|---|---|
| 1-year return | +77.0% | +100.7% |
| 5-year return | +218.5% | +222.1% |
| Volatility (ann.) | 42.5% | 89.9% |
| Beta vs S&P 500 | 0.92 | 1.27 |
| Max drawdown (3Y) | -40.8% | -51.5% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | THM |
|---|---|---|
| 2022 | -32.1% | -41.1% |
| 2023 | +5.4% | +37.2% |
| 2024 | +34.5% | -22.0% |
| 2025 | +195.6% | +304.3% |
| 2026 | +9.5% | +48.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and THM good diversifiers for each other?
Only partially. A correlation of 0.69 means ASA and THM 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 THM?
The ASA/THM correlation stands at 0.69 on a 3-year window (1 year: 0.78, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is THM a good diversifier for ASA?
Only partially. A correlation of 0.69 means ASA and THM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 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-thm.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: ASA correlations · THM correlations
