ASA vs TRX: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and TRX Gold Corporation (TRX) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and TRX?
On 3 years of weekly data the ASA/TRX correlation comes out at 0.56, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.56 over 3. The 5-year figure is 0.53, and annualized covariance runs at 1453.0 %².
Among the 59 assets we track against ASA, TRX ranks #48 by 3-year correlation. Correlation aside, the last 12 months split them widely, with TRX ahead by 161.9 points (+77.0% versus +238.9%).
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 TRX: side by side
| ASA (ASA Gold and Precious Metals Limited) | TRX (TRX Gold Corporation) | |
|---|---|---|
| 1-year return | +77.0% | +238.9% |
| 5-year return | +218.5% | +197.6% |
| Volatility (ann.) | 42.5% | 61.2% |
| Beta vs S&P 500 | 0.92 | 0.56 |
| Max drawdown (3Y) | -40.8% | -68.3% |
| 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 | TRX |
|---|---|---|
| 2022 | -32.1% | -15.0% |
| 2023 | +5.4% | +11.8% |
| 2024 | +34.5% | -18.4% |
| 2025 | +195.6% | +196.8% |
| 2026 | +9.5% | +32.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and TRX good diversifiers for each other?
Only partially. A correlation of 0.56 means ASA and TRX 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 TRX?
The ASA/TRX correlation stands at 0.56 on a 3-year window (1 year: 0.52, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is TRX a good diversifier for ASA?
Only partially. A correlation of 0.56 means ASA and TRX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 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 · TRX correlations
