ASA vs USAS: Correlation
ASA Gold and Precious Metals Limited (ASA) and Americas Gold and Silver Corporation (USAS) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and USAS?
On 3 years of weekly data the ASA/USAS correlation comes out at 0.74, strong. Lately the two have moved closer together, with the 1-year correlation at 0.89 versus 0.74 over 3 years. The 5-year figure is 0.70, and annualized covariance runs at 2584.0 %².
Among the 59 assets we track against ASA, USAS ranks #24 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USAS outperformed by 62.2 percentage points (+77.0% for ASA against +139.2% for USAS). Note the risk asymmetry: USAS runs 1.9 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 USAS: side by side
| ASA (ASA Gold and Precious Metals Limited) | USAS (Americas Gold and Silver Corporation) | |
|---|---|---|
| 1-year return | +77.0% | +139.2% |
| 5-year return | +218.5% | +122.9% |
| Volatility (ann.) | 42.5% | 82.6% |
| Beta vs S&P 500 | 0.92 | 1.41 |
| Max drawdown (3Y) | -40.8% | -63.5% |
| Market cap | – | $1.9B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | USAS |
|---|---|---|
| 2022 | -32.1% | -29.6% |
| 2023 | +5.4% | -56.1% |
| 2024 | +34.5% | +52.0% |
| 2025 | +195.6% | +437.9% |
| 2026 | +9.5% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and USAS good diversifiers for each other?
Only partially. A correlation of 0.74 means ASA and USAS 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 USAS?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.89 over the last year and 0.70 over 5 years.
Is USAS a good diversifier for ASA?
Only partially. A correlation of 0.74 means ASA and USAS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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-usas.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asa-vs-usas/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASA correlations · USAS correlations
