ASA vs USAU: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and U.S. Gold Corp. (USAU) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and USAU?
Over the past 3 years, ASA and USAU moved with a correlation of 0.66, which is strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.66 over 3. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 1953.7 %².
Among the 59 assets we track against ASA, USAU ranks #38 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 53.4 percentage points (+77.0% for ASA against +23.6% for USAU). Note the risk asymmetry: USAU runs 1.6 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 USAU: side by side
| ASA (ASA Gold and Precious Metals Limited) | USAU (U.S. Gold Corp.) | |
|---|---|---|
| 1-year return | +77.0% | +23.6% |
| 5-year return | +218.5% | +73.0% |
| Volatility (ann.) | 42.5% | 69.5% |
| Beta vs S&P 500 | 0.92 | 1.73 |
| Max drawdown (3Y) | -40.8% | -44.0% |
| Market cap | – | $0.3B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | USAU |
|---|---|---|
| 2022 | -32.1% | -46.5% |
| 2023 | +5.4% | -11.5% |
| 2024 | +34.5% | +44.2% |
| 2025 | +195.6% | +216.6% |
| 2026 | +9.5% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and USAU good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASA and USAU?
As of 2026-08-27, the correlation of weekly returns between ASA and USAU is 0.66 over 3 years, 0.73 over 1 year and 0.60 over 5 years.
Is USAU a good diversifier for ASA?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
A reading of 0.66 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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Hubs: ASA correlations · USAU correlations
