AU vs NEM: Correlation
Measured on weekly returns over the past three years, AngloGold Ashanti PLC (AU) and Newmont (NEM) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AU and NEM?
On 3 years of weekly data the AU/NEM correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 1961.3 %².
Within AU's tracked universe of 13 assets, NEM comes in at #6 by 3-year correlation. The last year tells two different stories: AU led by 39.1 percentage points, +123.8% for AU against +84.7% for NEM.
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.
AU vs NEM: side by side
| AU (AngloGold Ashanti PLC) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +123.8% | +84.7% |
| 5-year return | +725.4% | +165.9% |
| Volatility (ann.) | 56.7% | 43.0% |
| Beta vs S&P 500 | 0.92 | 0.87 |
| Max drawdown (3Y) | -39.9% | -36.6% |
| Market cap | $59.9B | $139.4B |
| P/E (trailing) | 15.8 | 16.6 |
| Dividend yield | 3.83% | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | AU | NEM |
|---|---|---|
| 2022 | -5.1% | -20.8% |
| 2023 | -2.7% | -8.8% |
| 2024 | +26.5% | -7.8% |
| 2025 | +288.2% | +172.8% |
| 2026 | +43.8% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AU and NEM good diversifiers for each other?
No: a correlation of 0.80 means AU and NEM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AU and NEM?
The AU/NEM correlation stands at 0.80 on a 3-year window (1 year: 0.86, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is NEM a good diversifier for AU?
No: a correlation of 0.80 means AU and NEM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
A reading of 0.80 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/au-vs-nem.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/au-vs-nem/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AU correlations · NEM correlations
