AYA vs CGAU: Correlation
How closely do Aya Gold & Silver Inc. (AYA) and Centerra Gold Inc. (CGAU) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AYA and CGAU?
On 3 years of weekly data the AYA/CGAU correlation comes out at 0.72, strong. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 2419.7 %².
By 3-year correlation, CGAU places #4 of the 14 assets tracked against AYA. Their 12-month results are close: +212.6% for AYA against +213.4% for CGAU. Note the risk asymmetry: AYA 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.
AYA vs CGAU: side by side
| AYA (Aya Gold & Silver Inc.) | CGAU (Centerra Gold Inc.) | |
|---|---|---|
| 1-year return | +212.6% | +213.4% |
| 5-year return | +267.0% | +269.1% |
| Volatility (ann.) | 73.7% | 45.7% |
| Beta vs S&P 500 | 1.95 | 1.13 |
| Max drawdown (3Y) | -56.1% | -29.5% |
| Market cap | $4.2B | $4.7B |
| P/E (trailing) | 36.2 | 7.6 |
| Dividend yield | 0.00% | 0.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AYA | CGAU |
|---|---|---|
| 2022 | -11.0% | -30.2% |
| 2023 | +10.4% | +19.4% |
| 2024 | +2.0% | -1.4% |
| 2025 | +92.4% | +156.7% |
| 2026 | +103.8% | +70.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AYA and CGAU good diversifiers for each other?
Only partially. A correlation of 0.72 means AYA and CGAU 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 AYA and CGAU?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.81 over the last year and 0.59 over 5 years.
Is CGAU a good diversifier for AYA?
Only partially. A correlation of 0.72 means AYA and CGAU share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
On the −1 to +1 scale, 0.72 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/aya-vs-cgau.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aya-vs-cgau/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AYA correlations · CGAU correlations
