CGAU vs MTA: Correlation
How closely do Centerra Gold Inc. (CGAU) and Metalla Royalty & Streaming Ltd. (MTA) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGAU and MTA?
Across a 3-year window, the weekly returns of CGAU and MTA correlate at 0.66, strong. The link has tightened recently: the 1-year correlation (0.77) runs above the 3-year figure (0.66). Stretching to 5 years gives 0.64, with an annualized covariance of 1559.4 %².
Among the 20 assets we track against CGAU, MTA ranks #10 by 3-year correlation. The last year tells two different stories: CGAU led by 93.7 percentage points, +213.4% for CGAU against +119.7% for MTA.
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.
CGAU vs MTA: side by side
| CGAU (Centerra Gold Inc.) | MTA (Metalla Royalty & Streaming Ltd.) | |
|---|---|---|
| 1-year return | +213.4% | +119.7% |
| 5-year return | +269.1% | +45.5% |
| Volatility (ann.) | 45.7% | 51.6% |
| Beta vs S&P 500 | 1.13 | 1.16 |
| Max drawdown (3Y) | -29.5% | -44.4% |
| Market cap | $4.7B | $1.0B |
| P/E (trailing) | 7.6 | – |
| Dividend yield | 0.84% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGAU | MTA |
|---|---|---|
| 2022 | -30.2% | -29.1% |
| 2023 | +19.4% | -37.0% |
| 2024 | -1.4% | -18.5% |
| 2025 | +156.7% | +210.0% |
| 2026 | +70.1% | +41.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGAU and MTA 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 CGAU and MTA?
As of 2026-08-27, the correlation of weekly returns between CGAU and MTA is 0.66 over 3 years, 0.77 over 1 year and 0.64 over 5 years.
Is MTA a good diversifier for CGAU?
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?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CGAU correlations · MTA correlations
