CGAU vs NEM: Correlation
Measured on weekly returns over the past three years, Centerra Gold Inc. (CGAU) and Newmont (NEM) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGAU and NEM?
Over the past 3 years, CGAU and NEM moved with a correlation of 0.78, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.89 versus 0.78 over 3 years. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 1535.8 %².
Within CGAU's tracked universe of 20 assets, NEM comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CGAU ahead by 128.7 points (+213.4% versus +84.7%).
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 NEM: side by side
| CGAU (Centerra Gold Inc.) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +213.4% | +84.7% |
| 5-year return | +269.1% | +165.9% |
| Volatility (ann.) | 45.7% | 43.0% |
| Beta vs S&P 500 | 1.13 | 0.87 |
| Max drawdown (3Y) | -29.5% | -36.6% |
| Market cap | $4.7B | $139.4B |
| P/E (trailing) | 7.6 | 16.6 |
| Dividend yield | 0.84% | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | CGAU | NEM |
|---|---|---|
| 2022 | -30.2% | -20.8% |
| 2023 | +19.4% | -8.8% |
| 2024 | -1.4% | -7.8% |
| 2025 | +156.7% | +172.8% |
| 2026 | +70.1% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGAU and NEM good diversifiers for each other?
To a limited degree. At 0.78 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CGAU and NEM?
The CGAU/NEM correlation stands at 0.78 on a 3-year window (1 year: 0.89, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is NEM a good diversifier for CGAU?
To a limited degree. At 0.78 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.78 mean?
A reading of 0.78 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/cgau-vs-nem.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgau-vs-nem/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CGAU correlations · NEM correlations
