CTGO vs OR: Correlation
How closely do Contango Silver & Gold Inc. (CTGO) and OR Royalties Inc. (OR) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTGO and OR?
On 3 years of weekly data the CTGO/OR correlation comes out at 0.57, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.71 versus 0.57 over 3 years. The 5-year figure is 0.44, and annualized covariance runs at 1429.6 %².
Few assets follow CTGO as closely as OR, which ranks #1 of 11 tracked partners. The last year tells two different stories: OR led by 28.0 percentage points, -3.3% for CTGO against +24.7% for OR. Note the risk asymmetry: CTGO runs 1.8 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.
CTGO vs OR: side by side
| CTGO (Contango Silver & Gold Inc.) | OR (OR Royalties Inc.) | |
|---|---|---|
| 1-year return | -3.3% | +24.7% |
| 5-year return | +13.2% | +236.7% |
| Volatility (ann.) | 66.5% | 37.9% |
| Beta vs S&P 500 | 1.34 | 0.77 |
| Max drawdown (3Y) | -64.1% | -41.0% |
| Market cap | $0.7B | $7.2B |
| P/E (trailing) | – | 28.6 |
| Dividend yield | 0.00% | 0.60% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CTGO | OR |
|---|---|---|
| 2022 | -10.5% | +0.0% |
| 2023 | -21.0% | +19.8% |
| 2024 | -44.7% | +28.1% |
| 2025 | +163.6% | +96.4% |
| 2026 | -22.8% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTGO and OR good diversifiers for each other?
Only partially. A correlation of 0.57 means CTGO and OR 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 CTGO and OR?
The CTGO/OR correlation stands at 0.57 on a 3-year window (1 year: 0.71, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is OR a good diversifier for CTGO?
Only partially. A correlation of 0.57 means CTGO and OR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
A reading of 0.57 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/ctgo-vs-or.json
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Related comparisons
Hubs: CTGO correlations · OR correlations
