EQX vs LGO: Correlation
Equinox Gold Corp. (EQX) and Largo Inc. (LGO) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQX and LGO?
Across a 3-year window, the weekly returns of EQX and LGO correlate at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Stretching to 5 years gives 0.39, with an annualized covariance of 1824.7 %².
Within EQX's tracked universe of 16 assets, LGO comes in at #10 by 3-year correlation. The last year tells two different stories: EQX led by 115.9 percentage points, +64.7% for EQX against -51.2% for LGO.
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.
EQX vs LGO: side by side
| EQX (Equinox Gold Corp.) | LGO (Largo Inc.) | |
|---|---|---|
| 1-year return | +64.7% | -51.2% |
| 5-year return | +98.0% | -94.6% |
| Volatility (ann.) | 56.6% | 72.9% |
| Beta vs S&P 500 | 1.19 | 0.94 |
| Max drawdown (3Y) | -54.0% | -83.8% |
| Market cap | $15.7B | $0.1B |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQX | LGO |
|---|---|---|
| 2022 | -51.5% | -41.9% |
| 2023 | +49.1% | -57.1% |
| 2024 | +2.7% | -25.5% |
| 2025 | +179.7% | -45.3% |
| 2026 | -3.8% | -22.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQX and LGO good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EQX and LGO?
The EQX/LGO correlation stands at 0.44 on a 3-year window (1 year: 0.51, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is LGO a good diversifier for EQX?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EQX correlations · LGO correlations
