EXK vs FSM: Correlation
How closely do Endeavour Silver Corporation (EXK) and Fortuna Mining Corp. (FSM) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EXK and FSM?
Across a 3-year window, the weekly returns of EXK and FSM correlate at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Stretching to 5 years gives 0.77, with an annualized covariance of 3503.9 %².
In EXK's tracked universe of 16 assets, FSM sits right near the top at #2. Correlation aside, the last 12 months split them widely, with EXK ahead by 21.2 points (+90.2% versus +69.0%).
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.
EXK vs FSM: side by side
| EXK (Endeavour Silver Corporation) | FSM (Fortuna Mining Corp.) | |
|---|---|---|
| 1-year return | +90.2% | +69.0% |
| 5-year return | +146.7% | +196.5% |
| Volatility (ann.) | 74.1% | 59.4% |
| Beta vs S&P 500 | 1.93 | 1.22 |
| Max drawdown (3Y) | -51.3% | -41.2% |
| Market cap | $3.3B | $3.8B |
| P/E (trailing) | 53.8 | 10.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EXK | FSM |
|---|---|---|
| 2022 | -23.2% | -3.8% |
| 2023 | -39.2% | +2.9% |
| 2024 | +85.8% | +11.1% |
| 2025 | +156.8% | +128.7% |
| 2026 | +20.2% | +30.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EXK and FSM good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EXK and FSM?
The EXK/FSM correlation stands at 0.80 on a 3-year window (1 year: 0.84, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is FSM a good diversifier for EXK?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
A reading of 0.80 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: EXK correlations · FSM correlations
