HL vs USAU: Correlation
Hecla Mining Company (HL) and U.S. Gold Corp. (USAU) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HL and USAU?
Over the past 3 years, HL and USAU moved with a correlation of 0.66, which is strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 3061.0 %².
Among the 16 assets we track against HL, USAU ranks #10 by 3-year correlation. The last year tells two different stories: HL led by 143.5 percentage points, +167.1% for HL against +23.6% for USAU.
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.
HL vs USAU: side by side
| HL (Hecla Mining Company) | USAU (U.S. Gold Corp.) | |
|---|---|---|
| 1-year return | +167.1% | +23.6% |
| 5-year return | +265.0% | +73.0% |
| Volatility (ann.) | 66.9% | 69.5% |
| Beta vs S&P 500 | 1.50 | 1.73 |
| Max drawdown (3Y) | -55.8% | -44.0% |
| Market cap | $14.4B | $0.3B |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 0.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HL | USAU |
|---|---|---|
| 2022 | +7.0% | -46.5% |
| 2023 | -13.0% | -11.5% |
| 2024 | +2.8% | +44.2% |
| 2025 | +291.8% | +216.6% |
| 2026 | +11.7% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HL and USAU good diversifiers for each other?
Only partially. A correlation of 0.66 means HL and USAU 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 HL and USAU?
The HL/USAU correlation stands at 0.66 on a 3-year window (1 year: 0.73, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is USAU a good diversifier for HL?
Only partially. A correlation of 0.66 means HL and USAU share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 mean?
On the −1 to +1 scale, 0.66 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hl-vs-usau.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hl-vs-usau/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HL correlations · USAU correlations
