MUX vs SA: Correlation
McEwen Inc. (MUX) and Seabridge Gold, Inc. (SA) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUX and SA?
On 3 years of weekly data the MUX/SA correlation comes out at 0.71, strong. Little has changed lately, as the 1-year reading of 0.76 lands near the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 2285.3 %².
Few assets follow MUX as closely as SA, which ranks #3 of 15 tracked partners. The trailing year gives SA the advantage: +97.3% versus +105.1%, a 7.8-point spread.
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.
MUX vs SA: side by side
| MUX (McEwen Inc.) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | +97.3% | +105.1% |
| 5-year return | +90.0% | +93.2% |
| Volatility (ann.) | 56.7% | 56.7% |
| Beta vs S&P 500 | 1.41 | 1.46 |
| Max drawdown (3Y) | -46.5% | -52.5% |
| Market cap | $1.3B | $3.7B |
| P/E (trailing) | 16.7 | 179.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUX | SA |
|---|---|---|
| 2022 | -33.9% | -23.7% |
| 2023 | +23.0% | -3.6% |
| 2024 | +7.9% | -5.9% |
| 2025 | +137.9% | +159.3% |
| 2026 | +17.0% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUX and SA good diversifiers for each other?
To a limited degree. At 0.71 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 MUX and SA?
The MUX/SA correlation stands at 0.71 on a 3-year window (1 year: 0.76, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is SA a good diversifier for MUX?
To a limited degree. At 0.71 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 0.71 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: MUX correlations · SA correlations
