Among the four miners we’re analyzing, AngloGold has had the lowest correlation with gold this year, while Buenaventura has the highest correlation. Kinross’s and Buenaventura’s gold correlation has moved upward over the past three years, while AngloGold’s has fallen. Hecla’s correlation has been mixed.
AngloGold has a three-year correlation of 0.66 and a year-to-date correlation of 0.58. The correlation of 0.58 implies that ~58.0% of the time, AngloGold has moved in the same direction as gold.