AEM.TO vs. XAUUSD=X

Last updated Jun 4, 2026

AEM.TO (Agnico Eagle Mines Limited) is a stock, while XAUUSD=X (Gold Spot Price US Dollar) is a currency. Over the past 10 years, AEM.TO returned 16.00%/yr vs 14.41%/yr for XAUUSD=X. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

AEM.TO vs. XAUUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Agnico Eagle Mines Limited (AEM.TO) and Gold Spot Price US Dollar (XAUUSD=X). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AEM.TO is traded in CAD, while XAUUSD=X is traded in USD. To make them comparable, the XAUUSD=X values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AEM.TO achieves a 2.74% return, which is significantly lower than XAUUSD=X's 4.21% return. Over the past 10 years, AEM.TO has outperformed XAUUSD=X with an annualized return of 16.00%, while XAUUSD=X has yielded a comparatively lower 14.41% annualized return.

AEM.TO

• 1D: -3.65%
• 1M: -2.46%
• YTD: 2.74%
• 6M: 1.24%
• 1Y: 43.02%
• 3Y*: 53.44%
• 5Y*: 25.72%
• 10Y*: 16.00%

XAUUSD=X

• 1D: -0.49%
• 1M: 0.28%
• YTD: 4.21%
• 6M: 5.41%
• 1Y: 34.35%
• 3Y*: 33.21%
• 5Y*: 22.05%
• 10Y*: 14.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AEM.TO vs. XAUUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEM.TO Agnico Eagle Mines Limited	2.74%	109.61%	58.54%	6.66%	8.18%	-22.88%	13.71%	46.75%	-3.97%	3.72%
XAUUSD=X Gold Spot Price US Dollar	4.21%	57.19%	38.17%	10.64%	6.86%	-4.37%	22.45%	12.93%	6.62%	5.94%

Correlation

The correlation between AEM.TO and XAUUSD=X is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.57

The correlation between AEM.TO and XAUUSD=X has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

Return for Risk

AEM.TO vs. XAUUSD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AEM.TO

AEM.TO Risk / Return Rank: 67
AEM.TO Sharpe Ratio Rank: 72
AEM.TO Sortino Ratio Rank: 64
AEM.TO Omega Ratio Rank: 65
AEM.TO Calmar Ratio Rank: 67
AEM.TO Martin Ratio Rank: 68

XAUUSD=X

XAUUSD=X Risk / Return Rank: 80
XAUUSD=X Sharpe Ratio Rank: 85
XAUUSD=X Sortino Ratio Rank: 81
XAUUSD=X Omega Ratio Rank: 85
XAUUSD=X Calmar Ratio Rank: 76
XAUUSD=X Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AEM.TO vs. XAUUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Agnico Eagle Mines Limited (AEM.TO) and Gold Spot Price US Dollar (XAUUSD=X). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AEM.TO	XAUUSD=X	Difference
Sharpe ratio Return per unit of total volatility	1.02	1.25	-0.23
Sortino ratio Return per unit of downside risk	1.47	1.66	-0.20
Omega ratio Gain probability vs. loss probability	1.20	1.25	-0.06
Calmar ratio Return relative to maximum drawdown	1.40	1.44	-0.04
Martin ratio Return relative to average drawdown	3.45	3.73	-0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEM.TO vs. XAUUSD=X - Sharpe Ratio Comparison

The current AEM.TO Sharpe Ratio is 1.02, which is comparable to the XAUUSD=X Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of AEM.TO and XAUUSD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AEM.TO	XAUUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	1.25	-0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	1.27	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.92	-0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.67	-0.45

Drawdowns

AEM.TO vs. XAUUSD=X - Drawdown Comparison

The maximum AEM.TO drawdown since its inception was -84.38%, which is greater than XAUUSD=X's maximum drawdown of -33.12%. Use the drawdown chart below to compare losses from any high point for AEM.TO and XAUUSD=X.

Drawdown Indicators

	AEM.TO	XAUUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-84.38%	-33.12%	-51.26%
Max Drawdown (1Y) Largest decline over 1 year	-30.87%	-18.76%	-12.11%
Max Drawdown (3Y) Largest decline over 3 years	-30.87%	-18.76%	-12.11%
Max Drawdown (5Y) Largest decline over 5 years	-42.10%	-18.76%	-23.34%
Max Drawdown (10Y) Largest decline over 10 years	-54.60%	-22.45%	-32.15%
Current Drawdown Current decline from peak	-30.76%	-15.85%	-14.91%
Average Drawdown Average peak-to-trough decline	-34.18%	-10.81%	-23.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.50%	7.99%	+4.51%

Volatility

AEM.TO vs. XAUUSD=X - Volatility Comparison

Agnico Eagle Mines Limited (AEM.TO) has a higher volatility of 14.32% compared to Gold Spot Price US Dollar (XAUUSD=X) at 4.45%. This indicates that AEM.TO's price experiences larger fluctuations and is considered to be riskier than XAUUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEM.TO	XAUUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	4.45%	+9.87%
Volatility (6M) Calculated over the trailing 6-month period	34.04%	20.03%	+14.01%
Volatility (1Y) Calculated over the trailing 1-year period	42.46%	21.63%	+20.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.87%	15.50%	+19.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.86%	14.56%	+21.30%

Frequently Asked Questions

Can I hold both AEM.TO and XAUUSD=X in my portfolio?

AEM.TO and XAUUSD=X have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.