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Relative Intelligence · Gold Mining

How Agnico Eagle Mines (AEM) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AEM alone. It places AEM (Agnico Eagle Mines Limited) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where AEM stands in the market, and of the alternatives worth a closer look.

Period covered: AEM's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against AEM →Chart AEM vs. 21 alternatives →
On this page12 sections

Key findings

How much would $10,000 in AEM have grown?

This chart tracks a hypothetical $10,000 investment in AEM over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AEM over the same span and AEM's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 249 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of AEM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000$1M199720022007201220172022$1,000$10,000$100,000$1M19972004201120182025
  • ESLT$2M+16,428% total · +19.3% a year
  • CW$708,111+6,981% total · +15.8% a year
  • LLY$396,376+3,864% total · +13.5% a year
  • RGLD$370,307+3,603% total · +13.3% a year
  • MOG-A$350,288+3,403% total · +13.0% a year
  • AEM$246,326+2,363% total · +11.7% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • GFI$104,383+944% total · +8.4% a year
  • HMY$57,466+475% total · +6.2% a year
  • KGC$17,226+72.3% total · +1.9% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 205 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AEM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • IAG$81,461+715% total · +52.1% a year
  • HWM$73,554+636% total · +49.0% a year
  • AU$67,300+573% total · +46.4% a year
  • HMY$60,283+503% total · +43.2% a year
  • MOG-A$52,115+421% total · +39.1% a year
  • ESLT$49,131+391% total · +37.5% a year
  • KGC$48,945+389% total · +37.4% a year
  • CW$43,818+338% total · +34.4% a year
  • AEM$39,659+297% total · +31.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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AEM at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$94B
Industry
Gold
Price history from
October 1986

Returns

Past 1 year
+5.3%total return
Past 3 years
+293%+57.9% a year
Past 5 years
+264%+29.5% a year
Past 10 years
+352%+16.3% a year
Best calendar year
+120%2025
Worst calendar year
−61.3%1997
Losing years
10 of 29full calendar years

Risk

Volatility
38.4%typical yearly swing, 5 years
Sharpe ratio
0.87return per unit of risk, 5 years
Worst decline ever
−90.5%Apr 1987 to Aug 1998
From its all-time high
−25.8%below the peak

AEM against the whole market

Where AEM ranks among every stock and fund, and what across the market has done better.

How does AEM rank among all stocks?

This section ranks AEM on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how AEM stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureAEMRankStanding
1-year return+5.3%1,769 of 3,287bottom 47%
3-year return+293%232 of 3,017top 8%
5-year return+264%206 of 2,893top 7%
10-year return+352%478 of 2,202top 22%
Volatility, 5 years38.4%1,361 of 2,893top 47%
Sharpe ratio, 5 years0.87207 of 2,893top 7%
Worst decline, past 10 years−54.2%628 of 2,187top 29%

What has beaten AEM on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). AEM sits where the dashed lines cross. Anything in the green box above and to the left earned more than AEM with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to AEM; faint dots are 28 more of the 39 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AEMSMFG: +33.7% a year, volatility 29.4%NHC: +32.0% a year, volatility 28.5%MUFG: +33.2% a year, volatility 29.4%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%IBKR: +35.4% a year, volatility 35.4%PSX: +33.2% a year, volatility 32.9%TRGP: +41.8% a year, volatility 31.7%IMO: +34.3% a year, volatility 32.0%MFG: +33.6% a year, volatility 30.6%CIB: +32.9% a year, volatility 32.9%MLI: +38.9% a year, volatility 33.4%EME: +43.0% a year, volatility 35.3%EZPW: +33.2% a year, volatility 35.4%NRP: +37.4% a year, volatility 33.9%NWPX: +32.5% a year, volatility 36.2%USLM: +35.6% a year, volatility 36.1%HSBC: +33.1% a year, volatility 25.9%SU: +33.1% a year, volatility 32.5%BAP: +30.8% a year, volatility 30.3%UNM: +30.6% a year, volatility 29.3%LAUR: +37.5% a year, volatility 32.8%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%WT: +31.4% a year, volatility 32.8%BLX: +31.4% a year, volatility 25.9%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%AEM: +29.5% a year, volatility 38.4%SPY (S&P 500): +12.7% a year, volatility 17.1%IAG: +43.9% a year, volatility 60.9%MOG-A: +36.6% a year, volatility 32.0%ESLT: +39.8% a year, volatility 34.6%CW: +30.8% a year, volatility 28.7%HWM: +47.3% a year, volatility 32.5%ATI: +61.8% a year, volatility 42.9%GE: +36.0% a year, volatility 31.0%LLY: +40.7% a year, volatility 32.8%CAT: +31.1% a year, volatility 31.9%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%PWR: +39.3% a year, volatility 37.2%SMH: +33.4% a year, volatility 36.9%CASY: +29.9% a year, volatility 29.3%EPU: +29.5% a year, volatility 24.9%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%AEMSPY (S&P 500)IAGMOG-AESLTCWHWMATIGELLYCATMCKAPHSMHCASYEPUMPCCAH10.0%20.0%30.0%40.0%50.0%60.0%70.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AEMSMFG: +33.7% a year, volatility 29.4%NHC: +32.0% a year, volatility 28.5%MUFG: +33.2% a year, volatility 29.4%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%IBKR: +35.4% a year, volatility 35.4%PSX: +33.2% a year, volatility 32.9%TRGP: +41.8% a year, volatility 31.7%IMO: +34.3% a year, volatility 32.0%MFG: +33.6% a year, volatility 30.6%CIB: +32.9% a year, volatility 32.9%MLI: +38.9% a year, volatility 33.4%EME: +43.0% a year, volatility 35.3%EZPW: +33.2% a year, volatility 35.4%NRP: +37.4% a year, volatility 33.9%NWPX: +32.5% a year, volatility 36.2%USLM: +35.6% a year, volatility 36.1%HSBC: +33.1% a year, volatility 25.9%SU: +33.1% a year, volatility 32.5%BAP: +30.8% a year, volatility 30.3%UNM: +30.6% a year, volatility 29.3%LAUR: +37.5% a year, volatility 32.8%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%WT: +31.4% a year, volatility 32.8%BLX: +31.4% a year, volatility 25.9%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%AEM: +29.5% a year, volatility 38.4%SPY (S&P 500): +12.7% a year, volatility 17.1%IAG: +43.9% a year, volatility 60.9%MOG-A: +36.6% a year, volatility 32.0%ESLT: +39.8% a year, volatility 34.6%CW: +30.8% a year, volatility 28.7%HWM: +47.3% a year, volatility 32.5%ATI: +61.8% a year, volatility 42.9%GE: +36.0% a year, volatility 31.0%LLY: +40.7% a year, volatility 32.8%CAT: +31.1% a year, volatility 31.9%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%PWR: +39.3% a year, volatility 37.2%SMH: +33.4% a year, volatility 36.9%CASY: +29.9% a year, volatility 29.3%EPU: +29.5% a year, volatility 24.9%MPC: +51.2% a year, volatility 33.4%CAH: +42.1% a year, volatility 24.7%AEMSPY (S&P 500)IAGMOG-AESLTCWHWMATIGELLYMCKAPHSMHCASYMPCCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than AEM?

Investments that beat AEM over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat AEM over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks AEM's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than AEM follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than AEM's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× AEM's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than AEM's.

Screen the whole market against AEM for any period in BetterThanSPYOpen these 16 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with AEM?lower diversifies moreExpenseper year
AEMAgnico Eagle Mines Limited · this page
+29.5%38.4%0.87−54.2%+352%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.250.09%
Popular alternativesbest 1 shownThe investments people most often weigh against AEM. 1 of 21 passed at least one test.
IAGIamgold Corporation · Gold Mining
Higher return in most periods+43.9%60.9%0.90−86.4%+343%0.78—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Gold Mining and Metals & Mining and the categories next to it (Gold, Silver, Aerospace & Defense), plus AEM's specific themes. 11 of 73 passed at least one test.
MOG-AMoog Inc. · Aerospace & Defense
Higher return, lower volatilityHigher return in most periods+36.6%32.0%1.14−63.7%+595%0.18—
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst decline+39.8%34.6%1.15−35.4%+765%0.11—
CWCurtiss-Wright Corporation · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst decline+30.8%28.7%1.08−48.7%+512%0.07—
HWMHowmet Aerospace Inc. · Aerospace & Defense
On the frontierHigher return, lower volatility+47.3%32.5%1.36−68.9%+1,028%0.26—
ATIATI Inc. · Metals & Mining
On the frontierHigher return in most periods+61.8%42.9%1.34−82.4%+929%0.22—
GEGE Aerospace · Aerospace & Defense
Higher return, lower volatility+36.0%31.0%1.15−80.9%+139%0.24—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 101 of 3,539 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+40.7%32.8%1.21−34.5%+1,807%0.08—
CATCaterpillar Inc. · Industrial Machinery
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.1%31.9%1.01−43.4%+936%0.16—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.28—
APHAmphenol Corporation · Electronic Components
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.8%32.2%1.07−37.5%+965%0.11—
PWRQuanta Services, Inc. · Engineering & Construction
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+39.3%37.2%1.08−45.5%+2,045%0.15—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.4%36.9%0.97−45.3%+1,665%0.050.35%
CASYCasey's General Stores, Inc. · Convenience Stores
Similar return, lower volatilityHigher Sharpe, smaller worst decline+29.9%29.3%1.04−36.1%+537%0.16—
EPUiShares MSCI Peru and Global Exposure ETF · International
Similar return, lower volatility+29.5%24.9%1.17−51.0%+275%0.570.59%
What these numbers mean for AEM
Annual return
AEM returned 29.5% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $36,400. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
AEM's volatility over the past 5 years was 38.4%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AEM's return lands within 38.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
AEM's Sharpe ratio over the past 5 years was 0.87, against 0.79 for the S&P 500, so AEM earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
AEM's worst fall from a peak to a low over the past 10 years was 54.2%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 54.2% fall takes a 118% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, AEM's monthly returns had a correlation of 0.25 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AEM instead: the lower it is, the more that option would diversify a AEM holding. Guide: Correlation and diversification →
Show all 39 stocks and funds worth at least $500 million that earned more than AEM with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with AEMExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.08—
2
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.16—
3
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.28—
4
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.11—
5
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.13—
6
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.17—
7
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.19—
8
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.14—
9
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.15—
10
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+332%0.30—
11
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.24—
12
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.09—
13
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%0.13—
14
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.35—
15
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%0.31—
16
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.19—
17
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.22—
18
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.01—
19
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%-0.04—
20
MOG-AMoog Inc. · Aerospace & Defense
Same or nearby category+36.6%32.0%1.14−63.7%+595%0.18—
21
EZPWEZCORP, Inc. · Financial - Credit Services
Whole market+33.2%35.4%0.99−76.6%+202%0.29—
22
NRPNatural Resource Partners L.P. · Coal
Whole market+37.4%33.9%1.11−78.8%+632%0.17—
23
ESLTElbit Systems Ltd. · Aerospace & Defense
Same or nearby category+39.8%34.6%1.15−35.4%+765%0.11—
24
CWCurtiss-Wright Corporation · Aerospace & Defense
Same or nearby category+30.8%28.7%1.08−48.7%+512%0.07—
25
NWPXNWPX Infrastructure, Inc. · Construction Materials
Whole market+32.5%36.2%0.96−46.5%+682%-0.02—
26
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Whole market+35.6%36.1%1.03−45.9%+803%0.12—
27
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.18—
28
HWMHowmet Aerospace Inc. · Aerospace & Defense
Same or nearby category+47.3%32.5%1.36−68.9%+1,028%0.26—
29
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+295%0.13—
30
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.09—
31
GEGE Aerospace · Aerospace & Defense
Same or nearby category+36.0%31.0%1.15−80.9%+139%0.24—
32
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%0.02—
33
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%—0.06—
34
AROCArchrock, Inc. · Oilfield Services
Whole market+33.1%36.4%0.97−84.9%+288%0.11—
35
CAAPCorporacion America Airports S.A. · Infrastructure
Whole market+35.1%35.9%1.02−89.9%—0.20—
36
WTWisdomTree, Inc. · Asset Management
Whole market+31.4%32.8%1.00−84.0%+174%0.34—
37
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%0.09—
38
ESQEsquire Financial Holdings, Inc. · Banks - Regional
Whole market+31.7%31.7%1.03−56.5%—-0.15—
39
IGICInternational General Insurance Holdings Ltd. · Insurance - Diversified
Whole market+30.8%30.9%1.03−50.6%—0.14—

AEM against its popular alternatives

The investments people most often weigh against AEM, compared period by period and year by year.

How do AEM's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at AEM, which divides the map into what did better or worse on each measure.

Green points earned more than AEM with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAEM: 29.5% a year, volatility 38.4%SPY (S&P 500): 12.7% a year, volatility 17.1%GOLD: 6.3% a year, volatility 48.0%CDE: 18.3% a year, volatility 69.4%NEM: 18.6% a year, volatility 39.1%BTG: 8.3% a year, volatility 46.3%SSRM: 15.2% a year, volatility 57.5%PAAS: 13.6% a year, volatility 48.9%SIL: 16.8% a year, volatility 40.9%SA: 7.5% a year, volatility 53.5%NG: −3.3% a year, volatility 61.9%EQX: 7.3% a year, volatility 58.2%AU: 40.4% a year, volatility 49.9%KGC: 32.7% a year, volatility 45.6%IAG: 43.9% a year, volatility 60.9%HMY: 36.0% a year, volatility 59.3%GFI: 35.5% a year, volatility 53.4%WPM: 27.5% a year, volatility 36.9%AGI: 32.6% a year, volatility 42.4%FNV: 12.5% a year, volatility 31.3%RGLD: 20.6% a year, volatility 32.4%EGO: 30.0% a year, volatility 47.7%GLD: 17.7% a year, volatility 18.9%AEMSPY (S&P 500)GOLDCDENEMBTGSSRMPAASSANGEQXAUKGCIAGHMYGFIWPMAGIFNVRGLDEGOGLD0.0%20.0%40.0%60.0%80.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAEM: 29.5% a year, volatility 38.4%SPY (S&P 500): 12.7% a year, volatility 17.1%GOLD: 6.3% a year, volatility 48.0%CDE: 18.3% a year, volatility 69.4%NEM: 18.6% a year, volatility 39.1%BTG: 8.3% a year, volatility 46.3%SSRM: 15.2% a year, volatility 57.5%PAAS: 13.6% a year, volatility 48.9%SIL: 16.8% a year, volatility 40.9%SA: 7.5% a year, volatility 53.5%NG: −3.3% a year, volatility 61.9%EQX: 7.3% a year, volatility 58.2%AU: 40.4% a year, volatility 49.9%KGC: 32.7% a year, volatility 45.6%IAG: 43.9% a year, volatility 60.9%HMY: 36.0% a year, volatility 59.3%GFI: 35.5% a year, volatility 53.4%WPM: 27.5% a year, volatility 36.9%AGI: 32.6% a year, volatility 42.4%FNV: 12.5% a year, volatility 31.3%RGLD: 20.6% a year, volatility 32.4%EGO: 30.0% a year, volatility 47.7%GLD: 17.7% a year, volatility 18.9%AEMSPY (S&P 500)GOLDCDENEMBTGSSRMPAASSILNGEQXAUKGCIAGHMYGFIWPMAGIRGLDEGOGLD
All figures
InvestmentAnnual returnVolatility
IAG Iamgold Corporation+43.9%60.9%
AU AngloGold Ashanti Plc+40.4%49.9%
HMY Harmony Gold Mining Company Limited+36.0%59.3%
GFI Gold Fields Limited+35.5%53.4%
KGC Kinross Gold Corporation+32.7%45.6%
AGI Alamos Gold Inc.+32.6%42.4%
EGO Eldorado Gold Corporation+30.0%47.7%
AEM This pageAgnico Eagle Mines Limited+29.5%38.4%
WPM Wheaton Precious Metals Corp.+27.5%36.9%
RGLD Royal Gold, Inc.+20.6%32.4%
NEM Newmont Corporation+18.6%39.1%
CDE Coeur Mining, Inc.+18.3%69.4%
GLD SPDR Gold Shares+17.7%18.9%
SIL Global X - Silver Miners ETF+16.8%40.9%
SSRM SSR Mining Inc.+15.2%57.5%
PAAS Pan American Silver Corp.+13.6%48.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
FNV Franco-Nevada Corporation+12.5%31.3%
BTG B2Gold Corp.+8.3%46.3%
SA Seabridge Gold Inc.+7.5%53.5%
EQX Equinox Gold Corp.+7.3%58.2%
GOLD Gold.com, Inc.+6.3%48.0%
NG NovaGold Resources Inc.−3.3%61.9%
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Has AEM consistently beaten its popular alternatives?

This section compares AEM with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than AEM helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than AEM over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
AEM Agnico Eagle Mines Limited (this page)—−5.7%+36.9%−13.5%+10.0%+5.3%+293%+264%+352%38.4%0.87−54.2%—$94B—
AU GoldAngloGold Ashanti Plc1/5 short3/3 long−10.9%+22.1%−13.1%+9.9%+26.2%+416%+445%+681%49.9%0.93−66.3%—$46B—
KGC GoldKinross Gold Corporation0/5 short3/3 long−14.9%+5.1%−31.7%−16.1%−8.3%+356%+311%+572%45.6%0.85−67.9%—$28B—
IAG GoldIamgold Corporation2/5 short2/3 long−11.8%+27.2%−4.1%+9.5%+29.9%+637%+517%+343%60.9%0.90−86.4%—$10B—
HMY GoldHarmony Gold Mining Company Limited1/5 short2/3 long−9.6%+19.9%−4.4%−10.4%−13.2%+265%+366%+504%59.3%0.82−71.1%—$11B—
GFI GoldGold Fields Limited0/5 short2/3 long−13.7%+18.6%−24.0%−12.6%−13.0%+187%+356%+1,008%53.4%0.84−56.2%—$32B—
WPM GoldWheaton Precious Metals Corp.3/5 short1/3 long−11.1%+27.0%−11.8%+11.8%+25.2%+212%+236%+510%36.9%0.85−46.7%—$60B—
GOLD Financial - Capital MarketsGold.com, Inc.2/5 short1/3 long−12.8%+4.3%−19.0%+13.6%+39.4%+45.4%+35.5%+603%48.0%0.37−62.6%—$1.1B—
AGI GoldAlamos Gold Inc.0/5 short1/3 long−9.6%+13.1%−34.8%−16.9%−9.3%+154%+310%+294%42.4%0.88−66.1%—$13B—
CDE GoldCoeur Mining, Inc.0/5 short1/3 long−22.5%+6.9%−23.4%−13.7%−31.3%+480%+131%+33.9%69.4%0.59−83.3%—$16B—
NEM GoldNewmont Corporation4/5 short0/3 long−5.1%+31.2%+2.2%+16.1%+24.3%+219%+135%+304%39.1%0.63−62.4%—$123B—
BTG GoldB2Gold Corp.4/5 short0/3 long−3.0%+42.9%+6.1%+16.9%−7.3%+72.8%+49.0%+139%46.3%0.40−63.2%—$6.9B—
FNV GoldFranco-Nevada Corporation3/5 short0/3 long−7.9%+20.7%−6.2%+16.2%+18.4%+78.8%+79.9%+303%31.3%0.53−37.1%—$47B—
RGLD GoldRoyal Gold, Inc.3/5 short0/3 long−4.3%+27.7%−9.4%+8.7%+24.0%+124%+155%+282%32.4%0.74−49.5%—$20B—
SSRM GoldSSR Mining Inc.3/5 short0/3 long−14.6%+24.9%−1.9%+45.4%+28.2%+123%+103%+191%57.5%0.56−83.1%—$6.4B—
EGO GoldEldorado Gold Corporation2/5 short0/3 long−17.0%+27.0%+5.2%−0.1%+23.1%+247%+271%+89.1%47.7%0.79−86.2%—$9.2B—
PAAS GoldPan American Silver Corp.1/5 short0/3 long−9.1%+5.3%−24.0%−12.4%+13.9%+205%+89.0%+202%48.9%0.51−66.7%—$18B—
SIL MaterialsGlobal X - Silver Miners ETF1/5 short0/3 long−13.2%+14.0%−18.0%−1.8%+9.3%+240%+118%+126%40.9%0.59−56.8%0.65%$4.1B—
GLD CommoditiesSPDR Gold Shares0/5 short0/3 long−5.2%+2.7%−14.6%−5.2%−6.3%+106%+126%+213%18.9%0.96−26.4%0.40%$143B—
SA GoldSeabridge Gold Inc.0/5 short0/3 long−16.5%+4.2%−21.8%−13.4%−2.9%+123%+43.5%+127%53.5%0.40−61.1%—$2.8B—
NG GoldNovaGold Resources Inc.0/5 short0/3 long−12.1%+23.9%−39.8%−29.7%−36.0%+69.4%−15.3%+41.3%61.9%0.25−81.2%—$2.8B—
EQX GoldEquinox Gold Corp.0/5 short0/3 long−9.0%+27.6%−27.9%−18.9%−9.0%+144%+42.2%—58.2%0.41−81.0%—$13B—
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How did AEM do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where AEM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with AEM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of AEM; gray means the two finished within a fraction of a point. The rank row places AEM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of AEM20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
AEM This pageAgnico Eagle Mines Limited—+120%+46.0%+9.0%+1.1%−22.8%+16.2%+54.2%−11.5%+10.5%+61.2%+6.8%−4.7%−48.3%+47.1%−52.1%+42.5%+5.6%−5.8%+32.9%+109%+43.9%+14.2%−18.6%+50.8%+65.0%−19.2%+82.3%−23.1%−61.3%
Rank among alternativesTop quarter in 11 of 2915 of 224 of 229 of 224 of 2216 of 2217 of 2212 of 2213 of 2111 of 2112 of 214 of 219 of 209 of 202 of 2020 of 207 of 1916 of 198 of 185 of 171 of 175 of 163 of 1410 of 1010 of 103 of 103 of 101 of 102 of 98 of 10
SPY S&P 500State Street SPDR S&P 500 ETF13 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
AU AngloGold Ashanti Plc9 of 28+288%+25.5%−2.7%−5.1%−4.9%+1.9%+78.8%+24.1%−2.2%+48.1%−18.4%−25.8%−62.4%−24.9%−13.1%+23.1%+45.6%−32.0%−8.0%−3.7%+38.0%−20.6%+41.9%+99.8%+28.1%−38.2%+39.8%—−37.9%
KGC Kinross Gold Corporation13 of 29+206%+55.5%+51.8%−27.6%−19.3%+55.9%+46.4%−25.0%+39.1%+71.2%−35.6%−35.6%−54.6%−13.3%−39.5%+3.6%+0.4%+0.5%+54.9%+28.9%+31.0%−12.0%+8.7%+223%+51.2%−73.3%−18.8%−32.7%−51.7%
IAG Iamgold Corporation7 of 22+220%+104%−1.9%−17.6%−14.7%−1.6%+1.4%−36.9%+51.4%+171%−47.4%−18.9%−70.1%−26.0%−9.8%+14.3%+157%−23.8%−7.3%+13.4%+18.6%−3.4%———————
HMY Harmony Gold Mining Company Limited12 of 29+145%+35.3%+82.8%−16.5%−10.3%+29.0%+102%−4.2%−12.6%+140%−50.9%−25.0%−71.5%−22.1%−6.6%+24.0%−6.8%+6.5%−34.6%+20.7%+40.8%−42.5%−1.1%+168%+43.3%−23.5%+36.1%+111%−71.4%
GFI Gold Fields Limited12 of 29+240%−6.2%+44.8%−2.7%+23.4%+42.9%+89.8%−16.9%+46.3%+9.7%−38.6%+42.8%−70.0%−15.2%−14.6%+40.1%+33.4%−28.3%−23.7%+8.4%+42.9%−9.8%+2.3%+198%+44.8%−22.5%+16.2%−39.2%−32.5%
WPM Wheaton Precious Metals Corp.11 of 20+111%+15.2%+27.9%−7.6%+4.2%+41.8%+54.7%−10.0%+16.1%+57.1%−38.2%+1.9%−43.0%+25.9%−25.4%+160%+131%−61.8%+61.9%+80.8%—————————
GOLD Gold.com, Inc.4 of 11+29.5%−7.4%−8.9%+18.4%+146%+241%−29.9%−18.9%−23.4%+5.0%+92.2%——————————————————
AGI Alamos Gold Inc.13 of 22+110%+37.8%+34.3%+32.9%−11.0%+46.6%+68.4%−44.5%−4.7%+109%−53.6%−39.9%−30.0%+4.5%−10.2%+60.1%+75.7%+23.4%−33.7%+50.7%+84.4%+44.8%———————
CDE Coeur Mining, Inc.11 of 29+212%+75.1%−3.0%−33.2%−51.3%+28.1%+80.9%−40.5%−17.5%+266%−51.4%−52.9%−55.9%+1.9%−11.7%+51.3%+105%−82.2%−0.2%+23.7%+1.8%−32.0%+201%+140%−14.6%−72.7%−25.7%−48.3%−40.4%
NEM Newmont Corporation10 of 29+173%−7.8%−8.8%−20.8%+7.4%+40.3%+30.5%−6.2%+10.9%+90.1%−4.4%−17.2%−48.5%−20.4%−0.6%+31.0%+17.3%−15.9%+9.1%−14.8%+21.4%−8.1%+68.2%+52.6%+12.7%−29.9%+35.0%−37.7%−34.1%
BTG B2Gold Corp.8 of 17+89.0%−18.1%−7.4%−5.2%−27.0%+42.5%+37.6%−5.8%+30.6%+133%−37.1%−19.6%−43.6%+16.2%+13.7%+131%+225%————————————
FNV Franco-Nevada Corporation10 of 18+77.8%+7.4%−17.9%−0.4%+11.3%+22.3%+48.9%−11.0%+35.5%+32.4%−5.3%+22.6%−27.6%+51.8%+15.3%+24.9%+56.8%+15.5%———————————
RGLD Royal Gold, Inc.13 of 29+70.4%+10.4%+8.7%+8.5%0.0%−12.1%+44.3%+5.5%+31.3%+76.7%−41.1%+37.8%−42.3%+21.6%+24.4%+16.7%−3.6%+62.9%−14.4%+4.3%+92.3%−12.2%−15.7%+384%+82.3%−19.1%0.0%−23.6%−64.5%
SSRM SSR Mining Inc.11 of 29+215%−35.4%−29.9%−10.0%−10.9%+4.4%+59.3%+37.6%−1.5%+72.2%+3.4%−28.0%−53.3%+7.8%−51.0%+29.0%+37.3%−56.4%+18.8%+100%+26.9%+8.3%+109%+102%+98.4%+1.6%+68.2%−84.4%+17.8%
EGO Eldorado Gold Corporation9 of 22+142%+14.6%+55.2%−10.7%−29.5%+65.2%+179%−59.8%−55.4%+8.4%−51.0%+7.1%−55.3%−5.0%−25.7%+31.4%+78.3%+37.0%+7.4%+10.2%+66.0%−8.1%———————
PAAS Pan American Silver Corp.13 of 29+160%+26.6%+2.6%−33.0%−26.8%+46.8%+63.9%−5.2%+3.7%+133%−27.2%−18.2%−35.1%−13.3%−46.9%+73.7%+39.5%−51.1%+38.8%+33.6%+17.8%+11.7%+82.5%+87.2%+59.2%−50.5%+6.3%−51.2%+67.3%
SIL Global X - Silver Miners ETF5 of 15+166%+14.6%+1.3%−22.9%−18.3%+40.3%+34.8%−22.4%+1.6%+79.4%−33.1%−17.3%−50.2%+8.3%−22.1%——————————————
GLD SPDR Gold Shares10 of 21+63.7%+26.7%+12.7%−0.8%−4.2%+24.8%+17.9%−1.9%+12.8%+8.0%−10.7%−2.2%−28.3%+6.6%+9.6%+29.3%+24.0%+4.9%+30.4%+22.6%+17.8%————————
SA Seabridge Gold Inc.11 of 21+159%−5.9%−3.6%−23.7%−21.7%+52.5%+4.5%+17.1%+38.6%−1.7%+9.8%+3.4%−59.4%+11.5%−47.5%+26.4%+85.5%−55.6%+109%+50.2%+159%————————
NG NovaGold Resources Inc.10 of 22+180%−11.0%−37.5%−12.8%−29.1%+7.9%+127%+0.5%−13.8%+8.3%+42.7%+16.1%−43.7%−46.8%−40.6%+133%+317%−82.0%−52.4%+88.6%+17.4%+55.6%———————
EQX Equinox Gold Corp.4 of 7+180%+2.7%+48.9%−51.4%−34.6%+34.2%+107%——————————————————————
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Risk and diversification

How AEM has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were AEM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents AEM's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means AEM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringAEM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−90.5%—Apr 1987Aug 199811.3 yearsMar 20067.6 years
2011 euro debt crisis−74.0%+88.5%Dec 2010Aug 20154.7 yearsJul 20204.9 years
2008 financial crisis−72.9%−34.2%Mar 2008Oct 20087 monthsNov 20102.1 years
2022 bear market−54.2%+11.3%Sep 2020Sep 20222 yearsAug 202423 months
No named crash−45.8%+8.7%Mar 2026Jul 20264 monthsNot yet—

How did AEM do in stock market crashes?

This section measures how far AEM, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than AEM.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
AEM This pageAgnico Eagle Mines Limited—0.0%−42.0%−31.6%−11.6%−6.4%−20.2%−18.9%−0.4%−72.9%−42.4%
SPY S&P 500State Street SPDR S&P 500 ETF4 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
AU AngloGold Ashanti Plc3 of 10−0.3%−51.7%−37.1%−10.7%−9.4%−36.9%−15.3%0.0%−71.5%−50.6%
KGC Kinross Gold Corporation2 of 10−1.2%−49.9%−41.7%−18.4%−5.2%−40.7%−21.8%−2.1%−71.4%−75.8%
IAG Iamgold Corporation0 of 9−1.4%−73.6%−48.4%−28.6%−6.1%−45.5%−19.2%−0.5%−74.8%—
HMY Harmony Gold Mining Company Limited2 of 100.0%−62.6%−54.3%−29.1%−1.9%−54.3%−22.1%−2.0%−61.3%−48.2%
GFI Gold Fields Limited1 of 100.0%−56.2%−46.8%−11.4%−9.8%−41.3%−14.3%−4.3%−73.7%−46.9%
WPM Wheaton Precious Metals Corp.1 of 90.0%−43.3%−28.7%−14.8%−10.0%−29.0%−28.8%0.0%−86.8%—
GOLD Gold.com, Inc.2 of 6−2.0%−43.6%−14.7%−20.9%−15.8%−19.6%————
AGI Alamos Gold Inc.2 of 9−0.7%−27.7%−44.2%−40.9%−9.4%−52.9%−29.8%−0.5%−62.2%—
CDE Coeur Mining, Inc.0 of 10−1.4%−51.7%−59.3%−34.4%−12.3%−56.0%−30.5%−1.9%−93.0%−83.2%
NEM Newmont Corporation4 of 10−1.0%−51.8%−24.5%−9.5%−6.0%−20.2%−12.0%−2.3%−61.5%−53.0%
BTG B2Gold Corp.2 of 8−0.7%−41.4%−43.4%−10.3%−8.6%−55.2%−21.1%0.0%——
FNV Franco-Nevada Corporation3 of 8−1.8%−33.3%−26.9%−7.8%−7.0%−20.8%−24.4%−0.9%——
RGLD Royal Gold, Inc.4 of 100.0%−40.7%−36.8%−9.8%−7.5%−54.7%−22.8%−2.4%−41.7%−39.3%
SSRM SSR Mining Inc.1 of 10−1.1%−46.2%−42.6%−10.8%−6.4%−50.3%−42.8%−0.7%−86.5%−54.2%
EGO Eldorado Gold Corporation1 of 9−1.2%−57.7%−52.8%−40.5%−7.3%−49.9%−24.4%0.0%−69.3%—
PAAS Pan American Silver Corp.1 of 100.0%−51.0%−53.5%−18.9%−5.8%−34.2%−24.4%−1.1%−78.1%−46.0%
SIL Global X - Silver Miners ETF0 of 8−0.2%−45.4%−43.8%−11.6%−6.7%−35.1%−29.0%−0.2%——
GLD SPDR Gold Shares7 of 90.0%−21.0%−12.5%−2.7%−1.5%−11.7%−15.4%−0.2%−29.4%—
SA Seabridge Gold Inc.0 of 9−0.2%−51.3%−54.2%−22.0%−7.0%−38.3%−31.7%−3.1%−81.8%—
NG NovaGold Resources Inc.1 of 9−1.5%−50.1%−38.3%−14.6%−3.2%−20.8%−44.8%−3.8%−97.9%—
EQX Equinox Gold Corp.0 of 40.0%−65.9%−43.0%−16.9%——————
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How closely does AEM move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares AEM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than AEM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
AEM This pageAgnico Eagle Mines Limited77%57%1.340.70
GOLD Gold.com, Inc.70%2%37.130.10
GLD SPDR Gold Shares40%3%12.410.14
SSRM SSR Mining Inc.39%5%7.650.46
GFI Gold Fields Limited102%46%2.220.69
AU AngloGold Ashanti Plc88%40%2.190.61
WPM Wheaton Precious Metals Corp.78%37%2.090.48
HMY Harmony Gold Mining Company Limited89%57%1.571.07
NEM Newmont Corporation68%45%1.520.39
FNV Franco-Nevada Corporation69%47%1.480.49
AGI Alamos Gold Inc.76%52%1.450.80
KGC Kinross Gold Corporation100%70%1.420.83
RGLD Royal Gold, Inc.69%54%1.280.56
BTG B2Gold Corp.63%61%1.020.78
IAG Iamgold Corporation120%131%0.911.17
PAAS Pan American Silver Corp.95%111%0.851.00
SA Seabridge Gold Inc.88%110%0.810.91
SIL Global X - Silver Miners ETF81%105%0.770.88
EGO Eldorado Gold Corporation82%115%0.711.06
CDE Coeur Mining, Inc.126%213%0.591.56
NG NovaGold Resources Inc.51%91%0.560.80
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What diversifies AEM?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with AEM's. Because such investments tend not to fall at the same time, pairing AEM with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which AEM lost money. The last two columns show a portfolio that is 80% AEM and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202120182014201320112008200320001998199780/20 mix volatility80/20 mix annual return
AEM Agnico Eagle Mines Limited (this page)1.00+264%0.87−22.8%−11.5%−4.7%−48.3%−52.1%−5.8%−18.6%−19.2%−23.1%−61.3%40.3%+31.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.46+119%1.48+17.8%−5.2%————————33.1%+29.8%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.26+225%1.34+18.0%−19.8%+8.1%+41.3%−16.1%−20.8%————33.0%+32.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.41+101%1.04+23.1%−8.7%+23.8%+16.6%——————33.6%+29.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.46+83.3%1.00+19.6%−3.0%+12.6%+23.8%——————33.7%+28.7%
SMH TechnologyVanEck Semiconductor ETF0.05+323%0.97+42.1%−9.1%+30.2%+33.4%+6.8%−44.7%+87.3%———33.3%+35.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.38+85.0%0.96+19.6%−9.5%+3.4%+26.4%——————33.2%+29.2%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.11+136%0.93+22.7%−0.9%————————33.0%+31.3%
XLE EnergyState Street Energy Select Sector SPDR ETF0.24+177%0.93+53.3%−18.2%−8.7%+26.3%+2.8%−39.0%+25.9%+24.4%——33.9%+31.6%

Stocks

InvestmentCorrelation5Y returnSharpe202120182014201320112008200320001998199780/20 mix volatility80/20 mix annual return
AEM Agnico Eagle Mines Limited (this page)1.00+264%0.87−22.8%−11.5%−4.7%−48.3%−52.1%−5.8%−18.6%−19.2%−23.1%−61.3%40.3%+31.7%
CAH Medical - DistributionCardinal Health, Inc.0.14+479%1.55−0.4%−24.5%+23.0%+66.0%+8.1%−39.6%+3.5%+108%+51.7%+29.1%33.4%+34.8%
CLS Hardware, Equipment & PartsCelestica Inc.-0.08+3,143%1.47+37.9%−16.3%+12.9%+27.6%−24.4%−20.5%+6.9%−2.3%——33.4%+50.2%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.02+1,636%1.46+89.0%+0.8%−10.4%+61.7%−17.0%−15.2%+63.6%−71.1%−9.5%—33.6%+45.1%
MCK Medical - DistributionMcKesson Corporation0.28+413%1.44+44.2%−28.4%+29.3%+67.7%+11.8%−40.4%+19.9%+61.2%+46.9%+96.3%34.0%+33.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.17+690%1.41+61.0%−8.2%+0.4%+48.6%——————34.0%+37.2%
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Common questions

What was AEM's worst drawdown?

AEM's deepest decline since it began trading in 1986 was 90.5%, from April 1987 to August 1998. It took about eight years from the low to climb back to its old high.

What were AEM's best and worst years?

Over 29 full calendar years, AEM's best year was 2025, when it returned 120%. Its worst was 1997, with a return of -61.3%.

Is there a better investment than AEM?

Among AEM's popular alternatives, IAG was ahead of AEM in most short and long periods, though with much bigger swings (60.9% volatility against 38.4%). Looking beyond its popular alternatives, MOG-A (aerospace & defense) and ESLT (aerospace & defense) earned more than AEM with less volatility over the past 5 years. MOG-A returned 36.6% a year at 32.0% volatility, against 29.5% a year at 38.4%.

Is AEM more volatile than the S&P 500?

Yes. AEM's volatility over the past 5 years was 38.4%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AEM's return lands within 38.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is AEM's Sharpe ratio?

AEM's Sharpe ratio over the past 5 years was 0.87, against 0.79 for the S&P 500, so AEM earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is AEM with the S&P 500?

Over the past 5 years, AEM's monthly returns had a correlation of 0.25 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AEM instead: the lower it is, the more that option would diversify a AEM holding.

What are the best alternatives to AEM?

None of the 21 popular alternatives we compared outperformed AEM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about AEM's strength than about its alternatives.

Did AEM outperform the S&P 500?

AEM finished ahead of the S&P 500 (SPY) in 16 of 29 full calendar years. In 2025, it returned +120%, against +17.7% for the index.

How did AEM do in stock market crashes?

AEM fell less than the S&P 500 (SPY) in five of the ten major crashes it has traded through, and further in four. The clearest case was the late-2018 sell-off, when AEM fell 11.6% and the S&P 500 fell 19.3%.

What diversifies AEM?

These had a low correlation with AEM over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.46), DXJ (correlation 0.26) and EMLP (correlation 0.41); among large stocks, CAH (correlation 0.14), CLS (correlation -0.08) and FIX (correlation 0.02). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to AEM

Other stocks and ETFs