ASA vs GLD: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and SPDR Gold Shares (GLD) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and GLD?
Across a 3-year window, the weekly returns of ASA and GLD correlate at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.87 over 1 year against 0.82 over 3. Stretching to 5 years gives 0.82, with an annualized covariance of 650.5 %².
By 3-year correlation, GLD places #10 of the 59 assets tracked against ASA. Their recent paths diverged sharply: over the last 12 months ASA outperformed by 41.9 percentage points (+77.0% for ASA against +35.1% for GLD). Note the risk asymmetry: ASA runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ASA vs GLD: side by side
| ASA (ASA Gold and Precious Metals Limited) | GLD (SPDR Gold Shares) | |
|---|---|---|
| 1-year return | +77.0% | +35.1% |
| 5-year return | +218.5% | +149.5% |
| Volatility (ann.) | 42.5% | 18.7% |
| Beta vs S&P 500 | 0.92 | 0.18 |
| Max drawdown (3Y) | -40.8% | -26.4% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | ASA | GLD |
|---|---|---|
| 2022 | -32.1% | -0.8% |
| 2023 | +5.4% | +12.7% |
| 2024 | +34.5% | +26.7% |
| 2025 | +195.6% | +63.7% |
| 2026 | +9.5% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and GLD good diversifiers for each other?
No: a correlation of 0.82 means ASA and GLD tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ASA and GLD?
The ASA/GLD correlation stands at 0.82 on a 3-year window (1 year: 0.87, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is GLD a good diversifier for ASA?
No: a correlation of 0.82 means ASA and GLD tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 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
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-gld.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asa-vs-gld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASA correlations · GLD correlations
