ASA vs GLDG: Correlation
ASA Gold and Precious Metals Limited (ASA) and GoldMining Inc. (GLDG) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and GLDG?
Across a 3-year window, the weekly returns of ASA and GLDG correlate at 0.58, moderate. The past 12 months show a tighter link (0.72) than the 3-year average (0.58). Stretching to 5 years gives 0.59, with an annualized covariance of 1275.5 %².
Within ASA's tracked universe of 59 assets, GLDG comes in at #45 by 3-year correlation. The last year tells two different stories: ASA led by 54.4 percentage points, +77.0% for ASA against +22.6% for GLDG.
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 GLDG: side by side
| ASA (ASA Gold and Precious Metals Limited) | GLDG (GoldMining Inc.) | |
|---|---|---|
| 1-year return | +77.0% | +22.6% |
| 5-year return | +218.5% | -8.1% |
| Volatility (ann.) | 42.5% | 52.0% |
| Beta vs S&P 500 | 0.92 | 0.47 |
| Max drawdown (3Y) | -40.8% | -61.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | GLDG |
|---|---|---|
| 2022 | -32.1% | -5.8% |
| 2023 | +5.4% | -14.2% |
| 2024 | +34.5% | -16.5% |
| 2025 | +195.6% | +54.3% |
| 2026 | +9.5% | -8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and GLDG good diversifiers for each other?
To a limited degree. At 0.58 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 ASA and GLDG?
As of 2026-08-27, the correlation of weekly returns between ASA and GLDG is 0.58 over 3 years, 0.72 over 1 year and 0.59 over 5 years.
Is GLDG a good diversifier for ASA?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-gldg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/asa-vs-gldg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ASA correlations · GLDG correlations
