CGAU vs GLD: Correlation
Measured on weekly returns over the past three years, Centerra Gold Inc. (CGAU) and SPDR Gold Shares (GLD) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGAU and GLD?
Across a 3-year window, the weekly returns of CGAU and GLD correlate at 0.75, strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 636.7 %².
Among the 20 assets we track against CGAU, GLD ranks #7 by 3-year correlation. The last year tells two different stories: CGAU led by 178.3 percentage points, +213.4% for CGAU against +35.1% for GLD. One caveat on sizing: CGAU is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CGAU vs GLD: side by side
| CGAU (Centerra Gold Inc.) | GLD (SPDR Gold Shares) | |
|---|---|---|
| 1-year return | +213.4% | +35.1% |
| 5-year return | +269.1% | +149.5% |
| Volatility (ann.) | 45.7% | 18.7% |
| Beta vs S&P 500 | 1.13 | 0.18 |
| Max drawdown (3Y) | -29.5% | -26.4% |
| Market cap | $4.7B | – |
| P/E (trailing) | 7.6 | – |
| Dividend yield | 0.84% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CGAU | GLD |
|---|---|---|
| 2022 | -30.2% | -0.8% |
| 2023 | +19.4% | +12.7% |
| 2024 | -1.4% | +26.7% |
| 2025 | +156.7% | +63.7% |
| 2026 | +70.1% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGAU and GLD good diversifiers for each other?
To a limited degree. At 0.75 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 CGAU and GLD?
As of 2026-08-27, the correlation of weekly returns between CGAU and GLD is 0.75 over 3 years, 0.82 over 1 year and 0.69 over 5 years.
Is GLD a good diversifier for CGAU?
To a limited degree. At 0.75 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 0.75 mean?
A reading of 0.75 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/cgau-vs-gld.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cgau-vs-gld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGAU correlations · GLD correlations
