CMCL vs GGN: Correlation
Caledonia Mining Corporation Plc (CMCL) and GAMCO Global Gold, Natural Resources & Income Trust (GGN) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCL and GGN?
Over the past 3 years, CMCL and GGN moved with a correlation of 0.69, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.79 versus 0.69 over 3 years. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 670.4 %².
Among the 13 assets we track against CMCL, GGN ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GGN ahead by 23.2 points (+5.4% versus +28.6%). One caveat on sizing: CMCL is 2.8 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.
CMCL vs GGN: side by side
| CMCL (Caledonia Mining Corporation Plc) | GGN (GAMCO Global Gold, Natural Resources & Income Trust) | |
|---|---|---|
| 1-year return | +5.4% | +28.6% |
| 5-year return | +156.5% | +128.2% |
| Volatility (ann.) | 52.7% | 18.5% |
| Beta vs S&P 500 | 1.10 | 0.36 |
| Max drawdown (3Y) | -55.2% | -16.9% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.3 | 2.8 |
| Dividend yield | 2.25% | 6.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMCL | GGN |
|---|---|---|
| 2022 | +11.4% | +6.8% |
| 2023 | +2.6% | +14.1% |
| 2024 | -18.9% | +9.6% |
| 2025 | +183.7% | +48.2% |
| 2026 | -1.4% | +15.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and GGN good diversifiers for each other?
To a limited degree. At 0.69 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 CMCL and GGN?
The CMCL/GGN correlation stands at 0.69 on a 3-year window (1 year: 0.79, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is GGN a good diversifier for CMCL?
To a limited degree. At 0.69 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 0.69 mean?
On the −1 to +1 scale, 0.69 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmcl-vs-ggn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cmcl-vs-ggn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMCL correlations · GGN correlations
