EQNR vs GLDG: Correlation
Measured on weekly returns over the past three years, Equinor ASA (EQNR) and GoldMining Inc. (GLDG) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQNR and GLDG?
Across a 3-year window, the weekly returns of EQNR and GLDG correlate at -0.26, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.47) than the 3-year average (-0.26). Stretching to 5 years gives -0.02, with an annualized covariance of -445.3 %².
Among the 79 assets we track against EQNR, GLDG ranks #54 by 3-year correlation. The last year tells two different stories: EQNR led by 54.6 percentage points, +77.2% for EQNR against +22.6% for GLDG. Risk is not evenly split, since GLDG carries 1.6 times the volatility of the other side.
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.
EQNR vs GLDG: side by side
| EQNR (Equinor ASA) | GLDG (GoldMining Inc.) | |
|---|---|---|
| 1-year return | +77.2% | +22.6% |
| 5-year return | +180.6% | -8.1% |
| Volatility (ann.) | 33.2% | 52.0% |
| Beta vs S&P 500 | -0.25 | 0.47 |
| Max drawdown (3Y) | -27.6% | -61.7% |
| Market cap | $98.6B | $0.2B |
| P/E (trailing) | 11.2 | – |
| Dividend yield | 3.73% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQNR | GLDG |
|---|---|---|
| 2022 | +42.8% | -5.8% |
| 2023 | -0.8% | -14.2% |
| 2024 | -16.0% | -16.5% |
| 2025 | +6.1% | +54.3% |
| 2026 | +81.8% | -8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQNR and GLDG good diversifiers for each other?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQNR and GLDG?
As of 2026-08-27, the correlation of weekly returns between EQNR and GLDG is -0.26 over 3 years, -0.47 over 1 year and -0.02 over 5 years.
Is GLDG a good diversifier for EQNR?
By historical standards, yes. A correlation of -0.26 means the two rarely move for the same reasons.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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/eqnr-vs-gldg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqnr-vs-gldg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQNR correlations · GLDG correlations
