EQX vs GLDG: Correlation
Equinox Gold Corp. (EQX) 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 EQX and GLDG?
On 3 years of weekly data the EQX/GLDG correlation comes out at 0.58, moderate. The link has tightened recently: the 1-year correlation (0.76) runs above the 3-year figure (0.58). The 5-year figure is 0.59, and annualized covariance runs at 1706.6 %².
Among the 16 assets we track against EQX, GLDG ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EQX ahead by 42.1 points (+64.7% versus +22.6%).
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.
EQX vs GLDG: side by side
| EQX (Equinox Gold Corp.) | GLDG (GoldMining Inc.) | |
|---|---|---|
| 1-year return | +64.7% | +22.6% |
| 5-year return | +98.0% | -8.1% |
| Volatility (ann.) | 56.6% | 52.0% |
| Beta vs S&P 500 | 1.19 | 0.47 |
| Max drawdown (3Y) | -54.0% | -61.7% |
| Market cap | $15.7B | $0.2B |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQX | GLDG |
|---|---|---|
| 2022 | -51.5% | -5.8% |
| 2023 | +49.1% | -14.2% |
| 2024 | +2.7% | -16.5% |
| 2025 | +179.7% | +54.3% |
| 2026 | -3.8% | -8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQX and GLDG good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EQX and GLDG?
The EQX/GLDG correlation stands at 0.58 on a 3-year window (1 year: 0.76, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is GLDG a good diversifier for EQX?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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/eqx-vs-gldg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqx-vs-gldg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: EQX correlations · GLDG correlations
