GAU vs SPY: Correlation
Measured on weekly returns over the past three years, Galiano Gold Inc. (GAU) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAU and SPY?
Over the past 3 years, GAU and SPY moved with a correlation of 0.19, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.38 versus 0.19 over 3 years. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 194.4 %².
Out of 10 assets tracked against GAU, SPY lands near the bottom at #6. The trailing year gives SPY the advantage: +13.1% versus +20.6%, a 7.5-point spread. One caveat on sizing: GAU is 4.9 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.
GAU vs SPY: side by side
| GAU (Galiano Gold Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.1% | +20.6% |
| 5-year return | +183.5% | +82.4% |
| Volatility (ann.) | 70.6% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -51.8% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | GAU | SPY |
|---|---|---|
| 2022 | -25.7% | -18.2% |
| 2023 | +80.8% | +26.2% |
| 2024 | +30.9% | +24.9% |
| 2025 | +105.7% | +17.7% |
| 2026 | -4.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAU and SPY good diversifiers for each other?
Yes. With a correlation of 0.19, GAU and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GAU and SPY?
As of 2026-08-27, the correlation of weekly returns between GAU and SPY is 0.19 over 3 years, 0.38 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for GAU?
Yes. With a correlation of 0.19, GAU and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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.
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Related comparisons
Hubs: GAU correlations · SPY correlations
