GDEV vs USGO: Correlation
GDEV Inc. (GDEV) and U.S. GoldMining Inc. (USGO) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDEV and USGO?
Over the past 3 years, GDEV and USGO moved with a correlation of 0.37, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.51 versus 0.37 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 2810.1 %².
USGO is one of the assets that tracks GDEV most closely: it ranks #1 out of the 11 assets we track against GDEV. Their recent paths diverged sharply: over the last 12 months USGO outperformed by 36.2 percentage points (-24.2% for GDEV against +12.0% for USGO).
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.
GDEV vs USGO: side by side
| GDEV (GDEV Inc.) | USGO (U.S. GoldMining Inc.) | |
|---|---|---|
| 1-year return | -24.2% | +12.0% |
| 5-year return | -84.9% | n/a |
| Volatility (ann.) | 87.8% | 85.5% |
| Beta vs S&P 500 | 1.24 | 1.08 |
| Max drawdown (3Y) | -77.9% | -53.7% |
| Market cap | $0.2B | $0.1B |
| P/E (trailing) | 2.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDEV | USGO |
|---|---|---|
| 2022 | -20.8% | – |
| 2023 | -65.4% | – |
| 2024 | -12.5% | +17.9% |
| 2025 | -6.3% | +2.4% |
| 2026 | -28.0% | +10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDEV and USGO good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GDEV and USGO?
As of 2026-08-27, the correlation of weekly returns between GDEV and USGO is 0.37 over 3 years, 0.51 over 1 year and n/a over 5 years.
Is USGO a good diversifier for GDEV?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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/gdev-vs-usgo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdev-vs-usgo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDEV correlations · USGO correlations
