GGN vs GLD: Correlation
How closely do GAMCO Global Gold, Natural Resources & Income Trust (GGN) and SPDR Gold Shares (GLD) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGN and GLD?
Across a 3-year window, the weekly returns of GGN and GLD correlate at 0.75, strong. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Stretching to 5 years gives 0.71, with an annualized covariance of 259.0 %².
Within GGN's tracked universe of 17 assets, GLD comes in at #7 by 3-year correlation. The trailing year gives GLD the advantage: +28.6% versus +35.1%, a 6.5-point spread.
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.
GGN vs GLD: side by side
| GGN (GAMCO Global Gold, Natural Resources & Income Trust) | GLD (SPDR Gold Shares) | |
|---|---|---|
| 1-year return | +28.6% | +35.1% |
| 5-year return | +128.2% | +149.5% |
| Volatility (ann.) | 18.5% | 18.7% |
| Beta vs S&P 500 | 0.36 | 0.18 |
| Max drawdown (3Y) | -16.9% | -26.4% |
| Market cap | – | – |
| P/E (trailing) | 2.8 | – |
| Dividend yield | 6.36% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | GGN | GLD |
|---|---|---|
| 2022 | +6.8% | -0.8% |
| 2023 | +14.1% | +12.7% |
| 2024 | +9.6% | +26.7% |
| 2025 | +48.2% | +63.7% |
| 2026 | +15.4% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGN and GLD good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GGN and GLD?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.80 over the last year and 0.71 over 5 years.
Is GLD a good diversifier for GGN?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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/ggn-vs-gld.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ggn-vs-gld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GGN correlations · GLD correlations
