GLD vs KGC: Correlation
Measured on weekly returns over the past three years, SPDR Gold Shares (GLD) and Kinross Gold Corporation (KGC) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLD and KGC?
On 3 years of weekly data the GLD/KGC correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. The 5-year figure is 0.76, and annualized covariance runs at 676.0 %².
Among the 30 assets we track against GLD, KGC ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KGC outperformed by 26.4 percentage points (+35.1% for GLD against +61.5% for KGC). One caveat on sizing: KGC is 2.5 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.
GLD vs KGC: side by side
| GLD (SPDR Gold Shares) | KGC (Kinross Gold Corporation) | |
|---|---|---|
| 1-year return | +35.1% | +61.5% |
| 5-year return | +149.5% | +495.9% |
| Volatility (ann.) | 18.7% | 47.3% |
| Beta vs S&P 500 | 0.18 | 0.97 |
| Max drawdown (3Y) | -26.4% | -40.7% |
| Market cap | – | $38.6B |
| P/E (trailing) | – | 12.3 |
| Dividend yield | – | 0.48% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GLD | KGC |
|---|---|---|
| 2022 | -0.8% | -27.6% |
| 2023 | +12.7% | +51.8% |
| 2024 | +26.7% | +55.6% |
| 2025 | +63.7% | +205.7% |
| 2026 | +6.6% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLD and KGC good diversifiers for each other?
Only partially. A correlation of 0.76 means GLD and KGC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GLD and KGC?
As of 2026-08-27, the correlation of weekly returns between GLD and KGC is 0.76 over 3 years, 0.83 over 1 year and 0.76 over 5 years.
Is KGC a good diversifier for GLD?
Only partially. A correlation of 0.76 means GLD and KGC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 mean?
A reading of 0.76 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gld-vs-kgc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gld-vs-kgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GLD correlations · KGC correlations
