GLD vs RGLD: Correlation
SPDR Gold Shares (GLD) and Royal Gold, Inc. (RGLD) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLD and RGLD?
Over the past 3 years, GLD and RGLD moved with a correlation of 0.75, which is strong. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 504.0 %².
Within GLD's tracked universe of 30 assets, RGLD comes in at #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RGLD ahead by 18.2 points (+35.1% versus +53.3%). Note the risk asymmetry: RGLD runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RGLD: side by side
| GLD (SPDR Gold Shares) | RGLD (Royal Gold, Inc.) | |
|---|---|---|
| 1-year return | +35.1% | +53.3% |
| 5-year return | +149.5% | +156.8% |
| Volatility (ann.) | 18.7% | 35.8% |
| Beta vs S&P 500 | 0.18 | 0.64 |
| Max drawdown (3Y) | -26.4% | -38.2% |
| Market cap | – | $22.8B |
| P/E (trailing) | – | 29.5 |
| Dividend yield | – | 0.36% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GLD | RGLD |
|---|---|---|
| 2022 | -0.8% | +8.5% |
| 2023 | +12.7% | +8.7% |
| 2024 | +26.7% | +10.4% |
| 2025 | +63.7% | +70.4% |
| 2026 | +6.6% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLD and RGLD 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 GLD and RGLD?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.82 over the last year and 0.74 over 5 years.
Is RGLD a good diversifier for GLD?
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/gld-vs-rgld.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gld-vs-rgld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLD correlations · RGLD correlations
