GLD vs TLYS: Correlation
How closely do SPDR Gold Shares (GLD) and Tilly's, Inc. (TLYS) trade together? Their weekly returns over three years give a correlation of -0.21, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLD and TLYS?
Over the past 3 years, GLD and TLYS moved with a correlation of -0.21, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.29) sits close to the 3-year figure. Over 5 years the correlation is -0.18, and the annualized covariance of weekly returns is -375.3 %².
TLYS is close to the least connected end of GLD's tracked universe, ranking #27 of 30. Correlation aside, the last 12 months split them widely, with TLYS ahead by 70.2 points (+35.1% versus +105.3%). Note the risk asymmetry: TLYS runs 5.2 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 TLYS: side by side
| GLD (SPDR Gold Shares) | TLYS (Tilly's, Inc.) | |
|---|---|---|
| 1-year return | +35.1% | +105.3% |
| 5-year return | +149.5% | -74.2% |
| Volatility (ann.) | 18.7% | 96.5% |
| Beta vs S&P 500 | 0.18 | 0.68 |
| Max drawdown (3Y) | -26.4% | -92.3% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GLD | TLYS |
|---|---|---|
| 2022 | -0.8% | -43.8% |
| 2023 | +12.7% | -16.7% |
| 2024 | +26.7% | -43.6% |
| 2025 | +63.7% | -53.2% |
| 2026 | +6.6% | +93.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLD and TLYS good diversifiers for each other?
Yes. With a correlation of -0.21, GLD and TLYS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GLD and TLYS?
As of 2026-08-27, the correlation of weekly returns between GLD and TLYS is -0.21 over 3 years, -0.29 over 1 year and -0.18 over 5 years.
Is TLYS a good diversifier for GLD?
Yes. With a correlation of -0.21, GLD and TLYS have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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-tlys.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gld-vs-tlys/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GLD correlations · TLYS correlations
