GLDG vs MUX: Correlation
GoldMining Inc. (GLDG) and McEwen Inc. (MUX) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLDG and MUX?
On 3 years of weekly data the GLDG/MUX correlation comes out at 0.57, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.74 versus 0.57 over 3 years. The 5-year figure is 0.55, and annualized covariance runs at 1688.9 %².
Within GLDG's tracked universe of 14 assets, MUX comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MUX ahead by 74.7 points (+22.6% versus +97.3%).
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.
GLDG vs MUX: side by side
| GLDG (GoldMining Inc.) | MUX (McEwen Inc.) | |
|---|---|---|
| 1-year return | +22.6% | +97.3% |
| 5-year return | -8.1% | +90.0% |
| Volatility (ann.) | 52.0% | 56.7% |
| Beta vs S&P 500 | 0.47 | 1.41 |
| Max drawdown (3Y) | -61.7% | -46.5% |
| Market cap | $0.2B | $1.3B |
| P/E (trailing) | – | 16.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLDG | MUX |
|---|---|---|
| 2022 | -5.8% | -33.9% |
| 2023 | -14.2% | +23.0% |
| 2024 | -16.5% | +7.9% |
| 2025 | +54.3% | +137.9% |
| 2026 | -8.8% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLDG and MUX good diversifiers for each other?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GLDG and MUX?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.74 over the last year and 0.55 over 5 years.
Is MUX a good diversifier for GLDG?
To a limited degree. At 0.57 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 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.
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Related comparisons
Hubs: GLDG correlations · MUX correlations
