GLDG vs PZG: Correlation
How closely do GoldMining Inc. (GLDG) and Paramount Gold Nevada Corp. (PZG) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLDG and PZG?
Over the past 3 years, GLDG and PZG moved with a correlation of 0.46, which is moderate. The link has tightened recently: the 1-year correlation (0.61) runs above the 3-year figure (0.46). Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 1466.0 %².
By 3-year correlation, PZG places #8 of the 14 assets tracked against GLDG. Correlation aside, the last 12 months split them widely, with PZG ahead by 35.3 points (+22.6% versus +57.9%).
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 PZG: side by side
| GLDG (GoldMining Inc.) | PZG (Paramount Gold Nevada Corp.) | |
|---|---|---|
| 1-year return | +22.6% | +57.9% |
| 5-year return | -8.1% | +73.0% |
| Volatility (ann.) | 52.0% | 60.9% |
| Beta vs S&P 500 | 0.47 | 0.50 |
| Max drawdown (3Y) | -61.7% | -60.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLDG | PZG |
|---|---|---|
| 2022 | -5.8% | -50.6% |
| 2023 | -14.2% | +8.7% |
| 2024 | -16.5% | -8.8% |
| 2025 | +54.3% | +268.4% |
| 2026 | -8.8% | +19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLDG and PZG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GLDG and PZG?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.61 over the last year and 0.38 over 5 years.
Is PZG a good diversifier for GLDG?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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 · PZG correlations
