GLDG vs SLV: Correlation
Measured on weekly returns over the past three years, GoldMining Inc. (GLDG) and iShares Silver Trust (SLV) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLDG and SLV?
Over the past 3 years, GLDG and SLV moved with a correlation of 0.59, which is moderate. The past 12 months show a tighter link (0.71) than the 3-year average (0.59). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 1183.3 %².
SLV is one of the assets that tracks GLDG most closely: it ranks #1 out of the 14 assets we track against GLDG. Their recent paths diverged sharply: over the last 12 months SLV outperformed by 56.8 percentage points (+22.6% for GLDG against +79.4% for SLV).
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 SLV: side by side
| GLDG (GoldMining Inc.) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +22.6% | +79.4% |
| 5-year return | -8.1% | +182.0% |
| Volatility (ann.) | 52.0% | 38.6% |
| Beta vs S&P 500 | 0.47 | 0.80 |
| Max drawdown (3Y) | -61.7% | -52.3% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Expense ratio | – | 0.50% |
| Assets under management | – | $28.1B |
| Sector / category | US Listed | ETF · Commodities |
SLV, iShares's Commodities Focused fund, carries $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | GLDG | SLV |
|---|---|---|
| 2022 | -5.8% | +2.4% |
| 2023 | -14.2% | -1.1% |
| 2024 | -16.5% | +20.9% |
| 2025 | +54.3% | +144.7% |
| 2026 | -8.8% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLDG and SLV good diversifiers for each other?
To a limited degree. At 0.59 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 SLV?
As of 2026-08-27, the correlation of weekly returns between GLDG and SLV is 0.59 over 3 years, 0.71 over 1 year and 0.57 over 5 years.
Is SLV a good diversifier for GLDG?
To a limited degree. At 0.59 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 0.59 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gldg-vs-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gldg-vs-slv/)
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Related comparisons
Hubs: GLDG correlations · SLV correlations
