GLDG vs SPY: Correlation
GoldMining Inc. (GLDG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.13.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLDG and SPY?
On 3 years of weekly data the GLDG/SPY correlation comes out at 0.13, weak. The past 12 months show a tighter link (0.25) than the 3-year average (0.13). The 5-year figure is 0.20, and annualized covariance runs at 98.7 %².
Out of 14 assets tracked against GLDG, SPY lands near the bottom at #10. Neither side won the trailing year by much: +22.6% against +20.6%. Risk is not evenly split, since GLDG carries 3.6 times the volatility of the other side.
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 SPY: side by side
| GLDG (GoldMining Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.6% | +20.6% |
| 5-year return | -8.1% | +82.4% |
| Volatility (ann.) | 52.0% | 14.5% |
| Beta vs S&P 500 | 0.47 | 1.00 |
| Max drawdown (3Y) | -61.7% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | GLDG | SPY |
|---|---|---|
| 2022 | -5.8% | -18.2% |
| 2023 | -14.2% | +26.2% |
| 2024 | -16.5% | +24.9% |
| 2025 | +54.3% | +17.7% |
| 2026 | -8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLDG and SPY good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GLDG and SPY?
The GLDG/SPY correlation stands at 0.13 on a 3-year window (1 year: 0.25, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GLDG?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 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 · SPY correlations
