GLDG vs TMQ: Correlation
How closely do GoldMining Inc. (GLDG) and Trilogy Metals Inc. (TMQ) trade together? Their weekly returns over three years give a correlation of 0.52, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLDG and TMQ?
Across a 3-year window, the weekly returns of GLDG and TMQ correlate at 0.52, moderate. The link has tightened recently: the 1-year correlation (0.67) runs above the 3-year figure (0.52). Stretching to 5 years gives 0.44, with an annualized covariance of 3567.4 %².
By 3-year correlation, TMQ places #6 of the 14 assets tracked against GLDG. Their recent paths diverged sharply: over the last 12 months TMQ outperformed by 103.7 percentage points (+22.6% for GLDG against +126.3% for TMQ). Note the risk asymmetry: TMQ runs 2.5 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.
GLDG vs TMQ: side by side
| GLDG (GoldMining Inc.) | TMQ (Trilogy Metals Inc.) | |
|---|---|---|
| 1-year return | +22.6% | +126.3% |
| 5-year return | -8.1% | +85.3% |
| Volatility (ann.) | 52.0% | 131.6% |
| Beta vs S&P 500 | 0.47 | 0.28 |
| Max drawdown (3Y) | -61.7% | -72.5% |
| Market cap | $0.2B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLDG | TMQ |
|---|---|---|
| 2022 | -5.8% | -66.7% |
| 2023 | -14.2% | -21.8% |
| 2024 | -16.5% | +169.8% |
| 2025 | +54.3% | +271.6% |
| 2026 | -8.8% | -12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLDG and TMQ good diversifiers for each other?
To a limited degree. At 0.52 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 TMQ?
As of 2026-08-27, the correlation of weekly returns between GLDG and TMQ is 0.52 over 3 years, 0.67 over 1 year and 0.44 over 5 years.
Is TMQ a good diversifier for GLDG?
To a limited degree. At 0.52 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 0.52 mean?
On the −1 to +1 scale, 0.52 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 · TMQ correlations
