GOLD vs SPY: Correlation
Gold.com, Inc. (GOLD) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GOLD and SPY?
Across a 3-year window, the weekly returns of GOLD and SPY correlate at 0.26, weak. Lately the two have moved closer together, with the 1-year correlation at 0.39 versus 0.26 over 3 years. Stretching to 5 years gives 0.36, with an annualized covariance of 178.0 %².
Among the 12 assets we track against GOLD, SPY sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months GOLD outperformed by 83.4 percentage points (+104.0% for GOLD against +20.6% for SPY). Risk is not evenly split, since GOLD carries 3.2 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.
GOLD vs SPY: side by side
| GOLD (Gold.com, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +104.0% | +20.6% |
| 5-year return | +128.6% | +82.4% |
| Volatility (ann.) | 46.9% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -57.1% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 14.8 | – |
| Dividend yield | 1.76% | 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 | GOLD | SPY |
|---|---|---|
| 2022 | +18.4% | -18.2% |
| 2023 | -8.4% | +26.2% |
| 2024 | -7.4% | +24.9% |
| 2025 | +28.4% | +17.7% |
| 2026 | +36.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GOLD and SPY good diversifiers for each other?
Reasonably. At 0.26, GOLD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GOLD and SPY?
The GOLD/SPY correlation stands at 0.26 on a 3-year window (1 year: 0.39, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GOLD?
Reasonably. At 0.26, GOLD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GOLD correlations · SPY correlations
