GORO vs SPY: Correlation
How closely do Goldgroup Mining Inc. (GORO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GORO and SPY?
On 3 years of weekly data the GORO/SPY correlation comes out at 0.13, weak. The link has tightened recently: the 1-year correlation (0.27) runs above the 3-year figure (0.13). The 5-year figure is -0.00, and annualized covariance runs at 289.5 %².
SPY is close to the least connected end of GORO's tracked universe, ranking #8 of 12. Their 12-month results are close: +21.5% for GORO against +20.6% for SPY. Note the risk asymmetry: GORO runs 10.6 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.
GORO vs SPY: side by side
| GORO (Goldgroup Mining Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.5% | +20.6% |
| 5-year return | +215.8% | +82.4% |
| Volatility (ann.) | 154.1% | 14.5% |
| Beta vs S&P 500 | 1.39 | 1.00 |
| Max drawdown (3Y) | -75.0% | -18.8% |
| Market cap | $0.5B | – |
| 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 | GORO | SPY |
|---|---|---|
| 2022 | -73.3% | -18.2% |
| 2023 | -75.0% | +26.2% |
| 2024 | +450.0% | +24.9% |
| 2025 | +936.4% | +17.7% |
| 2026 | -16.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GORO 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 GORO and SPY?
As of 2026-08-27, the correlation of weekly returns between GORO and SPY is 0.13 over 3 years, 0.27 over 1 year and -0.00 over 5 years.
Is SPY a good diversifier for GORO?
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?
A reading of 0.13 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: GORO correlations · SPY correlations
