GORO vs UTZ: Correlation
How closely do Goldgroup Mining Inc. (GORO) and Utz Brands Inc (UTZ) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GORO and UTZ?
On 3 years of weekly data the GORO/UTZ correlation comes out at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.49 versus -0.24 over 3 years. The 5-year figure is -0.14, and annualized covariance runs at -2449.0 %².
UTZ is close to the least connected end of GORO's tracked universe, ranking #11 of 12. On 12-month performance GORO holds a 13.2-point edge, +21.5% against +8.3%. Note the risk asymmetry: GORO runs 2.3 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 UTZ: side by side
| GORO (Goldgroup Mining Inc.) | UTZ (Utz Brands Inc) | |
|---|---|---|
| 1-year return | +21.5% | +8.3% |
| 5-year return | +215.8% | -16.7% |
| Volatility (ann.) | 154.1% | 65.9% |
| Beta vs S&P 500 | 1.39 | 0.07 |
| Max drawdown (3Y) | -75.0% | -63.8% |
| Market cap | $0.5B | $2.0B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 2.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GORO | UTZ |
|---|---|---|
| 2022 | -73.3% | +0.9% |
| 2023 | -75.0% | +3.9% |
| 2024 | +450.0% | -2.1% |
| 2025 | +936.4% | -32.3% |
| 2026 | -16.9% | +39.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GORO and UTZ good diversifiers for each other?
Yes. With a correlation of -0.24, GORO and UTZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GORO and UTZ?
As of 2026-08-27, the correlation of weekly returns between GORO and UTZ is -0.24 over 3 years, -0.49 over 1 year and -0.14 over 5 years.
Is UTZ a good diversifier for GORO?
Yes. With a correlation of -0.24, GORO and UTZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.24 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.
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Related comparisons
Hubs: GORO correlations · UTZ correlations
