HMY vs KGC: Correlation
How closely do Harmony Gold Mining Company Limited (HMY) and Kinross Gold Corporation (KGC) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HMY and KGC?
Across a 3-year window, the weekly returns of HMY and KGC correlate at 0.78, strong. Little has changed lately, as the 1-year reading of 0.86 lands near the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 2342.0 %².
In HMY's tracked universe of 11 assets, KGC sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months KGC outperformed by 15.4 percentage points (+46.1% for HMY against +61.5% for KGC).
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.
HMY vs KGC: side by side
| HMY (Harmony Gold Mining Company Limited) | KGC (Kinross Gold Corporation) | |
|---|---|---|
| 1-year return | +46.1% | +61.5% |
| 5-year return | +492.0% | +495.9% |
| Volatility (ann.) | 63.5% | 47.3% |
| Beta vs S&P 500 | 1.18 | 0.97 |
| Max drawdown (3Y) | -48.8% | -40.7% |
| Market cap | – | $38.6B |
| P/E (trailing) | 13.9 | 12.3 |
| Dividend yield | 0.00% | 0.48% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HMY | KGC |
|---|---|---|
| 2022 | -16.4% | -27.6% |
| 2023 | +82.5% | +51.8% |
| 2024 | +35.4% | +55.6% |
| 2025 | +144.2% | +205.7% |
| 2026 | +7.7% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMY and KGC good diversifiers for each other?
Only partially. A correlation of 0.78 means HMY and KGC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HMY and KGC?
The HMY/KGC correlation stands at 0.78 on a 3-year window (1 year: 0.86, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is KGC a good diversifier for HMY?
Only partially. A correlation of 0.78 means HMY and KGC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hmy-vs-kgc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hmy-vs-kgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HMY correlations · KGC correlations
