SPY vs USAU: Correlation
SPDR S&P 500 ETF Trust (SPY) and U.S. Gold Corp. (USAU) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and USAU?
Across a 3-year window, the weekly returns of SPY and USAU correlate at 0.36, moderate. The link has tightened recently: the 1-year correlation (0.47) runs above the 3-year figure (0.36). Stretching to 5 years gives 0.35, with an annualized covariance of 361.5 %².
Within SPY's tracked universe of 4755 assets, USAU comes in at #1596 by 3-year correlation. Neither side won the trailing year by much: +20.6% against +23.6%. Note the risk asymmetry: USAU runs 4.8 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.
SPY vs USAU: side by side
| SPY (SPDR S&P 500 ETF Trust) | USAU (U.S. Gold Corp.) | |
|---|---|---|
| 1-year return | +20.6% | +23.6% |
| 5-year return | +82.4% | +73.0% |
| Volatility (ann.) | 14.5% | 69.5% |
| Beta vs S&P 500 | 1.00 | 1.73 |
| Max drawdown (3Y) | -18.8% | -44.0% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | USAU |
|---|---|---|
| 2022 | -18.2% | -46.5% |
| 2023 | +26.2% | -11.5% |
| 2024 | +24.9% | +44.2% |
| 2025 | +17.7% | +216.6% |
| 2026 | +13.7% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and USAU good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and USAU?
As of 2026-08-27, the correlation of weekly returns between SPY and USAU is 0.36 over 3 years, 0.47 over 1 year and 0.35 over 5 years.
Is USAU a good diversifier for SPY?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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: SPY correlations · USAU correlations
