SPY vs USGO: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and U.S. GoldMining Inc. (USGO) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and USGO?
Across a 3-year window, the weekly returns of SPY and USGO correlate at 0.18, weak. Recent behaviour matches the longer record: 0.18 over 1 year against 0.18 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 225.1 %².
By 3-year correlation, USGO places #3496 of the 4755 assets tracked against SPY. Over the last 12 months SPY came out ahead by 8.6 percentage points (+20.6% against +12.0%). One caveat on sizing: USGO is 5.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 USGO: side by side
| SPY (SPDR S&P 500 ETF Trust) | USGO (U.S. GoldMining Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +12.0% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 85.5% |
| Beta vs S&P 500 | 1.00 | 1.08 |
| Max drawdown (3Y) | -18.8% | -53.7% |
| Market cap | – | $0.1B |
| 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 |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | USGO |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | +17.9% |
| 2025 | +17.7% | +2.4% |
| 2026 | +13.7% | +10.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and USGO good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and USGO?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.18 over the last year and n/a over 5 years.
Is USGO a good diversifier for SPY?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 mean?
A reading of 0.18 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-usgo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-usgo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · USGO correlations
