Correlation with gold
Among the above mining stocks, Goldcorp has the lowest correlation with gold on a YTD basis, while Royal Gold (RGLD) has the highest correlation. Over the past three years, Gold Fields and Goldcorp have seen rising trends in their correlations to gold, while Royal Gold and Sibanye have seen mixed patterns in their correlations with gold.
Gold Fields has a three-year correlation of 0.74 with gold and a one-year correlation of 0.92. This correlation of 0.92 suggests that almost 92.0% of the time during the past year, Gold Fields has moved in the same direction as gold.