Gold has been known and proven as a safe haven in times of crisis for thousands of years, but not all private investors are yet familiar with the precious metal’s function as a portfolio stabiliser and sensible portfolio addition to stocks and other asset classes. A recent analysis in the February 2026 edition of the ‘In Gold We Trust’ report takes a detailed look at the correlation between gold and other asset classes over various periods, ranging from the average correlation within 15 trading days to half a trading year. The results are particularly interesting against the backdrop of positively developing stock markets.
Even in times of strong stock markets, gold is an effective portfolio diversifier
In phases of economic downturns and weakening stock markets, the correlation (-1 for maximum opposite development, +1 for maximum analogous development) between gold and stock indices turns negative, i.e. the gold price tends to move in the opposite direction of stock prices. During stronger economic phases, the correlation between gold and the stock market is zero – both asset classes develop independently of each other. The latest correlation analysis underscores this stock market rule. In a comparison of fewer trading days, the correlation between gold and the US S&P 500 index was 0.05, and in a 180-day comparison it was -0.01. The gold price has developed positively over the last six months, up 53.7 percent in US dollars and 51.32 percent in euros, while the S&P 500 index also developed positively, rising 7.43 percent.
How does gold correlate with other asset classes?
Over the last six months, which served as the data basis for the correlation analysis, the gold price moved as expected, in opposition to the US currency with a correlation of -0.38, while there was a positive correlation of +0.26 with the general development of commodity indices. The comparison of gold with Bitcoin is also significant: The average correlation between the two asset classes over 180 trading days was +0.08 – i.e. near zero. However, due to the high volatility of Bitcoin, this rate changed constantly and varied between the two extremes of -0.08 (15 trading days) and +0.17 (60 trading days) during the observation period.