Gold vs S&P 500: which is stronger each month?
Gold has been strongest in January (+2.95%) and weakest in June (-0.87%). S&P 500 has been strongest in July (+1.67%) and weakest in September (-1.12%). Gold had the higher average in 7 of 12 months, and the two pointed the same way in 9 of 12.
Month by month
| Month | Gold average | Gold up years | S&P 500 average | S&P 500 up years | Stronger |
|---|---|---|---|---|---|
| January | +2.95% | 65% | +1.21% | 63% | Gold |
| February | +1.23% | 58% | -0.11% | 52% | Gold |
| March | +0.21% | 46% | +0.42% | 61% | S&P 500 |
| April | +1.28% | 62% | +1.36% | 66% | S&P 500 |
| May | +0.27% | 50% | +0.13% | 61% | Gold |
| June | -0.87% | 42% | +0.79% | 57% | S&P 500 |
| July | +0.93% | 58% | +1.67% | 61% | S&P 500 |
| August | +2.50% | 73% | +0.70% | 59% | Gold |
| September | +0.43% | 48% | -1.12% | 45% | Gold |
| October | +0.13% | 50% | +0.55% | 59% | S&P 500 |
| November | +1.33% | 58% | +1.01% | 62% | Gold |
| December | +1.45% | 65% | +1.27% | 72% | Gold |
Gold since 2000, S&P 500 since 1928, monthly close to close, as of October 16, 2026. The highlighted row is the current month. Monthly correlation over the last 16 years: 0.11.
More on each market
Questions
What is the best month for Gold?
Since 2001, January has averaged +2.95% for Gold, higher in 65% of 26 years.
What is the best month for S&P 500?
Since 1928, July has averaged +1.67% for S&P 500, higher in 61% of 99 years.
Do Gold and S&P 500 move together?
Over the last 16 years their monthly moves had a correlation of 0.11, where 1 means they always move together and 0 means no link.
History describes the past. Not investment advice.
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Not investment advice. Market Seasonality publishes historical statistics, news summaries and scenario analysis for information and education. Past patterns do not guarantee future results. Nothing here is a recommendation to buy, sell or hold any asset, and scenarios describe possible paths without predicting them. See the disclaimer and methodology.