Do ES and MGC Move Together on 5-minute Charts?
Educational reference. Measured from recorded market data through September 23, 2026. Not a forecast.
E-mini S&P 500 and Micro Gold are often assumed to move together. This measures it against 9,059 time-aligned 5-minute bars over the last 45 days — no opinion, just what the two actually did.
| Bars where both moved | 8,363 |
|---|---|
| … and moved the same direction | 5,241 (62.7%) |
| Correlation of bar-to-bar changes | +0.401 |
At 62.7% agreement and a correlation of +0.401, these two have a moderate tendency to move together on this timeframe.
Where the relationship breaks down
Prices moving together does not mean everything else does. The indicator pages below measure each reading separately — and momentum, trend strength and volatility frequently disagree even when price does not.
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How this was measured
Every 5-minute bar recorded for both instruments in the last 45 days was aligned by timestamp. Bars where either did not move are excluded from the direction figure, since a flat bar agrees with nothing. Correlation is measured on bar-to-bar changes, not on price levels — two markets can both drift upward for unrelated reasons, and correlating levels would call that a relationship.