Is Gold a Good Keep in Events of Stock Market Downturns?

It has been more than 10 years after a major financial crisis, the 2008 housing bubble. What can I do to protect my investment portfolio if I encounter a big market downturn? Is gold a good option to add in my portfolio?

After doing some research, I put together some data and we can see the price correlation of gold with the stock market.

I use the S&P 500 index data as proxy for stock market, because there are ETFs that track the S&P 500 index which are commonly invested by many investors.

2020 Covid-19 Crisis

S&P 500 Index plunged from 3380.16 (February 21, 2020) to 2304.92(March 20, 2020).

Asset	Price(High)	Price(Low)	Percent Changed
S&P 500 Index	3380.16	2304.92	-31.8%
Gold	$1707.67/oz	$1689.7/oz	-1.1%

2008 Housing Bubble

S&P 500 Index plunged from 1561.8(October 12, 2007) to 683.38 (March 6, 2009).

Asset	Price(High)	Price(Low)	Percent Changed
S&P 500 Index	1561.8	683.38	-56.2%
Gold	$980.98 /oz	$1146.43/oz	16.9%

2000 Recession

S&P 500 Index plunged from 1509.98 (July 14, 2000) to 800.58 (October 4, 2002).

Asset	Price(High)	Price(Low)	Percent Changed
S&P 500 Index	1509.98	800.58	-47.0%
Gold	$442.66/oz	$474.54/oz	7.2%

1968 Recession

S&P 500 Index plunged from 831.74(November, 1968) to 298.46 (July, 1982).

Asset	Price(High)	Price(Low)	Percent Changed
S&P 500 Index	831.74	298.46	-64.1%
Gold	$310.27/oz	$881.73/oz	184.2%

The Great Depression

S&P 500 Index plunged from 473.66(September, 1929) to 88.50 (Jun, 1932).

Asset	Price(High)	Price(Low)	Percent Changed
S&P 500 Index	473.66	88.5	-81.3%
Gold	$325.41/oz	$415.14/oz	27.6%

Conclusion

Gold prices has low correlation with the S&P 500 index during the Great Depression, 1968 recession, 2000 recession , 2008 housing bubble crisis and 2020 Covid-19 crisis.