AEM vs GDX: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.95, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and GDX?
Over the past 3 years, AEM and GDX moved with a correlation of 0.95, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.96) sits close to the 3-year figure. Over 5 years the correlation is 0.94, and the annualized covariance of weekly returns is 1592.4 %².
GDX is one of the assets that tracks AEM most closely: it ranks #1 out of the 36 assets we track against AEM. On 12-month performance GDX holds a 14.0-point edge, +55.9% against +69.9%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AEM vs GDX: side by side
| AEM (Agnico Eagle Mines Limited) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +55.9% | +69.9% |
| 5-year return | +323.8% | +245.5% |
| Volatility (ann.) | 40.9% | 40.9% |
| Beta vs S&P 500 | 0.70 | 0.88 |
| Max drawdown (3Y) | -45.8% | -38.9% |
| Market cap | $109.1B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.79% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | AEM | GDX |
|---|---|---|
| 2022 | +1.1% | -9.0% |
| 2023 | +9.0% | +10.0% |
| 2024 | +46.0% | +10.6% |
| 2025 | +119.5% | +154.8% |
| 2026 | +27.6% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and GDX good diversifiers for each other?
No. With a correlation of 0.95, AEM and GDX move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AEM and GDX?
Using weekly returns as of 2026-08-27: 0.95 over 3 years, with 0.96 over the last year and 0.94 over 5 years.
Is GDX a good diversifier for AEM?
No. With a correlation of 0.95, AEM and GDX move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.95 mean?
On the −1 to +1 scale, 0.95 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: AEM correlations · GDX correlations
