AGI vs GDX: Correlation
Measured on weekly returns over the past three years, Alamos Gold Inc. Class A (AGI) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.91, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGI and GDX?
On 3 years of weekly data the AGI/GDX correlation comes out at 0.91, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.93) sits close to the 3-year figure. The 5-year figure is 0.89, and annualized covariance runs at 1719.8 %².
In AGI's tracked universe of 26 assets, GDX sits right near the top at #1. Correlation aside, the last 12 months split them widely, with GDX ahead by 42.2 points (+27.7% versus +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.
AGI vs GDX: side by side
| AGI (Alamos Gold Inc. Class A) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +27.7% | +69.9% |
| 5-year return | +404.0% | +245.5% |
| Volatility (ann.) | 46.1% | 40.9% |
| Beta vs S&P 500 | 0.76 | 0.88 |
| Max drawdown (3Y) | -49.6% | -38.9% |
| Market cap | $15.9B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 0.35% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | AGI | GDX |
|---|---|---|
| 2022 | +33.1% | -9.0% |
| 2023 | +34.3% | +10.0% |
| 2024 | +37.7% | +10.6% |
| 2025 | +109.6% | +154.8% |
| 2026 | -1.6% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGI and GDX good diversifiers for each other?
No: a correlation of 0.91 means AGI and GDX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AGI and GDX?
The AGI/GDX correlation stands at 0.91 on a 3-year window (1 year: 0.93, 5 years: 0.89), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for AGI?
No: a correlation of 0.91 means AGI and GDX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.91 mean?
On the −1 to +1 scale, 0.91 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/agi-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: AGI correlations · GDX correlations
