ARIS vs GDX: Correlation
Measured on weekly returns over the past three years, Aris Mining Corporation (ARIS) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARIS and GDX?
Over the past 3 years, ARIS and GDX moved with a correlation of 0.85, which is 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. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 1968.5 %².
GDX is one of the assets that tracks ARIS most closely: it ranks #1 out of the 11 assets we track against ARIS. The last year tells two different stories: ARIS led by 91.3 percentage points, +161.2% for ARIS against +69.9% for GDX.
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.
ARIS vs GDX: side by side
| ARIS (Aris Mining Corporation) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +161.2% | +69.9% |
| 5-year return | +482.3% | +245.5% |
| Volatility (ann.) | 56.8% | 40.9% |
| Beta vs S&P 500 | 0.93 | 0.88 |
| Max drawdown (3Y) | -41.1% | -38.9% |
| Market cap | $4.4B | – |
| P/E (trailing) | 14.7 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | ARIS | GDX |
|---|---|---|
| 2022 | -39.6% | -9.0% |
| 2023 | +31.9% | +10.0% |
| 2024 | +6.5% | +10.6% |
| 2025 | +363.7% | +154.8% |
| 2026 | +31.0% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARIS and GDX good diversifiers for each other?
No. With a correlation of 0.85, ARIS and GDX move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between ARIS and GDX?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.93 over the last year and 0.80 over 5 years.
Is GDX a good diversifier for ARIS?
No. With a correlation of 0.85, ARIS and GDX move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/aris-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aris-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARIS correlations · GDX correlations
