ASA vs GDX: Correlation
How closely do ASA Gold and Precious Metals Limited (ASA) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.92, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and GDX?
Over the past 3 years, ASA and GDX moved with a correlation of 0.92, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.95 over 1 year against 0.92 over 3. Over 5 years the correlation is 0.91, and the annualized covariance of weekly returns is 1599.8 %².
Few assets follow ASA as closely as GDX, which ranks #1 of 59 tracked partners. On 12-month performance ASA holds a 7.1-point edge, +77.0% 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.
ASA vs GDX: side by side
| ASA (ASA Gold and Precious Metals Limited) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +77.0% | +69.9% |
| 5-year return | +218.5% | +245.5% |
| Volatility (ann.) | 42.5% | 40.9% |
| Beta vs S&P 500 | 0.92 | 0.88 |
| Max drawdown (3Y) | -40.8% | -38.9% |
| Market cap | – | – |
| P/E (trailing) | 1.7 | – |
| Dividend yield | 0.11% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | ASA | GDX |
|---|---|---|
| 2022 | -32.1% | -9.0% |
| 2023 | +5.4% | +10.0% |
| 2024 | +34.5% | +10.6% |
| 2025 | +195.6% | +154.8% |
| 2026 | +9.5% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and GDX good diversifiers for each other?
Not really. At 0.92, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ASA and GDX?
As of 2026-08-27, the correlation of weekly returns between ASA and GDX is 0.92 over 3 years, 0.95 over 1 year and 0.91 over 5 years.
Is GDX a good diversifier for ASA?
Not really. At 0.92, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.92 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASA correlations · GDX correlations
