ASM vs GDX: Correlation
How closely do Avino Silver & Gold Mines Ltd. (ASM) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASM and GDX?
On 3 years of weekly data the ASM/GDX correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 2428.0 %².
In ASM's tracked universe of 14 assets, GDX sits right near the top at #3. Over the last 12 months ASM came out ahead by 6.2 percentage points (+76.1% against +69.9%). One caveat on sizing: ASM is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ASM vs GDX: side by side
| ASM (Avino Silver & Gold Mines Ltd.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +76.1% | +69.9% |
| 5-year return | +657.8% | +245.5% |
| Volatility (ann.) | 77.8% | 40.9% |
| Beta vs S&P 500 | 1.95 | 0.88 |
| Max drawdown (3Y) | -53.1% | -38.9% |
| Market cap | $1.3B | – |
| P/E (trailing) | 28.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | ASM | GDX |
|---|---|---|
| 2022 | -20.9% | -9.0% |
| 2023 | -23.5% | +10.0% |
| 2024 | +69.2% | +10.6% |
| 2025 | +605.7% | +154.8% |
| 2026 | +24.5% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASM and GDX good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASM and GDX?
The ASM/GDX correlation stands at 0.76 on a 3-year window (1 year: 0.81, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for ASM?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 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/asm-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asm-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ASM correlations · GDX correlations
