AU vs GDX: Correlation
Measured on weekly returns over the past three years, AngloGold Ashanti PLC (AU) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.89, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AU and GDX?
Over the past 3 years, AU and GDX moved with a correlation of 0.89, 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 0.89, and the annualized covariance of weekly returns is 2075.6 %².
GDX is one of the assets that tracks AU most closely: it ranks #1 out of the 13 assets we track against AU. Their recent paths diverged sharply: over the last 12 months AU outperformed by 53.9 percentage points (+123.8% for AU 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.
AU vs GDX: side by side
| AU (AngloGold Ashanti PLC) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +123.8% | +69.9% |
| 5-year return | +725.4% | +245.5% |
| Volatility (ann.) | 56.7% | 40.9% |
| Beta vs S&P 500 | 0.92 | 0.88 |
| Max drawdown (3Y) | -39.9% | -38.9% |
| Market cap | $59.9B | – |
| P/E (trailing) | 15.8 | – |
| Dividend yield | 3.83% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | AU | GDX |
|---|---|---|
| 2022 | -5.1% | -9.0% |
| 2023 | -2.7% | +10.0% |
| 2024 | +26.5% | +10.6% |
| 2025 | +288.2% | +154.8% |
| 2026 | +43.8% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AU and GDX good diversifiers for each other?
No. With a correlation of 0.89, AU and GDX move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between AU and GDX?
Using weekly returns as of 2026-08-27: 0.89 over 3 years, with 0.93 over the last year and 0.89 over 5 years.
Is GDX a good diversifier for AU?
No. With a correlation of 0.89, AU and GDX move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.89 mean?
On the −1 to +1 scale, 0.89 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: AU correlations · GDX correlations
