AYA vs GDX: Correlation
Measured on weekly returns over the past three years, Aya Gold & Silver Inc. (AYA) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AYA and GDX?
Over the past 3 years, AYA and GDX moved with a correlation of 0.74, which is strong. Recent behaviour matches the longer record: 0.80 over 1 year against 0.74 over 3. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 2238.7 %².
Few assets follow AYA as closely as GDX, which ranks #2 of 14 tracked partners. Their recent paths diverged sharply: over the last 12 months AYA outperformed by 142.7 percentage points (+212.6% for AYA against +69.9% for GDX). Note the risk asymmetry: AYA runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AYA vs GDX: side by side
| AYA (Aya Gold & Silver Inc.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +212.6% | +69.9% |
| 5-year return | +267.0% | +245.5% |
| Volatility (ann.) | 73.7% | 40.9% |
| Beta vs S&P 500 | 1.95 | 0.88 |
| Max drawdown (3Y) | -56.1% | -38.9% |
| Market cap | $4.2B | – |
| P/E (trailing) | 36.2 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | AYA | GDX |
|---|---|---|
| 2022 | -11.0% | -9.0% |
| 2023 | +10.4% | +10.0% |
| 2024 | +2.0% | +10.6% |
| 2025 | +92.4% | +154.8% |
| 2026 | +103.8% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AYA and GDX good diversifiers for each other?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AYA and GDX?
The AYA/GDX correlation stands at 0.74 on a 3-year window (1 year: 0.80, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for AYA?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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
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Related comparisons
Hubs: AYA correlations · GDX correlations
