B vs GDX: Correlation
Barrick Mining Corporation (B) and VanEck Gold Miners ETF (GDX) show a very strong relationship: their 3-year correlation of weekly returns is 0.92.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are B and GDX?
Over the past 3 years, B and GDX moved with a correlation of 0.92, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.92) sits close to the 3-year figure. Over 5 years the correlation is 0.92, and the annualized covariance of weekly returns is 1527.3 %².
In B's tracked universe of 17 assets, GDX sits right near the top at #1. Over the last 12 months B came out ahead by 13.2 percentage points (+83.1% 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.
B vs GDX: side by side
| B (Barrick Mining Corporation) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +83.1% | +69.9% |
| 5-year return | +171.9% | +245.5% |
| Volatility (ann.) | 40.7% | 40.9% |
| Beta vs S&P 500 | 0.87 | 0.88 |
| Max drawdown (3Y) | -33.4% | -38.9% |
| Market cap | $77.9B | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 1.38% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | B | GDX |
|---|---|---|
| 2022 | -6.2% | -9.0% |
| 2023 | +7.9% | +10.0% |
| 2024 | -12.3% | +10.6% |
| 2025 | +186.9% | +154.8% |
| 2026 | +10.0% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are B and GDX good diversifiers for each other?
No. With a correlation of 0.92, B and GDX move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between B and GDX?
As of 2026-08-27, the correlation of weekly returns between B and GDX is 0.92 over 3 years, 0.92 over 1 year and 0.92 over 5 years.
Is GDX a good diversifier for B?
No. With a correlation of 0.92, B and GDX move nearly in lockstep, so holding both adds very little diversification.
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/b-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: B correlations · GDX correlations
