BAR vs GDX: Correlation
Measured on weekly returns over the past three years, GraniteShares Gold Trust Shares of Beneficial Interest (BAR) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BAR and GDX?
On 3 years of weekly data the BAR/GDX correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.86 over 1 year against 0.85 over 3. The 5-year figure is 0.85, and annualized covariance runs at 644.5 %².
In BAR's tracked universe of 14 assets, GDX sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 34.4 percentage points (+35.5% for BAR against +69.9% for GDX). One caveat on sizing: GDX is 2.2 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.
BAR vs GDX: side by side
| BAR (GraniteShares Gold Trust Shares of Beneficial Interest) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +35.5% | +69.9% |
| 5-year return | +152.4% | +245.5% |
| Volatility (ann.) | 18.6% | 40.9% |
| Beta vs S&P 500 | 0.17 | 0.88 |
| Max drawdown (3Y) | -26.3% | -38.9% |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | BAR | GDX |
|---|---|---|
| 2022 | -0.6% | -9.0% |
| 2023 | +13.0% | +10.0% |
| 2024 | +27.0% | +10.6% |
| 2025 | +64.1% | +154.8% |
| 2026 | +6.8% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BAR and GDX good diversifiers for each other?
No: a correlation of 0.85 means BAR and GDX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BAR and GDX?
The BAR/GDX correlation stands at 0.85 on a 3-year window (1 year: 0.86, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for BAR?
No: a correlation of 0.85 means BAR and GDX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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
$ curl https://www.pairbook.io/api/v1/pairs/bar-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bar-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BAR correlations · GDX correlations
