BATL vs GDX: Correlation
Measured on weekly returns over the past three years, Battalion Oil Corporation (BATL) and VanEck Gold Miners ETF (GDX) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BATL and GDX?
On 3 years of weekly data the BATL/GDX correlation comes out at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.21). The 5-year figure is -0.12, and annualized covariance runs at -2205.3 %².
Among the 44 assets we track against BATL, GDX ranks #27 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GDX ahead by 57.2 points (+12.7% versus +69.9%). Note the risk asymmetry: BATL runs 6.2 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.
BATL vs GDX: side by side
| BATL (Battalion Oil Corporation) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +12.7% | +69.9% |
| 5-year return | -87.1% | +245.5% |
| Volatility (ann.) | 252.0% | 40.9% |
| Beta vs S&P 500 | -0.19 | 0.88 |
| Max drawdown (3Y) | -95.8% | -38.9% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | BATL | GDX |
|---|---|---|
| 2022 | -0.9% | -9.0% |
| 2023 | -1.0% | +10.0% |
| 2024 | -82.1% | +10.6% |
| 2025 | -34.3% | +154.8% |
| 2026 | +17.7% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BATL and GDX good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between BATL and GDX?
The BATL/GDX correlation stands at -0.21 on a 3-year window (1 year: -0.37, 5 years: -0.12), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for BATL?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/batl-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/batl-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BATL correlations · GDX correlations
