BTG vs GDX: Correlation
Measured on weekly returns over the past three years, B2Gold Corp (BTG) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTG and GDX?
Over the past 3 years, BTG and GDX moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.87 lands near the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 1924.9 %².
Few assets follow BTG as closely as GDX, which ranks #1 of 16 tracked partners. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 25.0 percentage points (+44.9% for BTG 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.
BTG vs GDX: side by side
| BTG (B2Gold Corp) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +44.9% | +69.9% |
| 5-year return | +85.7% | +245.5% |
| Volatility (ann.) | 55.7% | 40.9% |
| Beta vs S&P 500 | 1.12 | 0.88 |
| Max drawdown (3Y) | -40.7% | -38.9% |
| Market cap | $7.7B | – |
| P/E (trailing) | 10.4 | – |
| Dividend yield | 1.39% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | BTG | GDX |
|---|---|---|
| 2022 | -5.1% | -9.0% |
| 2023 | -7.2% | +10.0% |
| 2024 | -18.1% | +10.6% |
| 2025 | +87.2% | +154.8% |
| 2026 | +30.4% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTG and GDX good diversifiers for each other?
No: a correlation of 0.84 means BTG and GDX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BTG and GDX?
The BTG/GDX correlation stands at 0.84 on a 3-year window (1 year: 0.87, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for BTG?
No: a correlation of 0.84 means BTG and GDX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: BTG correlations · GDX correlations
