BVN vs GDX: Correlation
Buenaventura Mining Company Inc. (BVN) and VanEck Gold Miners ETF (GDX) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BVN and GDX?
Across a 3-year window, the weekly returns of BVN and GDX correlate at 0.62, strong. Lately the two have moved closer together, with the 1-year correlation at 0.83 versus 0.62 over 3 years. Stretching to 5 years gives 0.63, with an annualized covariance of 1146.2 %².
GDX is one of the assets that tracks BVN most closely: it ranks #2 out of the 11 assets we track against BVN. The last year tells two different stories: BVN led by 30.7 percentage points, +100.6% for BVN 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.
BVN vs GDX: side by side
| BVN (Buenaventura Mining Company Inc.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +100.6% | +69.9% |
| 5-year return | +411.8% | +245.5% |
| Volatility (ann.) | 44.9% | 40.9% |
| Beta vs S&P 500 | 0.86 | 0.88 |
| Max drawdown (3Y) | -38.3% | -38.9% |
| Market cap | – | – |
| P/E (trailing) | 8.8 | – |
| Dividend yield | 3.14% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | BVN | GDX |
|---|---|---|
| 2022 | +2.5% | -9.0% |
| 2023 | +106.5% | +10.0% |
| 2024 | -24.1% | +10.6% |
| 2025 | +146.4% | +154.8% |
| 2026 | +34.2% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BVN and GDX good diversifiers for each other?
Only partially. A correlation of 0.62 means BVN and GDX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BVN and GDX?
As of 2026-08-27, the correlation of weekly returns between BVN and GDX is 0.62 over 3 years, 0.83 over 1 year and 0.63 over 5 years.
Is GDX a good diversifier for BVN?
Only partially. A correlation of 0.62 means BVN and GDX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
A reading of 0.62 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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Related comparisons
Hubs: BVN correlations · GDX correlations
