CDE vs GDX: Correlation
How closely do Coeur Mining, Inc. (CDE) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDE and GDX?
Across a 3-year window, the weekly returns of CDE and GDX correlate at 0.78, strong. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 2385.8 %².
In CDE's tracked universe of 10 assets, GDX sits right near the top at #3. Over the last 12 months CDE came out ahead by 8.4 percentage points (+78.3% against +69.9%). One caveat on sizing: CDE is 1.8 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.
CDE vs GDX: side by side
| CDE (Coeur Mining, Inc.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +78.3% | +69.9% |
| 5-year return | +222.7% | +245.5% |
| Volatility (ann.) | 74.8% | 40.9% |
| Beta vs S&P 500 | 1.98 | 0.88 |
| Max drawdown (3Y) | -47.8% | -38.9% |
| Market cap | $22.8B | – |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 0.09% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CDE | GDX |
|---|---|---|
| 2022 | -33.3% | -9.0% |
| 2023 | -3.0% | +10.0% |
| 2024 | +75.5% | +10.6% |
| 2025 | +211.7% | +154.8% |
| 2026 | +24.7% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDE and GDX good diversifiers for each other?
Only partially. A correlation of 0.78 means CDE 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 CDE and GDX?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.86 over the last year and 0.74 over 5 years.
Is GDX a good diversifier for CDE?
Only partially. A correlation of 0.78 means CDE 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 0.78 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/cde-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cde-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDE correlations · GDX correlations
