CGAU vs GDX: Correlation
How closely do Centerra Gold Inc. (CGAU) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.88, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGAU and GDX?
On 3 years of weekly data the CGAU/GDX correlation comes out at 0.88, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.95) sits close to the 3-year figure. The 5-year figure is 0.81, and annualized covariance runs at 1640.6 %².
In CGAU's tracked universe of 20 assets, GDX sits right near the top at #1. The last year tells two different stories: CGAU led by 143.5 percentage points, +213.4% for CGAU 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.
CGAU vs GDX: side by side
| CGAU (Centerra Gold Inc.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +213.4% | +69.9% |
| 5-year return | +269.1% | +245.5% |
| Volatility (ann.) | 45.7% | 40.9% |
| Beta vs S&P 500 | 1.13 | 0.88 |
| Max drawdown (3Y) | -29.5% | -38.9% |
| Market cap | $4.7B | – |
| P/E (trailing) | 7.6 | – |
| Dividend yield | 0.84% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CGAU | GDX |
|---|---|---|
| 2022 | -30.2% | -9.0% |
| 2023 | +19.4% | +10.0% |
| 2024 | -1.4% | +10.6% |
| 2025 | +156.7% | +154.8% |
| 2026 | +70.1% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGAU and GDX good diversifiers for each other?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CGAU and GDX?
As of 2026-08-27, the correlation of weekly returns between CGAU and GDX is 0.88 over 3 years, 0.95 over 1 year and 0.81 over 5 years.
Is GDX a good diversifier for CGAU?
Not really. At 0.88, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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/cgau-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgau-vs-gdx/)
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Related comparisons
Hubs: CGAU correlations · GDX correlations
