CMCL vs GDX: Correlation
How closely do Caledonia Mining Corporation Plc (CMCL) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCL and GDX?
On 3 years of weekly data the CMCL/GDX correlation comes out at 0.73, strong. The link has tightened recently: the 1-year correlation (0.84) runs above the 3-year figure (0.73). The 5-year figure is 0.71, and annualized covariance runs at 1584.1 %².
In CMCL's tracked universe of 13 assets, GDX sits right near the top at #1. Correlation aside, the last 12 months split them widely, with GDX ahead by 64.5 points (+5.4% versus +69.9%).
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.
CMCL vs GDX: side by side
| CMCL (Caledonia Mining Corporation Plc) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +5.4% | +69.9% |
| 5-year return | +156.5% | +245.5% |
| Volatility (ann.) | 52.7% | 40.9% |
| Beta vs S&P 500 | 1.10 | 0.88 |
| Max drawdown (3Y) | -55.2% | -38.9% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 2.25% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CMCL | GDX |
|---|---|---|
| 2022 | +11.4% | -9.0% |
| 2023 | +2.6% | +10.0% |
| 2024 | -18.9% | +10.6% |
| 2025 | +183.7% | +154.8% |
| 2026 | -1.4% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and GDX good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CMCL and GDX?
As of 2026-08-27, the correlation of weekly returns between CMCL and GDX is 0.73 over 3 years, 0.84 over 1 year and 0.71 over 5 years.
Is GDX a good diversifier for CMCL?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 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/cmcl-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmcl-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMCL correlations · GDX correlations
