CNL vs GDX: Correlation
Measured on weekly returns over the past three years, Collective Mining Ltd. (CNL) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNL and GDX?
Across a 3-year window, the weekly returns of CNL and GDX correlate at 0.60, strong. The past 12 months show a tighter link (0.76) than the 3-year average (0.60). Stretching to 5 years gives 0.36, with an annualized covariance of 1478.6 %².
In CNL's tracked universe of 10 assets, GDX sits right near the top at #3. The last year tells two different stories: GDX led by 38.9 percentage points, +31.0% for CNL 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.
CNL vs GDX: side by side
| CNL (Collective Mining Ltd.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +31.0% | +69.9% |
| 5-year return | +565.6% | +245.5% |
| Volatility (ann.) | 59.9% | 40.9% |
| Beta vs S&P 500 | 0.70 | 0.88 |
| Max drawdown (3Y) | -51.6% | -38.9% |
| Market cap | $1.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CNL | GDX |
|---|---|---|
| 2022 | -12.8% | -9.0% |
| 2023 | +67.4% | +10.0% |
| 2024 | +29.6% | +10.6% |
| 2025 | +250.7% | +154.8% |
| 2026 | +9.8% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNL and GDX good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CNL and GDX?
The CNL/GDX correlation stands at 0.60 on a 3-year window (1 year: 0.76, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for CNL?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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/cnl-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnl-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNL correlations · GDX correlations
