CTGO vs GDX: Correlation
Measured on weekly returns over the past three years, Contango Silver & Gold Inc. (CTGO) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTGO and GDX?
Across a 3-year window, the weekly returns of CTGO and GDX correlate at 0.56, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.80 versus 0.56 over 3 years. Stretching to 5 years gives 0.44, with an annualized covariance of 1524.3 %².
GDX is one of the assets that tracks CTGO most closely: it ranks #3 out of the 11 assets we track against CTGO. Correlation aside, the last 12 months split them widely, with GDX ahead by 73.2 points (-3.3% versus +69.9%). Note the risk asymmetry: CTGO runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CTGO vs GDX: side by side
| CTGO (Contango Silver & Gold Inc.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | -3.3% | +69.9% |
| 5-year return | +13.2% | +245.5% |
| Volatility (ann.) | 66.5% | 40.9% |
| Beta vs S&P 500 | 1.34 | 0.88 |
| Max drawdown (3Y) | -64.1% | -38.9% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | CTGO | GDX |
|---|---|---|
| 2022 | -10.5% | -9.0% |
| 2023 | -21.0% | +10.0% |
| 2024 | -44.7% | +10.6% |
| 2025 | +163.6% | +154.8% |
| 2026 | -22.8% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTGO and GDX good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CTGO and GDX?
As of 2026-08-27, the correlation of weekly returns between CTGO and GDX is 0.56 over 3 years, 0.80 over 1 year and 0.44 over 5 years.
Is GDX a good diversifier for CTGO?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CTGO correlations · GDX correlations
