DC vs GDX: Correlation
Dakota Gold Corp. (DC) and VanEck Gold Miners ETF (GDX) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DC and GDX?
Over the past 3 years, DC and GDX moved with a correlation of 0.63, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.80 versus 0.63 over 3 years. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 1579.6 %².
Within DC's tracked universe of 12 assets, GDX comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 20.6 percentage points (+49.3% for DC 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.
DC vs GDX: side by side
| DC (Dakota Gold Corp.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +49.3% | +69.9% |
| 5-year return | -9.6% | +245.5% |
| Volatility (ann.) | 61.3% | 40.9% |
| Beta vs S&P 500 | 1.26 | 0.88 |
| Max drawdown (3Y) | -41.7% | -38.9% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | DC | GDX |
|---|---|---|
| 2022 | – | -9.0% |
| 2023 | -14.1% | +10.0% |
| 2024 | -16.0% | +10.6% |
| 2025 | +158.2% | +154.8% |
| 2026 | +9.9% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DC and GDX good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DC and GDX?
The DC/GDX correlation stands at 0.63 on a 3-year window (1 year: 0.80, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for DC?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 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/dc-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dc-vs-gdx/)
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Related comparisons
Hubs: DC correlations · GDX correlations
