EGO vs GDX: Correlation
Measured on weekly returns over the past three years, Eldorado Gold Corporation (EGO) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EGO and GDX?
Over the past 3 years, EGO and GDX moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 1761.3 %².
Few assets follow EGO as closely as GDX, which ranks #1 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with EGO ahead by 28.7 points (+98.6% 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.
EGO vs GDX: side by side
| EGO (Eldorado Gold Corporation) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +98.6% | +69.9% |
| 5-year return | +463.3% | +245.5% |
| Volatility (ann.) | 50.3% | 40.9% |
| Beta vs S&P 500 | 0.73 | 0.88 |
| Max drawdown (3Y) | -44.0% | -38.9% |
| Market cap | $12.5B | – |
| P/E (trailing) | 16.7 | – |
| Dividend yield | 0.32% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | EGO | GDX |
|---|---|---|
| 2022 | -10.6% | -9.0% |
| 2023 | +55.1% | +10.0% |
| 2024 | +14.6% | +10.6% |
| 2025 | +141.6% | +154.8% |
| 2026 | +34.2% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EGO and GDX good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EGO and GDX?
The EGO/GDX correlation stands at 0.86 on a 3-year window (1 year: 0.87, 5 years: 0.85), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for EGO?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.86 mean?
On the −1 to +1 scale, 0.86 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/ego-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ego-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: EGO correlations · GDX correlations
