ELE vs GDX: Correlation
How closely do Elemental Royalty Corporation (ELE) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELE and GDX?
Across a 3-year window, the weekly returns of ELE and GDX correlate at 0.62, strong. The past 12 months show a tighter link (0.73) than the 3-year average (0.62). Stretching to 5 years gives 0.57, with an annualized covariance of 1125.7 %².
In ELE's tracked universe of 11 assets, GDX sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 17.2 percentage points (+52.7% for ELE 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.
ELE vs GDX: side by side
| ELE (Elemental Royalty Corporation) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +52.7% | +69.9% |
| 5-year return | +117.9% | +245.5% |
| Volatility (ann.) | 44.3% | 40.9% |
| Beta vs S&P 500 | 0.87 | 0.88 |
| Max drawdown (3Y) | -40.9% | -38.9% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.27% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | ELE | GDX |
|---|---|---|
| 2022 | -25.3% | -9.0% |
| 2023 | -15.4% | +10.0% |
| 2024 | -3.9% | +10.6% |
| 2025 | +114.0% | +154.8% |
| 2026 | +32.2% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELE and GDX good diversifiers for each other?
Only partially. A correlation of 0.62 means ELE and GDX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ELE and GDX?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.73 over the last year and 0.57 over 5 years.
Is GDX a good diversifier for ELE?
Only partially. A correlation of 0.62 means ELE and GDX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 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/ele-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ele-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELE correlations · GDX correlations
