EQX vs GDX: Correlation
How closely do Equinox Gold Corp. (EQX) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQX and GDX?
Over the past 3 years, EQX and GDX moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. The link has tightened recently: the 1-year correlation (0.92) runs above the 3-year figure (0.80). Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 1850.8 %².
GDX is one of the assets that tracks EQX most closely: it ranks #1 out of the 16 assets we track against EQX. On 12-month performance GDX holds a 5.2-point edge, +64.7% against +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.
EQX vs GDX: side by side
| EQX (Equinox Gold Corp.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +64.7% | +69.9% |
| 5-year return | +98.0% | +245.5% |
| Volatility (ann.) | 56.6% | 40.9% |
| Beta vs S&P 500 | 1.19 | 0.88 |
| Max drawdown (3Y) | -54.0% | -38.9% |
| Market cap | $15.7B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 0.22% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | EQX | GDX |
|---|---|---|
| 2022 | -51.5% | -9.0% |
| 2023 | +49.1% | +10.0% |
| 2024 | +2.7% | +10.6% |
| 2025 | +179.7% | +154.8% |
| 2026 | -3.8% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQX and GDX good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between EQX and GDX?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.92 over the last year and 0.82 over 5 years.
Is GDX a good diversifier for EQX?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 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.
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Related comparisons
Hubs: EQX correlations · GDX correlations
