EQX vs VGZ: Correlation
How closely do Equinox Gold Corp. (EQX) and Vista Gold Corp (VGZ) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQX and VGZ?
Over the past 3 years, EQX and VGZ moved with a correlation of 0.61, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.72 versus 0.61 over 3 years. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 2680.2 %².
Within EQX's tracked universe of 16 assets, VGZ comes in at #7 by 3-year correlation. The last year tells two different stories: VGZ led by 39.6 percentage points, +64.7% for EQX against +104.3% for VGZ.
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 VGZ: side by side
| EQX (Equinox Gold Corp.) | VGZ (Vista Gold Corp) | |
|---|---|---|
| 1-year return | +64.7% | +104.3% |
| 5-year return | +98.0% | +197.5% |
| Volatility (ann.) | 56.6% | 77.0% |
| Beta vs S&P 500 | 1.19 | 1.31 |
| Max drawdown (3Y) | -54.0% | -49.5% |
| Market cap | $15.7B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | EQX | VGZ |
|---|---|---|
| 2022 | -51.5% | -29.6% |
| 2023 | +49.1% | -10.0% |
| 2024 | +2.7% | +24.4% |
| 2025 | +179.7% | +251.8% |
| 2026 | -3.8% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQX and VGZ good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EQX and VGZ?
The EQX/VGZ correlation stands at 0.61 on a 3-year window (1 year: 0.72, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is VGZ a good diversifier for EQX?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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/eqx-vs-vgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/eqx-vs-vgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EQX correlations · VGZ correlations
