FNV vs GDX: Correlation
How closely do Franco-Nevada Corporation (FNV) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNV and GDX?
Across a 3-year window, the weekly returns of FNV and GDX correlate at 0.84, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.84 over 3. Stretching to 5 years gives 0.87, with an annualized covariance of 1111.8 %².
Few assets follow FNV as closely as GDX, which ranks #2 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with GDX ahead by 23.3 points (+46.6% 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.
FNV vs GDX: side by side
| FNV (Franco-Nevada Corporation) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +46.6% | +69.9% |
| 5-year return | +97.2% | +245.5% |
| Volatility (ann.) | 32.2% | 40.9% |
| Beta vs S&P 500 | 0.36 | 0.88 |
| Max drawdown (3Y) | -29.2% | -38.9% |
| Market cap | $52.3B | – |
| P/E (trailing) | 35.0 | – |
| Dividend yield | 0.61% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | FNV | GDX |
|---|---|---|
| 2022 | -0.4% | -9.0% |
| 2023 | -18.0% | +10.0% |
| 2024 | +7.4% | +10.6% |
| 2025 | +77.1% | +154.8% |
| 2026 | +31.4% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNV and GDX good diversifiers for each other?
No. With a correlation of 0.84, FNV and GDX move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between FNV and GDX?
The FNV/GDX correlation stands at 0.84 on a 3-year window (1 year: 0.90, 5 years: 0.87), computed from weekly returns as of 2026-08-27.
Is GDX a good diversifier for FNV?
No. With a correlation of 0.84, FNV and GDX move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.84 mean?
A reading of 0.84 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fnv-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: FNV correlations · GDX correlations
