FSM vs GDX: Correlation
Measured on weekly returns over the past three years, Fortuna Mining Corp. (FSM) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSM and GDX?
Across a 3-year window, the weekly returns of FSM and GDX correlate at 0.80, very strong, meaning they move nearly in lockstep. The link has tightened recently: the 1-year correlation (0.93) runs above the 3-year figure (0.80). Stretching to 5 years gives 0.77, with an annualized covariance of 1956.5 %².
Within FSM's tracked universe of 12 assets, GDX comes in at #4 by 3-year correlation. Twelve-month performance is nearly a tie, at +69.0% for FSM and +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.
FSM vs GDX: side by side
| FSM (Fortuna Mining Corp.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +69.0% | +69.9% |
| 5-year return | +196.5% | +245.5% |
| Volatility (ann.) | 59.4% | 40.9% |
| Beta vs S&P 500 | 1.22 | 0.88 |
| Max drawdown (3Y) | -41.2% | -38.9% |
| Market cap | $3.8B | – |
| P/E (trailing) | 10.8 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | FSM | GDX |
|---|---|---|
| 2022 | -3.8% | -9.0% |
| 2023 | +2.9% | +10.0% |
| 2024 | +11.1% | +10.6% |
| 2025 | +128.7% | +154.8% |
| 2026 | +30.6% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSM and GDX good diversifiers for each other?
No: a correlation of 0.80 means FSM and GDX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FSM and GDX?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.93 over the last year and 0.77 over 5 years.
Is GDX a good diversifier for FSM?
No: a correlation of 0.80 means FSM and GDX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
A reading of 0.80 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/fsm-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fsm-vs-gdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FSM correlations · GDX correlations
