FURY vs GDX: Correlation
How closely do Fury Gold Mines Limited (FURY) and VanEck Gold Miners ETF (GDX) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FURY and GDX?
Over the past 3 years, FURY and GDX moved with a correlation of 0.56, which is moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.56 over 3. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 1438.1 %².
Among the 10 assets we track against FURY, GDX ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 47.9 percentage points (+22.0% for FURY against +69.9% for GDX). One caveat on sizing: FURY is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
FURY vs GDX: side by side
| FURY (Fury Gold Mines Limited) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +22.0% | +69.9% |
| 5-year return | -17.1% | +245.5% |
| Volatility (ann.) | 62.8% | 40.9% |
| Beta vs S&P 500 | 0.82 | 0.88 |
| Max drawdown (3Y) | -46.9% | -38.9% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | FURY | GDX |
|---|---|---|
| 2022 | -33.3% | -9.0% |
| 2023 | +18.5% | +10.0% |
| 2024 | -26.9% | +10.6% |
| 2025 | +59.5% | +154.8% |
| 2026 | +5.4% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FURY and GDX good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FURY and GDX?
As of 2026-08-27, the correlation of weekly returns between FURY and GDX is 0.56 over 3 years, 0.59 over 1 year and 0.55 over 5 years.
Is GDX a good diversifier for FURY?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FURY correlations · GDX correlations
