GAU vs GDX: Correlation
Measured on weekly returns over the past three years, Galiano Gold Inc. (GAU) and VanEck Gold Miners ETF (GDX) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAU and GDX?
On 3 years of weekly data the GAU/GDX correlation comes out at 0.68, strong. The past 12 months show a tighter link (0.84) than the 3-year average (0.68). The 5-year figure is 0.66, and annualized covariance runs at 1960.2 %².
In GAU's tracked universe of 10 assets, GDX sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 56.8 percentage points (+13.1% for GAU against +69.9% for GDX). Note the risk asymmetry: GAU runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
GAU vs GDX: side by side
| GAU (Galiano Gold Inc.) | GDX (VanEck Gold Miners ETF) | |
|---|---|---|
| 1-year return | +13.1% | +69.9% |
| 5-year return | +183.5% | +245.5% |
| Volatility (ann.) | 70.6% | 40.9% |
| Beta vs S&P 500 | 0.93 | 0.88 |
| Max drawdown (3Y) | -51.8% | -38.9% |
| Market cap | $0.6B | – |
| P/E (trailing) | 8.9 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | ETF · Commodities |
Year-by-year returns
| Year | GAU | GDX |
|---|---|---|
| 2022 | -25.7% | -9.0% |
| 2023 | +80.8% | +10.0% |
| 2024 | +30.9% | +10.6% |
| 2025 | +105.7% | +154.8% |
| 2026 | -4.7% | +20.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAU and GDX good diversifiers for each other?
Only partially. A correlation of 0.68 means GAU and GDX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GAU and GDX?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.84 over the last year and 0.66 over 5 years.
Is GDX a good diversifier for GAU?
Only partially. A correlation of 0.68 means GAU and GDX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
A reading of 0.68 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/gau-vs-gdx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gau-vs-gdx/)
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Related comparisons
Hubs: GAU correlations · GDX correlations
