GDEV vs SCZM: Correlation
How closely do GDEV Inc. (GDEV) and Santacruz Silver Mining Ltd. (SCZM) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDEV and SCZM?
Across a 3-year window, the weekly returns of GDEV and SCZM correlate at 0.30, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Stretching to 5 years gives 0.12, with an annualized covariance of 2496.6 %².
Within GDEV's tracked universe of 11 assets, SCZM comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SCZM ahead by 133.0 points (-24.2% versus +108.8%).
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.
GDEV vs SCZM: side by side
| GDEV (GDEV Inc.) | SCZM (Santacruz Silver Mining Ltd.) | |
|---|---|---|
| 1-year return | -24.2% | +108.8% |
| 5-year return | -84.9% | +818.6% |
| Volatility (ann.) | 87.8% | 96.4% |
| Beta vs S&P 500 | 1.24 | 1.72 |
| Max drawdown (3Y) | -77.9% | -63.2% |
| Market cap | $0.2B | $0.9B |
| P/E (trailing) | 2.7 | 21.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GDEV | SCZM |
|---|---|---|
| 2022 | -20.8% | +25.0% |
| 2023 | -65.4% | -38.3% |
| 2024 | -12.5% | +5.5% |
| 2025 | -6.3% | +1137.2% |
| 2026 | -28.0% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDEV and SCZM good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GDEV and SCZM?
The GDEV/SCZM correlation stands at 0.30 on a 3-year window (1 year: 0.39, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is SCZM a good diversifier for GDEV?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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/gdev-vs-sczm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdev-vs-sczm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDEV correlations · SCZM correlations
