GDX vs GGN: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and GAMCO Global Gold, Natural Resources & Income Trust (GGN) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and GGN?
Across a 3-year window, the weekly returns of GDX and GGN correlate at 0.85, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.91 over 1 year against 0.85 over 3. Stretching to 5 years gives 0.80, with an annualized covariance of 641.7 %².
By 3-year correlation, GGN places #17 of the 78 assets tracked against GDX. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 41.3 percentage points (+69.9% for GDX against +28.6% for GGN). Note the risk asymmetry: GDX runs 2.2 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.
GDX vs GGN: side by side
| GDX (VanEck Gold Miners ETF) | GGN (GAMCO Global Gold, Natural Resources & Income Trust) | |
|---|---|---|
| 1-year return | +69.9% | +28.6% |
| 5-year return | +245.5% | +128.2% |
| Volatility (ann.) | 40.9% | 18.5% |
| Beta vs S&P 500 | 0.88 | 0.36 |
| Max drawdown (3Y) | -38.9% | -16.9% |
| Market cap | – | – |
| P/E (trailing) | – | 2.8 |
| Dividend yield | – | 6.36% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | GGN |
|---|---|---|
| 2022 | -9.0% | +6.8% |
| 2023 | +10.0% | +14.1% |
| 2024 | +10.6% | +9.6% |
| 2025 | +154.8% | +48.2% |
| 2026 | +20.9% | +15.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and GGN good diversifiers for each other?
No: a correlation of 0.85 means GDX and GGN tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GDX and GGN?
As of 2026-08-27, the correlation of weekly returns between GDX and GGN is 0.85 over 3 years, 0.91 over 1 year and 0.80 over 5 years.
Is GGN a good diversifier for GDX?
No: a correlation of 0.85 means GDX and GGN tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
A reading of 0.85 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/gdx-vs-ggn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-ggn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · GGN correlations
