GDX vs GLD: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and SPDR Gold Shares (GLD) 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 GLD?
On 3 years of weekly data the GDX/GLD correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. The 5-year figure is 0.84, and annualized covariance runs at 646.2 %².
Among the 78 assets we track against GDX, GLD ranks #18 by 3-year correlation. The last year tells two different stories: GDX led by 34.8 percentage points, +69.9% for GDX against +35.1% for GLD. The link looks structural: the rolling one-year correlation barely moved, holding between 0.78 and 0.88. Risk is not evenly split, since GDX carries 2.2 times the volatility of the other side.
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 GLD: side by side
| GDX (VanEck Gold Miners ETF) | GLD (SPDR Gold Shares) | |
|---|---|---|
| 1-year return | +69.9% | +35.1% |
| 5-year return | +245.5% | +149.5% |
| Volatility (ann.) | 40.9% | 18.7% |
| Beta vs S&P 500 | 0.88 | 0.18 |
| Max drawdown (3Y) | -38.9% | -26.4% |
| Sector / category | ETF · Commodities | ETF · Commodities |
Year-by-year returns
| Year | GDX | GLD |
|---|---|---|
| 2022 | -9.0% | -0.8% |
| 2023 | +10.0% | +12.7% |
| 2024 | +10.6% | +26.7% |
| 2025 | +154.8% | +63.7% |
| 2026 | +20.9% | +6.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and GLD good diversifiers for each other?
No. With a correlation of 0.85, GDX and GLD move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between GDX and GLD?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.86 over the last year and 0.84 over 5 years.
Is GLD a good diversifier for GDX?
No. With a correlation of 0.85, GDX and GLD move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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/gdx-vs-gld.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdx-vs-gld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · GLD correlations
