GDX vs GLDG: Correlation
How closely do VanEck Gold Miners ETF (GDX) and GoldMining Inc. (GLDG) 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 GDX and GLDG?
On 3 years of weekly data the GDX/GLDG correlation comes out at 0.56, moderate. The link has tightened recently: the 1-year correlation (0.68) runs above the 3-year figure (0.56). The 5-year figure is 0.56, and annualized covariance runs at 1191.8 %².
Among the 78 assets we track against GDX, GLDG ranks #64 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GDX ahead by 47.3 points (+69.9% versus +22.6%).
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 GLDG: side by side
| GDX (VanEck Gold Miners ETF) | GLDG (GoldMining Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +22.6% |
| 5-year return | +245.5% | -8.1% |
| Volatility (ann.) | 40.9% | 52.0% |
| Beta vs S&P 500 | 0.88 | 0.47 |
| Max drawdown (3Y) | -38.9% | -61.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | GLDG |
|---|---|---|
| 2022 | -9.0% | -5.8% |
| 2023 | +10.0% | -14.2% |
| 2024 | +10.6% | -16.5% |
| 2025 | +154.8% | +54.3% |
| 2026 | +20.9% | -8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and GLDG good diversifiers for each other?
Only partially. A correlation of 0.56 means GDX and GLDG 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 GDX and GLDG?
The GDX/GLDG correlation stands at 0.56 on a 3-year window (1 year: 0.68, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is GLDG a good diversifier for GDX?
Only partially. A correlation of 0.56 means GDX and GLDG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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-gldg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-gldg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · GLDG correlations
