GDX vs GNT: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and GAMCO Natural Resources, Gold & Income Trust (GNT) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and GNT?
Over the past 3 years, GDX and GNT moved with a correlation of 0.71, which is strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.71 over 3. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 612.4 %².
Among the 78 assets we track against GDX, GNT ranks #40 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 18.8 percentage points (+69.9% for GDX against +51.1% for GNT). Risk is not evenly split, since GDX carries 1.9 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 GNT: side by side
| GDX (VanEck Gold Miners ETF) | GNT (GAMCO Natural Resources, Gold & Income Trust) | |
|---|---|---|
| 1-year return | +69.9% | +51.1% |
| 5-year return | +245.5% | +152.2% |
| Volatility (ann.) | 40.9% | 21.0% |
| Beta vs S&P 500 | 0.88 | 0.40 |
| Max drawdown (3Y) | -38.9% | -15.7% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 3.2 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | GNT |
|---|---|---|
| 2022 | -9.0% | +2.8% |
| 2023 | +10.0% | +7.8% |
| 2024 | +10.6% | +10.5% |
| 2025 | +154.8% | +52.4% |
| 2026 | +20.9% | +32.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and GNT good diversifiers for each other?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GDX and GNT?
As of 2026-08-27, the correlation of weekly returns between GDX and GNT is 0.71 over 3 years, 0.72 over 1 year and 0.69 over 5 years.
Is GNT a good diversifier for GDX?
To a limited degree. At 0.71 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.71 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gdx-vs-gnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-gnt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDX correlations · GNT correlations
