GDX vs GROY: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Gold Royalty Corp. (GROY) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and GROY?
On 3 years of weekly data the GDX/GROY correlation comes out at 0.71, strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.71 over 3. The 5-year figure is 0.66, and annualized covariance runs at 1594.4 %².
Among the 78 assets we track against GDX, GROY ranks #41 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 65.6 percentage points (+69.9% for GDX against +4.3% for GROY).
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 GROY: side by side
| GDX (VanEck Gold Miners ETF) | GROY (Gold Royalty Corp.) | |
|---|---|---|
| 1-year return | +69.9% | +4.3% |
| 5-year return | +245.5% | -15.6% |
| Volatility (ann.) | 40.9% | 55.2% |
| Beta vs S&P 500 | 0.88 | 1.04 |
| Max drawdown (3Y) | -38.9% | -51.6% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | GROY |
|---|---|---|
| 2022 | -9.0% | -52.0% |
| 2023 | +10.0% | -36.3% |
| 2024 | +10.6% | -17.7% |
| 2025 | +154.8% | +233.9% |
| 2026 | +20.9% | -15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and GROY good diversifiers for each other?
Only partially. A correlation of 0.71 means GDX and GROY 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 GROY?
As of 2026-08-27, the correlation of weekly returns between GDX and GROY is 0.71 over 3 years, 0.76 over 1 year and 0.66 over 5 years.
Is GROY a good diversifier for GDX?
Only partially. A correlation of 0.71 means GDX and GROY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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-groy.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-groy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · GROY correlations
