GDX vs HL: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Hecla Mining Company (HL) trade together? Their weekly returns over three years give a correlation of 0.79, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and HL?
On 3 years of weekly data the GDX/HL correlation comes out at 0.79, strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 2165.5 %².
Among the 78 assets we track against GDX, HL ranks #28 by 3-year correlation. The last year tells two different stories: HL led by 97.2 percentage points, +69.9% for GDX against +167.1% for HL. One caveat on sizing: HL is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 HL: side by side
| GDX (VanEck Gold Miners ETF) | HL (Hecla Mining Company) | |
|---|---|---|
| 1-year return | +69.9% | +167.1% |
| 5-year return | +245.5% | +265.0% |
| Volatility (ann.) | 40.9% | 66.9% |
| Beta vs S&P 500 | 0.88 | 1.50 |
| Max drawdown (3Y) | -38.9% | -55.8% |
| Market cap | – | $14.4B |
| P/E (trailing) | – | 24.9 |
| Dividend yield | – | 0.07% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | HL |
|---|---|---|
| 2022 | -9.0% | +7.0% |
| 2023 | +10.0% | -13.0% |
| 2024 | +10.6% | +2.8% |
| 2025 | +154.8% | +291.8% |
| 2026 | +20.9% | +11.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and HL good diversifiers for each other?
Only partially. A correlation of 0.79 means GDX and HL 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 HL?
The GDX/HL correlation stands at 0.79 on a 3-year window (1 year: 0.82, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is HL a good diversifier for GDX?
Only partially. A correlation of 0.79 means GDX and HL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 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-hl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-hl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · HL correlations
