GDX vs HMY: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Harmony Gold Mining Company Limited (HMY) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and HMY?
Across a 3-year window, the weekly returns of GDX and HMY correlate at 0.83, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.89 lands near the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 2147.1 %².
By 3-year correlation, HMY places #23 of the 78 assets tracked against GDX. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 23.8 percentage points (+69.9% for GDX against +46.1% for HMY). One caveat on sizing: HMY 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 HMY: side by side
| GDX (VanEck Gold Miners ETF) | HMY (Harmony Gold Mining Company Limited) | |
|---|---|---|
| 1-year return | +69.9% | +46.1% |
| 5-year return | +245.5% | +492.0% |
| Volatility (ann.) | 40.9% | 63.5% |
| Beta vs S&P 500 | 0.88 | 1.18 |
| Max drawdown (3Y) | -38.9% | -48.8% |
| Market cap | – | – |
| P/E (trailing) | – | 13.9 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | HMY |
|---|---|---|
| 2022 | -9.0% | -16.4% |
| 2023 | +10.0% | +82.5% |
| 2024 | +10.6% | +35.4% |
| 2025 | +154.8% | +144.2% |
| 2026 | +20.9% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and HMY good diversifiers for each other?
No: a correlation of 0.83 means GDX and HMY tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GDX and HMY?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.89 over the last year and 0.82 over 5 years.
Is HMY a good diversifier for GDX?
No: a correlation of 0.83 means GDX and HMY tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 mean?
A reading of 0.83 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: GDX correlations · HMY correlations
