GDX vs IAG: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and Iamgold Corporation (IAG) carry a correlation of 0.88, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and IAG?
Over the past 3 years, GDX and IAG moved with a correlation of 0.88, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.94) sits close to the 3-year figure. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 2216.8 %².
By 3-year correlation, IAG places #12 of the 78 assets tracked against GDX. The last year tells two different stories: IAG led by 65.3 percentage points, +69.9% for GDX against +135.2% for IAG. Risk is not evenly split, since IAG carries 1.5 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 IAG: side by side
| GDX (VanEck Gold Miners ETF) | IAG (Iamgold Corporation) | |
|---|---|---|
| 1-year return | +69.9% | +135.2% |
| 5-year return | +245.5% | +832.5% |
| Volatility (ann.) | 40.9% | 61.7% |
| Beta vs S&P 500 | 0.88 | 1.24 |
| Max drawdown (3Y) | -38.9% | -43.3% |
| Market cap | – | $12.3B |
| P/E (trailing) | – | 10.9 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | IAG |
|---|---|---|
| 2022 | -9.0% | -17.6% |
| 2023 | +10.0% | -1.9% |
| 2024 | +10.6% | +104.0% |
| 2025 | +154.8% | +219.6% |
| 2026 | +20.9% | +30.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and IAG good diversifiers for each other?
No. With a correlation of 0.88, GDX and IAG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between GDX and IAG?
Using weekly returns as of 2026-08-27: 0.88 over 3 years, with 0.94 over the last year and 0.83 over 5 years.
Is IAG a good diversifier for GDX?
No. With a correlation of 0.88, GDX and IAG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.88 mean?
On the −1 to +1 scale, 0.88 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-iag.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-iag/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · IAG correlations
