GDX vs IAUX: Correlation
How closely do VanEck Gold Miners ETF (GDX) and i-80 Gold Corp. (IAUX) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and IAUX?
On 3 years of weekly data the GDX/IAUX correlation comes out at 0.61, strong. The link has tightened recently: the 1-year correlation (0.87) runs above the 3-year figure (0.61). The 5-year figure is 0.60, and annualized covariance runs at 2266.6 %².
Within GDX's tracked universe of 78 assets, IAUX comes in at #57 by 3-year correlation. The last year tells two different stories: IAUX led by 82.4 percentage points, +69.9% for GDX against +152.3% for IAUX. One caveat on sizing: IAUX is 2.2 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 IAUX: side by side
| GDX (VanEck Gold Miners ETF) | IAUX (i-80 Gold Corp.) | |
|---|---|---|
| 1-year return | +69.9% | +152.3% |
| 5-year return | +245.5% | -7.4% |
| Volatility (ann.) | 40.9% | 91.2% |
| Beta vs S&P 500 | 0.88 | 1.99 |
| Max drawdown (3Y) | -38.9% | -82.6% |
| Market cap | – | $1.7B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | IAUX |
|---|---|---|
| 2022 | -9.0% | +15.0% |
| 2023 | +10.0% | -37.6% |
| 2024 | +10.6% | -72.4% |
| 2025 | +154.8% | +201.0% |
| 2026 | +20.9% | +31.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and IAUX good diversifiers for each other?
Only partially. A correlation of 0.61 means GDX and IAUX 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 IAUX?
As of 2026-08-27, the correlation of weekly returns between GDX and IAUX is 0.61 over 3 years, 0.87 over 1 year and 0.60 over 5 years.
Is IAUX a good diversifier for GDX?
Only partially. A correlation of 0.61 means GDX and IAUX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 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-iaux.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-iaux/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDX correlations · IAUX correlations
