GDX vs KGC: Correlation
VanEck Gold Miners ETF (GDX) and Kinross Gold Corporation (KGC) show a very strong relationship: their 3-year correlation of weekly returns is 0.92.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and KGC?
On 3 years of weekly data the GDX/KGC correlation comes out at 0.92, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.97 over 1 year against 0.92 over 3. The 5-year figure is 0.91, and annualized covariance runs at 1785.0 %².
Within GDX's tracked universe of 78 assets, KGC comes in at #5 by 3-year correlation. The trailing year gives GDX the advantage: +69.9% versus +61.5%, a 8.4-point spread.
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 KGC: side by side
| GDX (VanEck Gold Miners ETF) | KGC (Kinross Gold Corporation) | |
|---|---|---|
| 1-year return | +69.9% | +61.5% |
| 5-year return | +245.5% | +495.9% |
| Volatility (ann.) | 40.9% | 47.3% |
| Beta vs S&P 500 | 0.88 | 0.97 |
| Max drawdown (3Y) | -38.9% | -40.7% |
| Market cap | – | $38.6B |
| P/E (trailing) | – | 12.3 |
| Dividend yield | – | 0.48% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | KGC |
|---|---|---|
| 2022 | -9.0% | -27.6% |
| 2023 | +10.0% | +51.8% |
| 2024 | +10.6% | +55.6% |
| 2025 | +154.8% | +205.7% |
| 2026 | +20.9% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and KGC good diversifiers for each other?
No: a correlation of 0.92 means GDX and KGC tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GDX and KGC?
Using weekly returns as of 2026-08-27: 0.92 over 3 years, with 0.97 over the last year and 0.91 over 5 years.
Is KGC a good diversifier for GDX?
No: a correlation of 0.92 means GDX and KGC tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.92 mean?
A reading of 0.92 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
$ curl https://www.pairbook.io/api/v1/pairs/gdx-vs-kgc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdx-vs-kgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · KGC correlations
