GDX vs MACI: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and Melar Acquisition Corp. I - Class A (MACI) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and MACI?
Across a 3-year window, the weekly returns of GDX and MACI correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.34) than the 3-year average (-0.23). Stretching to 5 years gives n/a, with an annualized covariance of -21.6 %².
MACI is close to the least connected end of GDX's tracked universe, ranking #75 of 78. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 65.5 percentage points (+69.9% for GDX against +4.4% for MACI). Risk is not evenly split, since GDX carries 19.5 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 MACI: side by side
| GDX (VanEck Gold Miners ETF) | MACI (Melar Acquisition Corp. I - Class A) | |
|---|---|---|
| 1-year return | +69.9% | +4.4% |
| 5-year return | +245.5% | n/a |
| Volatility (ann.) | 40.9% | 2.1% |
| Beta vs S&P 500 | 0.88 | -0.03 |
| Max drawdown (3Y) | -38.9% | -2.0% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | 60.9 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | MACI |
|---|---|---|
| 2022 | -9.0% | – |
| 2023 | +10.0% | – |
| 2024 | +10.6% | – |
| 2025 | +154.8% | +5.7% |
| 2026 | +20.9% | +3.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and MACI good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GDX and MACI?
The GDX/MACI correlation stands at -0.23 on a 3-year window (1 year: -0.34, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MACI a good diversifier for GDX?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
A reading of -0.23 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-maci.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-maci/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDX correlations · MACI correlations
