GDX vs MAKO: Correlation
VanEck Gold Miners ETF (GDX) and Mako Mining Corp (MAKO) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and MAKO?
Across a 3-year window, the weekly returns of GDX and MAKO correlate at 0.63, strong. Lately the two have moved closer together, with the 1-year correlation at 0.79 versus 0.63 over 3 years. Stretching to 5 years gives 0.57, with an annualized covariance of 1484.3 %².
By 3-year correlation, MAKO places #53 of the 78 assets tracked against GDX. Their recent paths diverged sharply: over the last 12 months MAKO outperformed by 77.7 percentage points (+69.9% for GDX against +147.6% for MAKO).
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 MAKO: side by side
| GDX (VanEck Gold Miners ETF) | MAKO (Mako Mining Corp) | |
|---|---|---|
| 1-year return | +69.9% | +147.6% |
| 5-year return | +245.5% | +320.0% |
| Volatility (ann.) | 40.9% | 57.6% |
| Beta vs S&P 500 | 0.88 | 1.23 |
| Max drawdown (3Y) | -38.9% | -31.9% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | 18.5 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | MAKO |
|---|---|---|
| 2022 | -9.0% | -67.7% |
| 2023 | +10.0% | +105.0% |
| 2024 | +10.6% | +7.8% |
| 2025 | +154.8% | +162.4% |
| 2026 | +20.9% | +88.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and MAKO good diversifiers for each other?
Only partially. A correlation of 0.63 means GDX and MAKO 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 MAKO?
The GDX/MAKO correlation stands at 0.63 on a 3-year window (1 year: 0.79, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is MAKO a good diversifier for GDX?
Only partially. A correlation of 0.63 means GDX and MAKO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
A reading of 0.63 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-mako.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdx-vs-mako/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · MAKO correlations
