GDX vs MTA: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Metalla Royalty & Streaming Ltd. (MTA) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and MTA?
Across a 3-year window, the weekly returns of GDX and MTA correlate at 0.68, strong. The past 12 months show a tighter link (0.79) than the 3-year average (0.68). Stretching to 5 years gives 0.70, with an annualized covariance of 1440.3 %².
By 3-year correlation, MTA places #46 of the 78 assets tracked against GDX. Correlation aside, the last 12 months split them widely, with MTA ahead by 49.8 points (+69.9% versus +119.7%).
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 MTA: side by side
| GDX (VanEck Gold Miners ETF) | MTA (Metalla Royalty & Streaming Ltd.) | |
|---|---|---|
| 1-year return | +69.9% | +119.7% |
| 5-year return | +245.5% | +45.5% |
| Volatility (ann.) | 40.9% | 51.6% |
| Beta vs S&P 500 | 0.88 | 1.16 |
| Max drawdown (3Y) | -38.9% | -44.4% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | MTA |
|---|---|---|
| 2022 | -9.0% | -29.1% |
| 2023 | +10.0% | -37.0% |
| 2024 | +10.6% | -18.5% |
| 2025 | +154.8% | +210.0% |
| 2026 | +20.9% | +41.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and MTA good diversifiers for each other?
Only partially. A correlation of 0.68 means GDX and MTA 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 MTA?
As of 2026-08-27, the correlation of weekly returns between GDX and MTA is 0.68 over 3 years, 0.79 over 1 year and 0.70 over 5 years.
Is MTA a good diversifier for GDX?
Only partially. A correlation of 0.68 means GDX and MTA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
A reading of 0.68 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-mta.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-mta/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · MTA correlations
