GDX vs MUX: Correlation
VanEck Gold Miners ETF (GDX) and McEwen Inc. (MUX) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and MUX?
Across a 3-year window, the weekly returns of GDX and MUX correlate at 0.74, strong. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Stretching to 5 years gives 0.73, with an annualized covariance of 1721.6 %².
By 3-year correlation, MUX places #35 of the 78 assets tracked against GDX. Their recent paths diverged sharply: over the last 12 months MUX outperformed by 27.4 percentage points (+69.9% for GDX against +97.3% for MUX).
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 MUX: side by side
| GDX (VanEck Gold Miners ETF) | MUX (McEwen Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +97.3% |
| 5-year return | +245.5% | +90.0% |
| Volatility (ann.) | 40.9% | 56.7% |
| Beta vs S&P 500 | 0.88 | 1.41 |
| Max drawdown (3Y) | -38.9% | -46.5% |
| Market cap | – | $1.3B |
| P/E (trailing) | – | 16.7 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | MUX |
|---|---|---|
| 2022 | -9.0% | -33.9% |
| 2023 | +10.0% | +23.0% |
| 2024 | +10.6% | +7.9% |
| 2025 | +154.8% | +137.9% |
| 2026 | +20.9% | +17.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and MUX good diversifiers for each other?
Only partially. A correlation of 0.74 means GDX and MUX 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 MUX?
The GDX/MUX correlation stands at 0.74 on a 3-year window (1 year: 0.84, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is MUX a good diversifier for GDX?
Only partially. A correlation of 0.74 means GDX and MUX share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gdx-vs-mux.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: GDX correlations · MUX correlations
