GDX vs NEM: Correlation
VanEck Gold Miners ETF (GDX) and Newmont (NEM) show a very strong relationship: their 3-year correlation of weekly returns is 0.90.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and NEM?
Over the past 3 years, GDX and NEM moved with a correlation of 0.90, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.94) sits close to the 3-year figure. Over 5 years the correlation is 0.89, and the annualized covariance of weekly returns is 1585.7 %².
Among the 78 assets we track against GDX, NEM ranks #7 by 3-year correlation. On 12-month performance NEM holds a 14.8-point edge, +69.9% against +84.7%. Stability stands out here, with the rolling one-year correlation confined to 0.82 through 0.94.
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 NEM: side by side
| GDX (VanEck Gold Miners ETF) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +69.9% | +84.7% |
| 5-year return | +245.5% | +165.9% |
| Volatility (ann.) | 40.9% | 43.0% |
| Beta vs S&P 500 | 0.88 | 0.87 |
| Max drawdown (3Y) | -38.9% | -36.6% |
| Market cap | – | $139.4B |
| P/E (trailing) | – | 16.6 |
| Dividend yield | – | 0.78% |
| Sector / category | ETF · Commodities | Materials |
Year-by-year returns
| Year | GDX | NEM |
|---|---|---|
| 2022 | -9.0% | -20.8% |
| 2023 | +10.0% | -8.8% |
| 2024 | +10.6% | -7.8% |
| 2025 | +154.8% | +172.8% |
| 2026 | +20.9% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and NEM good diversifiers for each other?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between GDX and NEM?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.94 over the last year and 0.89 over 5 years.
Is NEM a good diversifier for GDX?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.90 mean?
A reading of 0.90 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GDX correlations · NEM correlations
