GDX vs NEWP: Correlation
VanEck Gold Miners ETF (GDX) and New Pacific Metals Corp. (NEWP) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and NEWP?
On 3 years of weekly data the GDX/NEWP correlation comes out at 0.72, strong. Little has changed lately, as the 1-year reading of 0.77 lands near the 3-year figure. The 5-year figure is 0.66, and annualized covariance runs at 2242.0 %².
Within GDX's tracked universe of 78 assets, NEWP comes in at #39 by 3-year correlation. The last year tells two different stories: NEWP led by 248.7 percentage points, +69.9% for GDX against +318.6% for NEWP. Note the risk asymmetry: NEWP runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 NEWP: side by side
| GDX (VanEck Gold Miners ETF) | NEWP (New Pacific Metals Corp.) | |
|---|---|---|
| 1-year return | +69.9% | +318.6% |
| 5-year return | +245.5% | +96.6% |
| Volatility (ann.) | 40.9% | 76.6% |
| Beta vs S&P 500 | 0.88 | 1.96 |
| Max drawdown (3Y) | -38.9% | -64.6% |
| Market cap | – | $1.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | NEWP |
|---|---|---|
| 2022 | -9.0% | -23.5% |
| 2023 | +10.0% | -15.1% |
| 2024 | +10.6% | -38.2% |
| 2025 | +154.8% | +197.5% |
| 2026 | +20.9% | +111.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and NEWP good diversifiers for each other?
Only partially. A correlation of 0.72 means GDX and NEWP 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 NEWP?
As of 2026-08-27, the correlation of weekly returns between GDX and NEWP is 0.72 over 3 years, 0.77 over 1 year and 0.66 over 5 years.
Is NEWP a good diversifier for GDX?
Only partially. A correlation of 0.72 means GDX and NEWP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.72 mean?
A reading of 0.72 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-newp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdx-vs-newp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · NEWP correlations
