GDX vs NEXM: Correlation
How closely do VanEck Gold Miners ETF (GDX) and NexMetals Mining Corp. (NEXM) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and NEXM?
On 3 years of weekly data the GDX/NEXM correlation comes out at 0.35, moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.35). The 5-year figure is 0.30, and annualized covariance runs at 1057.2 %².
By 3-year correlation, NEXM places #65 of the 78 assets tracked against GDX. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 123.7 percentage points (+69.9% for GDX against -53.8% for NEXM). One caveat on sizing: NEXM is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 NEXM: side by side
| GDX (VanEck Gold Miners ETF) | NEXM (NexMetals Mining Corp.) | |
|---|---|---|
| 1-year return | +69.9% | -53.8% |
| 5-year return | +245.5% | -87.5% |
| Volatility (ann.) | 40.9% | 73.4% |
| Beta vs S&P 500 | 0.88 | 1.07 |
| Max drawdown (3Y) | -38.9% | -92.1% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | NEXM |
|---|---|---|
| 2022 | -9.0% | -29.6% |
| 2023 | +10.0% | -22.1% |
| 2024 | +10.6% | -67.8% |
| 2025 | +154.8% | -34.8% |
| 2026 | +20.9% | -36.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and NEXM good diversifiers for each other?
Reasonably. At 0.35, GDX and NEXM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GDX and NEXM?
As of 2026-08-27, the correlation of weekly returns between GDX and NEXM is 0.35 over 3 years, 0.64 over 1 year and 0.30 over 5 years.
Is NEXM a good diversifier for GDX?
Reasonably. At 0.35, GDX and NEXM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 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-nexm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdx-vs-nexm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDX correlations · NEXM correlations
