GDX vs NFGC: Correlation
VanEck Gold Miners ETF (GDX) and New Found Gold Corp (NFGC) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and NFGC?
Over the past 3 years, GDX and NFGC moved with a correlation of 0.62, which is strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 1619.4 %².
By 3-year correlation, NFGC places #56 of the 78 assets tracked against GDX. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 54.5 percentage points (+69.9% for GDX against +15.4% for NFGC). Note the risk asymmetry: NFGC runs 1.6 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 NFGC: side by side
| GDX (VanEck Gold Miners ETF) | NFGC (New Found Gold Corp) | |
|---|---|---|
| 1-year return | +69.9% | +15.4% |
| 5-year return | +245.5% | -71.1% |
| Volatility (ann.) | 40.9% | 64.2% |
| Beta vs S&P 500 | 0.88 | 1.22 |
| Max drawdown (3Y) | -38.9% | -78.7% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | NFGC |
|---|---|---|
| 2022 | -9.0% | -43.5% |
| 2023 | +10.0% | -13.4% |
| 2024 | +10.6% | -48.0% |
| 2025 | +154.8% | +63.2% |
| 2026 | +20.9% | -34.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and NFGC good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GDX and NFGC?
As of 2026-08-27, the correlation of weekly returns between GDX and NFGC is 0.62 over 3 years, 0.66 over 1 year and 0.60 over 5 years.
Is NFGC a good diversifier for GDX?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
A reading of 0.62 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-nfgc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-nfgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · NFGC correlations
