GDX vs NG: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Novagold Resources Inc. (NG) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and NG?
On 3 years of weekly data the GDX/NG correlation comes out at 0.58, moderate. The past 12 months show a tighter link (0.84) than the 3-year average (0.58). The 5-year figure is 0.62, and annualized covariance runs at 1703.6 %².
By 3-year correlation, NG places #60 of the 78 assets tracked against GDX. Correlation aside, the last 12 months split them widely, with GDX ahead by 31.5 points (+69.9% versus +38.4%). Note the risk asymmetry: NG runs 1.8 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 NG: side by side
| GDX (VanEck Gold Miners ETF) | NG (Novagold Resources Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +38.4% |
| 5-year return | +245.5% | +28.8% |
| Volatility (ann.) | 40.9% | 72.0% |
| Beta vs S&P 500 | 0.88 | 1.55 |
| Max drawdown (3Y) | -38.9% | -63.5% |
| Market cap | – | $4.0B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | NG |
|---|---|---|
| 2022 | -9.0% | -12.8% |
| 2023 | +10.0% | -37.5% |
| 2024 | +10.6% | -11.0% |
| 2025 | +154.8% | +179.9% |
| 2026 | +20.9% | -2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and NG good diversifiers for each other?
Only partially. A correlation of 0.58 means GDX and NG 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 NG?
The GDX/NG correlation stands at 0.58 on a 3-year window (1 year: 0.84, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is NG a good diversifier for GDX?
Only partially. A correlation of 0.58 means GDX and NG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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-ng.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-ng/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · NG correlations
