GDX vs OGC: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and OceanaGold Corporation (OGC) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and OGC?
On 3 years of weekly data the GDX/OGC correlation comes out at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.91 over 1 year against 0.81 over 3. The 5-year figure is 0.79, and annualized covariance runs at 1656.5 %².
Within GDX's tracked universe of 78 assets, OGC comes in at #24 by 3-year correlation. Over the last 12 months OGC came out ahead by 12.7 percentage points (+69.9% against +82.6%).
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 OGC: side by side
| GDX (VanEck Gold Miners ETF) | OGC (OceanaGold Corporation) | |
|---|---|---|
| 1-year return | +69.9% | +82.6% |
| 5-year return | +245.5% | +489.5% |
| Volatility (ann.) | 40.9% | 50.1% |
| Beta vs S&P 500 | 0.88 | 0.86 |
| Max drawdown (3Y) | -38.9% | -47.7% |
| Market cap | – | $7.0B |
| P/E (trailing) | – | 8.1 |
| Dividend yield | – | 0.78% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | OGC |
|---|---|---|
| 2022 | -9.0% | +9.8% |
| 2023 | +10.0% | +2.1% |
| 2024 | +10.6% | +45.1% |
| 2025 | +154.8% | +243.9% |
| 2026 | +20.9% | +12.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and OGC good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between GDX and OGC?
As of 2026-08-27, the correlation of weekly returns between GDX and OGC is 0.81 over 3 years, 0.91 over 1 year and 0.79 over 5 years.
Is OGC a good diversifier for GDX?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: GDX correlations · OGC correlations
