GDX vs OGG: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Osisko Gold Group Inc. (OGG) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and OGG?
On 3 years of weekly data the GDX/OGG correlation comes out at 0.64, strong. The link has tightened recently: the 1-year correlation (0.82) runs above the 3-year figure (0.64). The 5-year figure is 0.61, and annualized covariance runs at 1650.3 %².
Among the 78 assets we track against GDX, OGG ranks #51 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 56.7 percentage points (+69.9% for GDX against +13.2% for OGG). Risk is not evenly split, since OGG carries 1.6 times the volatility of the other side.
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 OGG: side by side
| GDX (VanEck Gold Miners ETF) | OGG (Osisko Gold Group Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +13.2% |
| 5-year return | +245.5% | -73.6% |
| Volatility (ann.) | 40.9% | 63.4% |
| Beta vs S&P 500 | 0.88 | 1.12 |
| Max drawdown (3Y) | -38.9% | -65.8% |
| Market cap | – | $1.0B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | OGG |
|---|---|---|
| 2022 | -9.0% | -55.5% |
| 2023 | +10.0% | -32.3% |
| 2024 | +10.6% | -44.0% |
| 2025 | +154.8% | +114.1% |
| 2026 | +20.9% | -9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and OGG good diversifiers for each other?
Only partially. A correlation of 0.64 means GDX and OGG 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 OGG?
As of 2026-08-27, the correlation of weekly returns between GDX and OGG is 0.64 over 3 years, 0.82 over 1 year and 0.61 over 5 years.
Is OGG a good diversifier for GDX?
Only partially. A correlation of 0.64 means GDX and OGG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gdx-vs-ogg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-ogg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · OGG correlations
