GDX vs OR: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and OR Royalties Inc. (OR) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and OR?
Across a 3-year window, the weekly returns of GDX and OR correlate at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.90 lands near the 3-year figure. Stretching to 5 years gives 0.85, with an annualized covariance of 1298.2 %².
Within GDX's tracked universe of 78 assets, OR comes in at #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 45.2 percentage points (+69.9% for GDX against +24.7% for OR).
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 OR: side by side
| GDX (VanEck Gold Miners ETF) | OR (OR Royalties Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +24.7% |
| 5-year return | +245.5% | +236.7% |
| Volatility (ann.) | 40.9% | 37.9% |
| Beta vs S&P 500 | 0.88 | 0.77 |
| Max drawdown (3Y) | -38.9% | -41.0% |
| Market cap | – | $7.2B |
| P/E (trailing) | – | 28.6 |
| Dividend yield | – | 0.60% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | OR |
|---|---|---|
| 2022 | -9.0% | +0.0% |
| 2023 | +10.0% | +19.8% |
| 2024 | +10.6% | +28.1% |
| 2025 | +154.8% | +96.4% |
| 2026 | +20.9% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and OR good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between GDX and OR?
Using weekly returns as of 2026-08-27: 0.84 over 3 years, with 0.90 over the last year and 0.85 over 5 years.
Is OR a good diversifier for GDX?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
On the −1 to +1 scale, 0.84 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-or.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdx-vs-or/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDX correlations · OR correlations
