GDX vs PAAS: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Pan American Silver Corp. (PAAS) trade together? Their weekly returns over three years give a correlation of 0.89, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and PAAS?
Across a 3-year window, the weekly returns of GDX and PAAS correlate at 0.89, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.92) sits close to the 3-year figure. Stretching to 5 years gives 0.88, with an annualized covariance of 1984.4 %².
Within GDX's tracked universe of 78 assets, PAAS comes in at #10 by 3-year correlation. Twelve-month performance is nearly a tie, at +69.9% for GDX and +67.9% for PAAS.
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 PAAS: side by side
| GDX (VanEck Gold Miners ETF) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +69.9% | +67.9% |
| 5-year return | +245.5% | +135.6% |
| Volatility (ann.) | 40.9% | 54.5% |
| Beta vs S&P 500 | 0.88 | 1.11 |
| Max drawdown (3Y) | -38.9% | -38.8% |
| Market cap | – | $22.8B |
| P/E (trailing) | – | 16.2 |
| Dividend yield | – | 1.18% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | PAAS |
|---|---|---|
| 2022 | -9.0% | -33.0% |
| 2023 | +10.0% | +2.5% |
| 2024 | +10.6% | +26.6% |
| 2025 | +154.8% | +158.4% |
| 2026 | +20.9% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and PAAS good diversifiers for each other?
No: a correlation of 0.89 means GDX and PAAS tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GDX and PAAS?
As of 2026-08-27, the correlation of weekly returns between GDX and PAAS is 0.89 over 3 years, 0.92 over 1 year and 0.88 over 5 years.
Is PAAS a good diversifier for GDX?
No: a correlation of 0.89 means GDX and PAAS tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.89 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-paas.json
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Related comparisons
Hubs: GDX correlations · PAAS correlations
