GDX vs PARR: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Par Pacific Holdings, Inc. (PARR) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and PARR?
Over the past 3 years, GDX and PARR moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.50 versus -0.19 over 3 years. Over 5 years the correlation is -0.05, and the annualized covariance of weekly returns is -392.1 %².
Within GDX's tracked universe of 78 assets, PARR comes in at #71 by 3-year correlation. The last year tells two different stories: PARR led by 55.6 percentage points, +69.9% for GDX against +125.5% for PARR.
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 PARR: side by side
| GDX (VanEck Gold Miners ETF) | PARR (Par Pacific Holdings, Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +125.5% |
| 5-year return | +245.5% | +375.6% |
| Volatility (ann.) | 40.9% | 51.3% |
| Beta vs S&P 500 | 0.88 | 0.13 |
| Max drawdown (3Y) | -38.9% | -69.7% |
| Market cap | – | $3.9B |
| P/E (trailing) | – | 4.4 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | PARR |
|---|---|---|
| 2022 | -9.0% | +41.0% |
| 2023 | +10.0% | +56.4% |
| 2024 | +10.6% | -54.9% |
| 2025 | +154.8% | +114.4% |
| 2026 | +20.9% | +119.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and PARR good diversifiers for each other?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between GDX and PARR?
The GDX/PARR correlation stands at -0.19 on a 3-year window (1 year: -0.50, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is PARR a good diversifier for GDX?
Yes: at -0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.19 mean?
A reading of -0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gdx-vs-parr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-parr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDX correlations · PARR correlations
