GDX vs QQQ: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and QQQ?
Over the past 3 years, GDX and QQQ moved with a correlation of 0.28, which is weak. The link has tightened recently: the 1-year correlation (0.40) runs above the 3-year figure (0.28). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 223.9 %².
By 3-year correlation, QQQ places #67 of the 78 assets tracked against GDX. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 43.6 percentage points (+69.9% for GDX against +26.3% for QQQ). Across three years, the rolling one-year figure varied moderately, from 0.05 to 0.54. Note the risk asymmetry: GDX runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 QQQ: side by side
| GDX (VanEck Gold Miners ETF) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +69.9% | +26.3% |
| 5-year return | +245.5% | +95.4% |
| Volatility (ann.) | 40.9% | 19.6% |
| Beta vs S&P 500 | 0.88 | 1.28 |
| Max drawdown (3Y) | -38.9% | -22.8% |
| Dividend yield | – | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | ETF · Commodities | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | GDX | QQQ |
|---|---|---|
| 2022 | -9.0% | -32.6% |
| 2023 | +10.0% | +54.9% |
| 2024 | +10.6% | +25.6% |
| 2025 | +154.8% | +20.8% |
| 2026 | +20.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and QQQ good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GDX and QQQ?
The GDX/QQQ correlation stands at 0.28 on a 3-year window (1 year: 0.40, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for GDX?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · QQQ correlations
