GDX vs SA: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Seabridge Gold, Inc. (SA) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and SA?
Over the past 3 years, GDX and SA moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Over 5 years the correlation is 0.80, and the annualized covariance of weekly returns is 1844.4 %².
Within GDX's tracked universe of 78 assets, SA comes in at #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SA outperformed by 35.2 percentage points (+69.9% for GDX against +105.1% for SA).
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 SA: side by side
| GDX (VanEck Gold Miners ETF) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +105.1% |
| 5-year return | +245.5% | +93.2% |
| Volatility (ann.) | 40.9% | 56.7% |
| Beta vs S&P 500 | 0.88 | 1.46 |
| Max drawdown (3Y) | -38.9% | -52.5% |
| Market cap | – | $3.7B |
| P/E (trailing) | – | 179.3 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | SA |
|---|---|---|
| 2022 | -9.0% | -23.7% |
| 2023 | +10.0% | -3.6% |
| 2024 | +10.6% | -5.9% |
| 2025 | +154.8% | +159.3% |
| 2026 | +20.9% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and SA good diversifiers for each other?
No. With a correlation of 0.80, GDX and SA move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between GDX and SA?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.80 over the last year and 0.80 over 5 years.
Is SA a good diversifier for GDX?
No. With a correlation of 0.80, GDX and SA move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.80 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
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Related comparisons
Hubs: GDX correlations · SA correlations
