GDX vs SBSW: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and D/B/A Sibanye-Stillwater Limited (SBSW) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and SBSW?
Across a 3-year window, the weekly returns of GDX and SBSW correlate at 0.75, strong. Lately the two have moved closer together, with the 1-year correlation at 0.87 versus 0.75 over 3 years. Stretching to 5 years gives 0.72, with an annualized covariance of 2008.0 %².
Within GDX's tracked universe of 78 assets, SBSW comes in at #33 by 3-year correlation. Over the last 12 months GDX came out ahead by 9.4 percentage points (+69.9% against +60.5%). Note the risk asymmetry: SBSW runs 1.6 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 SBSW: side by side
| GDX (VanEck Gold Miners ETF) | SBSW (D/B/A Sibanye-Stillwater Limited) | |
|---|---|---|
| 1-year return | +69.9% | +60.5% |
| 5-year return | +245.5% | -6.1% |
| Volatility (ann.) | 40.9% | 65.8% |
| Beta vs S&P 500 | 0.88 | 1.28 |
| Max drawdown (3Y) | -38.9% | -61.0% |
| Market cap | – | $8.9B |
| P/E (trailing) | – | – |
| Dividend yield | – | 10.84% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | SBSW |
|---|---|---|
| 2022 | -9.0% | -9.6% |
| 2023 | +10.0% | -46.6% |
| 2024 | +10.6% | -39.2% |
| 2025 | +154.8% | +331.8% |
| 2026 | +20.9% | -11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and SBSW good diversifiers for each other?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GDX and SBSW?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.87 over the last year and 0.72 over 5 years.
Is SBSW a good diversifier for GDX?
To a limited degree. At 0.75 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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-sbsw.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-sbsw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · SBSW correlations
