GDX vs SII: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and Sprott Inc. (SII) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and SII?
Across a 3-year window, the weekly returns of GDX and SII correlate at 0.69, strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 1049.1 %².
Among the 78 assets we track against GDX, SII ranks #43 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SII ahead by 42.4 points (+69.9% versus +112.3%).
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 SII: side by side
| GDX (VanEck Gold Miners ETF) | SII (Sprott Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +112.3% |
| 5-year return | +245.5% | +354.0% |
| Volatility (ann.) | 40.9% | 37.3% |
| Beta vs S&P 500 | 0.88 | 0.92 |
| Max drawdown (3Y) | -38.9% | -38.0% |
| Market cap | – | $3.5B |
| P/E (trailing) | – | 33.6 |
| Dividend yield | – | 1.17% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | SII |
|---|---|---|
| 2022 | -9.0% | -24.1% |
| 2023 | +10.0% | +5.0% |
| 2024 | +10.6% | +27.4% |
| 2025 | +154.8% | +135.0% |
| 2026 | +20.9% | +40.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and SII good diversifiers for each other?
Only partially. A correlation of 0.69 means GDX and SII share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GDX and SII?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.76 over the last year and 0.70 over 5 years.
Is SII a good diversifier for GDX?
Only partially. A correlation of 0.69 means GDX and SII share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 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-sii.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdx-vs-sii/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · SII correlations
