GDX vs SKE: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and Skeena Resources Limited (SKE) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and SKE?
Over the past 3 years, GDX and SKE moved with a correlation of 0.73, which is strong. The past 12 months show a tighter link (0.88) than the 3-year average (0.73). Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 1871.3 %².
By 3-year correlation, SKE places #38 of the 78 assets tracked against GDX. Correlation aside, the last 12 months split them widely, with SKE ahead by 52.9 points (+69.9% versus +122.8%). Note the risk asymmetry: SKE runs 1.5 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 SKE: side by side
| GDX (VanEck Gold Miners ETF) | SKE (Skeena Resources Limited) | |
|---|---|---|
| 1-year return | +69.9% | +122.8% |
| 5-year return | +245.5% | +205.9% |
| Volatility (ann.) | 40.9% | 62.6% |
| Beta vs S&P 500 | 0.88 | 1.42 |
| Max drawdown (3Y) | -38.9% | -36.1% |
| Market cap | – | $4.4B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | SKE |
|---|---|---|
| 2022 | -9.0% | -49.0% |
| 2023 | +10.0% | -8.3% |
| 2024 | +10.6% | +78.7% |
| 2025 | +154.8% | +172.1% |
| 2026 | +20.9% | +48.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and SKE good diversifiers for each other?
To a limited degree. At 0.73 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 SKE?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.88 over the last year and 0.74 over 5 years.
Is SKE a good diversifier for GDX?
To a limited degree. At 0.73 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 0.73 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
$ curl https://www.pairbook.io/api/v1/pairs/gdx-vs-ske.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gdx-vs-ske/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDX correlations · SKE correlations
