GDX vs SLV: Correlation
How closely do VanEck Gold Miners ETF (GDX) and iShares Silver Trust (SLV) trade together? Their weekly returns over three years give a correlation of 0.77, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and SLV?
Over the past 3 years, GDX and SLV moved with a correlation of 0.77, which is strong. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 1219.0 %².
By 3-year correlation, SLV places #30 of the 78 assets tracked against GDX. The trailing year gives SLV the advantage: +69.9% versus +79.4%, a 9.5-point spread. The rolling one-year correlation stayed in a tight band between 0.65 and 0.83 over the past three years, which points to a structural rather than episodic relationship.
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 SLV: side by side
| GDX (VanEck Gold Miners ETF) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +69.9% | +79.4% |
| 5-year return | +245.5% | +182.0% |
| Volatility (ann.) | 40.9% | 38.6% |
| Beta vs S&P 500 | 0.88 | 0.80 |
| Max drawdown (3Y) | -38.9% | -52.3% |
| Dividend yield | – | 0.00% |
| Expense ratio | – | 0.50% |
| Assets under management | – | $28.1B |
| Sector / category | ETF · Commodities | ETF · Commodities |
SLV, iShares's Commodities Focused fund, carries $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | GDX | SLV |
|---|---|---|
| 2022 | -9.0% | +2.4% |
| 2023 | +10.0% | -1.1% |
| 2024 | +10.6% | +20.9% |
| 2025 | +154.8% | +144.7% |
| 2026 | +20.9% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and SLV good diversifiers for each other?
To a limited degree. At 0.77 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 SLV?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.80 over the last year and 0.77 over 5 years.
Is SLV a good diversifier for GDX?
To a limited degree. At 0.77 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 0.77 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-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · SLV correlations
