GDX vs SSRM: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and SSR Mining Inc. (SSRM) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and SSRM?
Across a 3-year window, the weekly returns of GDX and SSRM correlate at 0.71, strong. The past 12 months show a tighter link (0.89) than the 3-year average (0.71). Stretching to 5 years gives 0.73, with an annualized covariance of 1866.4 %².
By 3-year correlation, SSRM places #42 of the 78 assets tracked against GDX. Their recent paths diverged sharply: over the last 12 months SSRM outperformed by 41.9 percentage points (+69.9% for GDX against +111.8% for SSRM). Note the risk asymmetry: SSRM 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 SSRM: side by side
| GDX (VanEck Gold Miners ETF) | SSRM (SSR Mining Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +111.8% |
| 5-year return | +245.5% | +149.2% |
| Volatility (ann.) | 40.9% | 64.6% |
| Beta vs S&P 500 | 0.88 | 0.98 |
| Max drawdown (3Y) | -38.9% | -73.4% |
| Market cap | – | $8.0B |
| P/E (trailing) | – | 14.7 |
| Dividend yield | – | 0.08% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | SSRM |
|---|---|---|
| 2022 | -9.0% | -10.0% |
| 2023 | +10.0% | -29.9% |
| 2024 | +10.6% | -35.3% |
| 2025 | +154.8% | +214.9% |
| 2026 | +20.9% | +78.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and SSRM good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GDX and SSRM?
The GDX/SSRM correlation stands at 0.71 on a 3-year window (1 year: 0.89, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is SSRM a good diversifier for GDX?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 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.
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Hubs: GDX correlations · SSRM correlations
