GDX vs SVM: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and Silvercorp Metals Inc. (SVM) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and SVM?
On 3 years of weekly data the GDX/SVM correlation comes out at 0.76, strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. The 5-year figure is 0.77, and annualized covariance runs at 1839.1 %².
Among the 78 assets we track against GDX, SVM ranks #32 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SVM outperformed by 118.0 percentage points (+69.9% for GDX against +187.9% for SVM).
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 SVM: side by side
| GDX (VanEck Gold Miners ETF) | SVM (Silvercorp Metals Inc.) | |
|---|---|---|
| 1-year return | +69.9% | +187.9% |
| 5-year return | +245.5% | +222.0% |
| Volatility (ann.) | 40.9% | 59.2% |
| Beta vs S&P 500 | 0.88 | 1.33 |
| Max drawdown (3Y) | -38.9% | -43.8% |
| Market cap | – | $3.0B |
| P/E (trailing) | – | 122.4 |
| Dividend yield | – | 0.19% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | SVM |
|---|---|---|
| 2022 | -9.0% | -20.6% |
| 2023 | +10.0% | -10.3% |
| 2024 | +10.6% | +14.9% |
| 2025 | +154.8% | +178.8% |
| 2026 | +20.9% | +61.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and SVM good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GDX and SVM?
As of 2026-08-27, the correlation of weekly returns between GDX and SVM is 0.76 over 3 years, 0.82 over 1 year and 0.77 over 5 years.
Is SVM a good diversifier for GDX?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
A reading of 0.76 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: GDX correlations · SVM correlations
