GDX vs TFPM: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Triple Flag Precious Metals Corp. (TFPM) trade together? Their weekly returns over three years give a correlation of 0.87, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and TFPM?
Over the past 3 years, GDX and TFPM moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.91 lands near the 3-year figure. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 1322.7 %².
By 3-year correlation, TFPM places #13 of the 78 assets tracked against GDX. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 36.5 percentage points (+69.9% for GDX against +33.4% for TFPM).
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 TFPM: side by side
| GDX (VanEck Gold Miners ETF) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +69.9% | +33.4% |
| 5-year return | +245.5% | n/a |
| Volatility (ann.) | 40.9% | 37.3% |
| Beta vs S&P 500 | 0.88 | 0.62 |
| Max drawdown (3Y) | -38.9% | -34.9% |
| Market cap | – | $7.2B |
| P/E (trailing) | – | 17.5 |
| Dividend yield | – | 0.66% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | TFPM |
|---|---|---|
| 2022 | -9.0% | – |
| 2023 | +10.0% | -1.8% |
| 2024 | +10.6% | +14.6% |
| 2025 | +154.8% | +122.2% |
| 2026 | +20.9% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and TFPM good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between GDX and TFPM?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.91 over the last year and 0.76 over 5 years.
Is TFPM a good diversifier for GDX?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
A reading of 0.87 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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Related comparisons
Hubs: GDX correlations · TFPM correlations
