GDX vs THM: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and International Tower Hill Mines, Ltd. (THM) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and THM?
On 3 years of weekly data the GDX/THM correlation comes out at 0.68, strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.68 over 3. The 5-year figure is 0.65, and annualized covariance runs at 2507.4 %².
By 3-year correlation, THM places #47 of the 78 assets tracked against GDX. Correlation aside, the last 12 months split them widely, with THM ahead by 30.8 points (+69.9% versus +100.7%). Risk is not evenly split, since THM carries 2.2 times the volatility of the other side.
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 THM: side by side
| GDX (VanEck Gold Miners ETF) | THM (International Tower Hill Mines, Ltd.) | |
|---|---|---|
| 1-year return | +69.9% | +100.7% |
| 5-year return | +245.5% | +222.1% |
| Volatility (ann.) | 40.9% | 89.9% |
| Beta vs S&P 500 | 0.88 | 1.27 |
| Max drawdown (3Y) | -38.9% | -51.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | THM |
|---|---|---|
| 2022 | -9.0% | -41.1% |
| 2023 | +10.0% | +37.2% |
| 2024 | +10.6% | -22.0% |
| 2025 | +154.8% | +304.3% |
| 2026 | +20.9% | +48.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and THM good diversifiers for each other?
To a limited degree. At 0.68 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 THM?
The GDX/THM correlation stands at 0.68 on a 3-year window (1 year: 0.76, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is THM a good diversifier for GDX?
To a limited degree. At 0.68 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 0.68 mean?
On the −1 to +1 scale, 0.68 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gdx-vs-thm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-thm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · THM correlations
