GDX vs VGZ: Correlation
How closely do VanEck Gold Miners ETF (GDX) and Vista Gold Corp (VGZ) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and VGZ?
On 3 years of weekly data the GDX/VGZ correlation comes out at 0.65, strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 2059.4 %².
By 3-year correlation, VGZ places #50 of the 78 assets tracked against GDX. The last year tells two different stories: VGZ led by 34.4 percentage points, +69.9% for GDX against +104.3% for VGZ. One caveat on sizing: VGZ is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VGZ: side by side
| GDX (VanEck Gold Miners ETF) | VGZ (Vista Gold Corp) | |
|---|---|---|
| 1-year return | +69.9% | +104.3% |
| 5-year return | +245.5% | +197.5% |
| Volatility (ann.) | 40.9% | 77.0% |
| Beta vs S&P 500 | 0.88 | 1.31 |
| Max drawdown (3Y) | -38.9% | -49.5% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | VGZ |
|---|---|---|
| 2022 | -9.0% | -29.6% |
| 2023 | +10.0% | -10.0% |
| 2024 | +10.6% | +24.4% |
| 2025 | +154.8% | +251.8% |
| 2026 | +20.9% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and VGZ good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GDX and VGZ?
As of 2026-08-27, the correlation of weekly returns between GDX and VGZ is 0.65 over 3 years, 0.75 over 1 year and 0.63 over 5 years.
Is VGZ a good diversifier for GDX?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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-vgz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-vgz/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDX correlations · VGZ correlations
