GDX vs VXX: Correlation
How closely do VanEck Gold Miners ETF (GDX) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and VXX?
Over the past 3 years, GDX and VXX moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.36 versus -0.20 over 3 years. Over 5 years the correlation is -0.19, and the annualized covariance of weekly returns is -501.7 %².
Among the 78 assets we track against GDX, VXX ranks #72 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 119.6 percentage points (+69.9% for GDX against -49.7% for VXX).
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 VXX: side by side
| GDX (VanEck Gold Miners ETF) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +69.9% | -49.7% |
| 5-year return | +245.5% | -95.6% |
| Volatility (ann.) | 40.9% | 60.9% |
| Beta vs S&P 500 | 0.88 | -3.31 |
| Max drawdown (3Y) | -38.9% | -83.3% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | VXX |
|---|---|---|
| 2022 | -9.0% | -23.8% |
| 2023 | +10.0% | -72.5% |
| 2024 | +10.6% | -26.2% |
| 2025 | +154.8% | -42.2% |
| 2026 | +20.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and VXX good diversifiers for each other?
Yes. With a correlation of -0.20, GDX and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GDX and VXX?
As of 2026-08-27, the correlation of weekly returns between GDX and VXX is -0.20 over 3 years, -0.36 over 1 year and -0.19 over 5 years.
Is VXX a good diversifier for GDX?
Yes. With a correlation of -0.20, GDX and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 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-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GDX correlations · VXX correlations
