GDX vs VXZ: Correlation
VanEck Gold Miners ETF (GDX) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) show a negative relationship: their 3-year correlation of weekly returns is -0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and VXZ?
Across a 3-year window, the weekly returns of GDX and VXZ correlate at -0.17, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.44) runs below the 3-year figure (-0.17). Stretching to 5 years gives -0.18, with an annualized covariance of -175.9 %².
Among the 78 assets we track against GDX, VXZ ranks #69 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GDX ahead by 86.0 points (+69.9% versus -16.1%). One caveat on sizing: GDX is 1.6 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 VXZ: side by side
| GDX (VanEck Gold Miners ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +69.9% | -16.1% |
| 5-year return | +245.5% | -53.1% |
| Volatility (ann.) | 40.9% | 25.6% |
| Beta vs S&P 500 | 0.88 | -1.31 |
| Max drawdown (3Y) | -38.9% | -36.4% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | VXZ |
|---|---|---|
| 2022 | -9.0% | +0.5% |
| 2023 | +10.0% | -44.0% |
| 2024 | +10.6% | -12.7% |
| 2025 | +154.8% | +5.7% |
| 2026 | +20.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between GDX and VXZ?
As of 2026-08-27, the correlation of weekly returns between GDX and VXZ is -0.17 over 3 years, -0.44 over 1 year and -0.18 over 5 years.
Is VXZ a good diversifier for GDX?
By historical standards, yes. A correlation of -0.17 means the two rarely move for the same reasons.
What does a correlation of -0.17 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · VXZ correlations
