GDX vs VZLA: Correlation
Measured on weekly returns over the past three years, VanEck Gold Miners ETF (GDX) and Vizsla Silver Corp. (VZLA) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and VZLA?
On 3 years of weekly data the GDX/VZLA correlation comes out at 0.69, strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.69 over 3. The 5-year figure is 0.66, and annualized covariance runs at 1722.2 %².
Within GDX's tracked universe of 78 assets, VZLA comes in at #44 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GDX outperformed by 51.7 percentage points (+69.9% for GDX against +18.2% for VZLA).
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 VZLA: side by side
| GDX (VanEck Gold Miners ETF) | VZLA (Vizsla Silver Corp.) | |
|---|---|---|
| 1-year return | +69.9% | +18.2% |
| 5-year return | +245.5% | +82.3% |
| Volatility (ann.) | 40.9% | 60.6% |
| Beta vs S&P 500 | 0.88 | 1.23 |
| Max drawdown (3Y) | -38.9% | -56.9% |
| Market cap | – | $1.5B |
| P/E (trailing) | – | – |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | VZLA |
|---|---|---|
| 2022 | -9.0% | – |
| 2023 | +10.0% | +8.7% |
| 2024 | +10.6% | +36.8% |
| 2025 | +154.8% | +219.9% |
| 2026 | +20.9% | -23.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and VZLA good diversifiers for each other?
To a limited degree. At 0.69 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 VZLA?
As of 2026-08-27, the correlation of weekly returns between GDX and VZLA is 0.69 over 3 years, 0.73 over 1 year and 0.66 over 5 years.
Is VZLA a good diversifier for GDX?
To a limited degree. At 0.69 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 0.69 mean?
On the −1 to +1 scale, 0.69 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-vzla.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-vzla/)
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Related comparisons
Hubs: GDX correlations · VZLA correlations
