GDX vs WPM: Correlation
VanEck Gold Miners ETF (GDX) and Wheaton Precious Metals Corp (WPM) show a very strong relationship: their 3-year correlation of weekly returns is 0.94.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and WPM?
Across a 3-year window, the weekly returns of GDX and WPM correlate at 0.94, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.96 lands near the 3-year figure. Stretching to 5 years gives 0.94, with an annualized covariance of 1576.6 %².
In GDX's tracked universe of 78 assets, WPM sits right near the top at #2. On 12-month performance GDX holds a 5.6-point edge, +69.9% against +64.3%.
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 WPM: side by side
| GDX (VanEck Gold Miners ETF) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +69.9% | +64.3% |
| 5-year return | +245.5% | +275.2% |
| Volatility (ann.) | 40.9% | 41.1% |
| Beta vs S&P 500 | 0.88 | 0.82 |
| Max drawdown (3Y) | -38.9% | -37.4% |
| Market cap | – | $71.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | – | 0.46% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | WPM |
|---|---|---|
| 2022 | -9.0% | -7.5% |
| 2023 | +10.0% | +27.9% |
| 2024 | +10.6% | +15.2% |
| 2025 | +154.8% | +109.8% |
| 2026 | +20.9% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and WPM good diversifiers for each other?
No: a correlation of 0.94 means GDX and WPM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between GDX and WPM?
Using weekly returns as of 2026-08-27: 0.94 over 3 years, with 0.96 over the last year and 0.94 over 5 years.
Is WPM a good diversifier for GDX?
No: a correlation of 0.94 means GDX and WPM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.94 mean?
On the −1 to +1 scale, 0.94 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-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gdx-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GDX correlations · WPM correlations
