GDX vs WRN: Correlation
VanEck Gold Miners ETF (GDX) and Western Copper and Gold Corporation (WRN) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GDX and WRN?
Over the past 3 years, GDX and WRN moved with a correlation of 0.66, which is strong. The past 12 months show a tighter link (0.82) than the 3-year average (0.66). Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 1428.7 %².
Among the 78 assets we track against GDX, WRN ranks #49 by 3-year correlation. The trailing year gives WRN the advantage: +69.9% versus +82.4%, a 12.5-point spread.
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 WRN: side by side
| GDX (VanEck Gold Miners ETF) | WRN (Western Copper and Gold Corporation) | |
|---|---|---|
| 1-year return | +69.9% | +82.4% |
| 5-year return | +245.5% | +50.6% |
| Volatility (ann.) | 40.9% | 53.2% |
| Beta vs S&P 500 | 0.88 | 0.99 |
| Max drawdown (3Y) | -38.9% | -50.1% |
| Market cap | – | $0.6B |
| P/E (trailing) | – | 259.0 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GDX | WRN |
|---|---|---|
| 2022 | -9.0% | +14.1% |
| 2023 | +10.0% | -25.3% |
| 2024 | +10.6% | -21.1% |
| 2025 | +154.8% | +154.3% |
| 2026 | +20.9% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GDX and WRN good diversifiers for each other?
Only partially. A correlation of 0.66 means GDX and WRN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GDX and WRN?
The GDX/WRN correlation stands at 0.66 on a 3-year window (1 year: 0.82, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is WRN a good diversifier for GDX?
Only partially. A correlation of 0.66 means GDX and WRN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 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-wrn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gdx-vs-wrn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GDX correlations · WRN correlations
