Looking to diversify beyond GDX? The ETFs below have the lowest correlation with GDX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from GDX.
Best Diversifiers for GDX
567 ETFs have low correlation with GDX (below 0.3), 49 of which are negatively correlated. The least correlated is Invesco DB US Dollar Index Bullish Fund (UUP) (Currency) with a 1Y correlation of -0.43, roughly unchanged from -0.48 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| Invesco DB US Dollar Index Bullish Fund | -0.43 | -0.45 | -0.48 | 51 | Currency | GDX vs UUP | |
| Proshares Ultrashort Bitcoin ETF | -0.29 | -0.19 | -0.19 | 52 | Cryptocurrency, Leveraged Cryptocurrency | GDX vs SBIT | |
| ProShares Short Bitcoin ETF | -0.29 | -0.16 | -0.20 | 57 | Cryptocurrency | GDX vs BITI | |
| T-REX 2X Inverse MSTR Daily Target ETF | -0.27 | -0.19 | -0.19 | 68 | Inverse Equities, Leveraged Equities | GDX vs MSTZ | |
| Defiance Daily Target 2X Short MSTR ETF | -0.27 | -0.21 | -0.21 | 60 | Inverse Equities | GDX vs SMST |
To view more results, upgrade your current subscription plan.
Low-Correlation Stock Ideas
If you're looking for individual stocks that move independently from GDX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to GDX and solid risk/return profiles. The least correlated is Exxon Mobil Corporation (XOM) (Energy) with a 1Y correlation of -0.11, down from 0.16 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Exxon Mobil Corporation | -0.11 | 0.04 | 0.16 | 75 | Energy | |
| Altria Group, Inc. | -0.10 | 0.03 | 0.11 | 81 | Consumer Defensive | |
| ConocoPhillips Company | -0.10 | 0.04 | 0.15 | 66 | Energy | |
| Chubb Limited | -0.09 | -0.00 | 0.07 | 86 | Financial Services | |
| Occidental Petroleum Corporation | -0.08 | 0.09 | 0.17 | 62 | Energy |
To view more results, upgrade your current subscription plan.
Build a portfolio that complements GDX
Add GDX to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.
Analyze a portfolio with GDX