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
977 ETFs have low correlation with GDX (below 0.3), 47 of which are negatively correlated. The least correlated is ProShares UltraShort Yen (YCS) (Leveraged Currency) with a 1Y correlation of -0.24, roughly unchanged from -0.32 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Category | Compare |
|---|---|---|---|---|---|---|---|
| ProShares UltraShort Yen | -0.24 | -0.26 | -0.32 | 61 | Leveraged Currency | GDX vs YCS | |
| United States Oil Fund LP | -0.20 | 0.03 | 0.12 | 66 | Oil & Gas | GDX vs USO | |
| United States Brent Oil Fund LP | -0.20 | 0.03 | 0.12 | 65 | Oil & Gas | GDX vs BNO | |
| Invesco DB Energy Fund | -0.19 | 0.01 | 0.12 | 71 | Oil & Gas | GDX vs DBE | |
| F/m Ultrashort Treasury Inflation-Protected Securi... | -0.18 | — | — | 98 | Inflation-Protected Bonds | GDX vs RBIL |
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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 -0.08, down from 0.18 over 5 years.
| Symbol | Name | Correlation 1Y | Correlation 3Y | Correlation 5Y | Risk / Return Rank | Sector |
|---|---|---|---|---|---|---|
| Exxon Mobil Corporation | -0.08 | 0.06 | 0.18 | 85 | Energy | |
| Chevron Corporation | -0.08 | 0.08 | 0.19 | 83 | Energy | |
| YPF Sociedad Anónima | -0.07 | 0.12 | 0.18 | 71 | Energy | |
| ConocoPhillips Company | -0.07 | 0.05 | 0.16 | 76 | Energy | |
| Enterprise Products Partners L.P. | -0.06 | 0.13 | 0.22 | 85 | Energy |
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Build a portfolio that complements GDX
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