^XAU vs. GDX
^XAU (PHLX Gold/Silver Sector Index) is an index, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, ^XAU returned 11.14%/yr vs 10.74%/yr for GDX. Their 0.98 correlation means they have historically moved very closely together.
Performance
^XAU vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, ^XAU achieves a -7.88% return, which is significantly higher than GDX's -11.33% return. Both investments have delivered pretty close results over the past 10 years, with ^XAU having a 11.14% annualized return and GDX not far behind at 10.74%.
^XAU
- 1D
- 2.41%
- 1M
- -3.99%
- 6M
- -17.20%
- YTD
- -7.88%
- 1Y
- 52.69%
- 3Y*
- 38.13%
- 5Y*
- 17.32%
- 10Y*
- 11.14%
- ALL TIME*
- 2.57%
GDX
- 1D
- 2.63%
- 1M
- -3.03%
- 6M
- -19.26%
- YTD
- -11.33%
- 1Y
- 46.05%
- 3Y*
- 38.64%
- 5Y*
- 18.57%
- 10Y*
- 10.74%
- ALL TIME*
- 4.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.27B | $1.28B | $1.79B |
^XAU vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^XAU PHLX Gold/Silver Sector Index | -7.88% | 149.51% | 9.14% | 4.00% | -8.75% | -8.14% | 34.86% | 51.32% | -17.13% | 8.13% |
GDX VanEck Gold Miners ETF | -11.33% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between ^XAU and GDX is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.98 |
The correlation between ^XAU and GDX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
^XAU vs. GDX — Risk / Return Rank
^XAU
GDX
^XAU vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PHLX Gold/Silver Sector Index (^XAU) and VanEck Gold Miners ETF (GDX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ^XAU | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.19 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.19 | +0.23 |
| Martin ratioReturn relative to average drawdown | 3.06 | 2.55 | +0.51 |
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Drawdowns
^XAU vs. GDX - Drawdown Comparison
The maximum ^XAU drawdown since its inception was -83.04%, roughly equal to the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for ^XAU and GDX.
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Drawdown Indicators
| ^XAU | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.04% | -80.34% | -2.70% |
Max Drawdown (1Y)Largest decline over 1 year | -37.41% | -38.93% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -37.41% | -38.93% | +1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -45.52% | -46.51% | +0.99% |
Max Drawdown (10Y)Largest decline over 10 years | -45.52% | -49.79% | +4.27% |
Current DrawdownCurrent decline from peak | -32.96% | -34.35% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -39.73% | -40.37% | +0.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.27% | 18.10% | -0.83% |
Volatility
^XAU vs. GDX - Volatility Comparison
PHLX Gold/Silver Sector Index (^XAU) and VanEck Gold Miners ETF (GDX) have volatilities of 12.10% and 12.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^XAU | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 12.19% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 36.54% | 37.71% | -1.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.60% | 48.63% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.89% | 37.26% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.47% | 37.36% | -0.89% |
Frequently Asked Questions
With a correlation of 0.99, ^XAU and GDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GDX has higher volatility (12.19%) compared to ^XAU (12.10%). In terms of maximum drawdown, ^XAU dropped -83.04% vs GDX's -80.34%.
^XAU currently has the higher Sharpe Ratio (1.11 vs 0.95), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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