^XAU vs. GDXJ
^XAU (PHLX Gold/Silver Sector Index) is an index, while GDXJ (VanEck Junior Gold Miners ETF) is Gold fund tracking the MVIS Global Junior Gold Miners Index. Over the past 10 years, ^XAU returned 13.31%/yr vs 10.91%/yr for GDXJ. Their correlation of 0.94 suggests significant overlap in exposure.
Performance
^XAU vs. GDXJ - Performance Comparison
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Returns By Period
In the year-to-date period, ^XAU achieves a -4.52% return, which is significantly higher than GDXJ's -11.62% return. Over the past 10 years, ^XAU has outperformed GDXJ with an annualized return of 13.31%, while GDXJ has yielded a comparatively lower 10.91% annualized return.
^XAU
- 1D
- -4.66%
- 1M
- -7.62%
- YTD
- -4.52%
- 6M
- -9.34%
- 1Y
- 57.28%
- 3Y*
- 40.31%
- 5Y*
- 17.94%
- 10Y*
- 13.31%
GDXJ
- 1D
- -5.24%
- 1M
- -9.91%
- YTD
- -11.62%
- 6M
- -16.20%
- 1Y
- 51.11%
- 3Y*
- 44.53%
- 5Y*
- 17.86%
- 10Y*
- 10.91%
^XAU vs. GDXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^XAU PHLX Gold/Silver Sector Index | -4.52% | 149.51% | 9.14% | 4.00% | -8.75% | -8.14% | 34.86% | 51.32% | -17.13% | 8.13% |
GDXJ VanEck Junior Gold Miners ETF | -11.62% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
Correlation
The correlation between ^XAU and GDXJ is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2009 | 0.94 |
The correlation between ^XAU and GDXJ has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
^XAU vs. GDXJ — Risk / Return Rank
^XAU
GDXJ
^XAU vs. GDXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PHLX Gold/Silver Sector Index (^XAU) and VanEck Junior Gold Miners ETF (GDXJ). 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 | GDXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.20 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.30 | +0.40 |
| Martin ratioReturn relative to average drawdown | 4.36 | 3.40 | +0.96 |
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Drawdowns
^XAU vs. GDXJ - Drawdown Comparison
The maximum ^XAU drawdown since its inception was -83.04%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for ^XAU and GDXJ.
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Drawdown Indicators
| ^XAU | GDXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.04% | -88.66% | +5.62% |
Max Drawdown (1Y)Largest decline over 1 year | -33.81% | -39.47% | +5.66% |
Max Drawdown (3Y)Largest decline over 3 years | -33.81% | -39.47% | +5.66% |
Max Drawdown (5Y)Largest decline over 5 years | -45.52% | -48.79% | +3.27% |
Max Drawdown (10Y)Largest decline over 10 years | -45.52% | -57.77% | +12.25% |
Current DrawdownCurrent decline from peak | -30.52% | -35.62% | +5.10% |
Average DrawdownAverage peak-to-trough decline | -39.74% | -60.40% | +20.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.18% | 15.08% | -1.90% |
Volatility
^XAU vs. GDXJ - Volatility Comparison
The current volatility for PHLX Gold/Silver Sector Index (^XAU) is 16.76%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 20.19%. This indicates that ^XAU experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^XAU | GDXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.76% | 20.19% | -3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 38.78% | 44.45% | -5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.66% | 52.42% | -5.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.58% | 41.71% | -5.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.48% | 44.30% | -7.82% |
Frequently Asked Questions
With a correlation of 0.97, ^XAU and GDXJ 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.
GDXJ has higher volatility (20.19%) compared to ^XAU (16.76%). In terms of maximum drawdown, ^XAU dropped -83.04% vs GDXJ's -88.66%.
^XAU currently has the higher Sharpe Ratio (1.23 vs 0.98), 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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