8PSB.DE vs. GDX

Last updated Jun 26, 2026

8PSB.DE (Invesco Physical Silver ETC) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - 8PSB.DE is a Silver fund tracking the LBMA Silver Price, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, 8PSB.DE returned 11.06%/yr vs 11.58%/yr for GDX. At a 0.23 correlation, their price movements are largely independent. 8PSB.DE charges 0.19%/yr vs 0.51%/yr for GDX.

Performance

8PSB.DE vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco Physical Silver ETC (8PSB.DE) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

8PSB.DE is traded in EUR, while GDX is traded in USD. To make them comparable, the GDX values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, 8PSB.DE achieves a -20.12% return, which is significantly lower than GDX's -8.82% return. Both investments have delivered pretty close results over the past 10 years, with 8PSB.DE having a 11.06% annualized return and GDX not far ahead at 11.58%.

8PSB.DE

• 1D: 0.00%
• 1M: -20.61%
• YTD: -20.12%
• 6M: -12.91%
• 1Y: 67.59%
• 3Y*: 31.35%
• 5Y*: 14.52%
• 10Y*: 11.06%

GDX

• 1D: 1.38%
• 1M: -12.51%
• YTD: -8.82%
• 6M: -12.58%
• 1Y: 50.55%
• 3Y*: 35.74%
• 5Y*: 19.90%
• 10Y*: 11.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

8PSB.DE vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
8PSB.DE Invesco Physical Silver ETC	-20.12%	130.25%	18.21%	-0.84%	4.98%	-13.65%	47.00%	16.08%	-9.66%	3.44%
GDX VanEck Gold Miners ETF	-8.82%	124.54%	17.94%	6.68%	-3.37%	-2.76%	13.47%	43.00%	-4.49%	-1.78%

Correlation

The correlation between 8PSB.DE and GDX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Apr 13, 2011	0.23

Over the past year, 8PSB.DE and GDX have become more correlated (0.57) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

8PSB.DE vs. GDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

8PSB.DE

8PSB.DE Risk / Return Rank: 33
8PSB.DE Sharpe Ratio Rank: 34
8PSB.DE Sortino Ratio Rank: 33
8PSB.DE Omega Ratio Rank: 41
8PSB.DE Calmar Ratio Rank: 32
8PSB.DE Martin Ratio Rank: 26

GDX

GDX Risk / Return Rank: 29
GDX Sharpe Ratio Rank: 30
GDX Sortino Ratio Rank: 29
GDX Omega Ratio Rank: 31
GDX Calmar Ratio Rank: 29
GDX Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

8PSB.DE vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Silver ETC (8PSB.DE) 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.

	8PSB.DE	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.11	+0.02
Sortino ratio: Return per unit of downside risk	1.64	1.54	+0.10
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.03
Calmar ratio: Return relative to maximum drawdown	1.48	1.45	+0.04
Martin ratio: Return relative to average drawdown	3.30	3.74	-0.44

8PSB.DE vs. GDX - Sharpe Ratio Comparison

The current 8PSB.DE Sharpe Ratio is 1.13, which is comparable to the GDX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of 8PSB.DE and GDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

8PSB.DE vs. GDX - Drawdown Comparison

The maximum 8PSB.DE drawdown since its inception was -76.19%, roughly equal to the maximum GDX drawdown of -75.08%. Use the drawdown chart below to compare losses from any high point for 8PSB.DE and GDX.

Drawdown Indicators

	8PSB.DE	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-76.19%	-75.08%	-1.11%
Max Drawdown (1Y) Largest decline over 1 year	-45.60%	-35.15%	-10.45%
Max Drawdown (3Y) Largest decline over 3 years	-45.60%	-35.15%	-10.45%
Max Drawdown (5Y) Largest decline over 5 years	-45.60%	-39.99%	-5.61%
Max Drawdown (10Y) Largest decline over 10 years	-45.60%	-45.43%	-0.17%
Current Drawdown Current decline from peak	-45.60%	-32.52%	-13.08%
Average Drawdown Average peak-to-trough decline	-53.66%	-35.48%	-18.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.48%	13.55%	+6.93%

Volatility

8PSB.DE vs. GDX - Volatility Comparison

The current volatility for Invesco Physical Silver ETC (8PSB.DE) is 14.13%, while VanEck Gold Miners ETF (GDX) has a volatility of 16.37%. This indicates that 8PSB.DE experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	8PSB.DE	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.13%	16.37%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	52.99%	37.96%	+15.03%
Volatility (1Y) Calculated over the trailing 1-year period	59.75%	45.61%	+14.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.94%	34.33%	+1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.10%	35.37%	-3.27%

8PSB.DE vs. GDX - Expense Ratio Comparison

8PSB.DE has a 0.19% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

8PSB.DE vs. GDX - Dividend Comparison

8PSB.DE has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
8PSB.DE Invesco Physical Silver ETC	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDX VanEck Gold Miners ETF	0.84%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%

Frequently Asked Questions

Can I hold both 8PSB.DE and GDX in my portfolio?

8PSB.DE and GDX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 8PSB.DE or GDX?

On fees, 8PSB.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 8PSB.DE or GDX?

8PSB.DE is cheaper with a 0.19% expense ratio, compared with 0.51% for GDX.

What is the main difference between 8PSB.DE and GDX?

8PSB.DE is categorized as Silver, while GDX is Gold. 8PSB.DE tracks LBMA Silver Price, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.19% for 8PSB.DE and 0.51% for GDX.