ACWI vs. GDX
ACWI (iShares MSCI ACWI ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - ACWI is a Global Equities fund tracking the MSCI All Country World Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, ACWI returned 13.13%/yr vs 13.81%/yr for GDX. At a 0.30 correlation, their price movements are largely independent. ACWI charges 0.32%/yr vs 0.51%/yr for GDX.
Performance
ACWI vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, ACWI achieves a 12.42% return, which is significantly higher than GDX's -0.58% return. Over the past 10 years, ACWI has underperformed GDX with an annualized return of 13.13%, while GDX has yielded a comparatively higher 13.81% annualized return.
ACWI
- 1D
- 1.66%
- 1M
- 3.24%
- YTD
- 12.42%
- 6M
- 13.16%
- 1Y
- 28.96%
- 3Y*
- 20.01%
- 5Y*
- 11.38%
- 10Y*
- 13.13%
GDX
- 1D
- 6.55%
- 1M
- -2.38%
- YTD
- -0.58%
- 6M
- 1.22%
- 1Y
- 57.71%
- 3Y*
- 41.18%
- 5Y*
- 19.97%
- 10Y*
- 13.81%
ACWI vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 12.42% | 22.41% | 17.45% | 22.27% | -18.39% | 18.66% | 16.34% | 26.59% | -9.19% | 24.33% |
GDX VanEck Gold Miners ETF | -0.58% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between ACWI and GDX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2008 | 0.30 |
The correlation between ACWI and GDX shifts across timeframes, from 0.28 (10 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ACWI vs. GDX — Risk / Return Rank
ACWI
GDX
ACWI vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI ETF (ACWI) 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.
| ACWI | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.23 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.99 | 1.60 | +1.39 |
| Martin ratioReturn relative to average drawdown | 13.07 | 4.39 | +8.68 |
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Drawdowns
ACWI vs. GDX - Drawdown Comparison
The maximum ACWI drawdown since its inception was -56.00%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for ACWI and GDX.
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Drawdown Indicators
| ACWI | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.00% | -80.34% | +24.34% |
Max Drawdown (1Y)Largest decline over 1 year | -9.73% | -36.28% | +26.55% |
Max Drawdown (3Y)Largest decline over 3 years | -16.55% | -36.28% | +19.73% |
Max Drawdown (5Y)Largest decline over 5 years | -26.42% | -46.51% | +20.09% |
Max Drawdown (10Y)Largest decline over 10 years | -33.53% | -49.79% | +16.26% |
Current DrawdownCurrent decline from peak | -0.56% | -26.39% | +25.83% |
Average DrawdownAverage peak-to-trough decline | -8.60% | -40.41% | +31.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 13.22% | -11.00% |
Volatility
ACWI vs. GDX - Volatility Comparison
The current volatility for iShares MSCI ACWI ETF (ACWI) is 5.40%, while VanEck Gold Miners ETF (GDX) has a volatility of 18.56%. This indicates that ACWI 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.
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Volatility by Period
| ACWI | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.40% | 18.56% | -13.16% |
Volatility (6M)Calculated over the trailing 6-month period | 11.20% | 39.52% | -28.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.48% | 47.30% | -33.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 36.86% | -20.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 37.37% | -20.21% |
ACWI vs. GDX - Expense Ratio Comparison
ACWI has a 0.32% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
ACWI vs. GDX - Dividend Comparison
ACWI's dividend yield for the trailing twelve months is around 2.03%, more than GDX's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 2.03% | 1.55% | 1.70% | 1.88% | 1.79% | 1.71% | 1.43% | 2.33% | 2.18% | 1.94% | 2.19% | 2.56% |
GDX VanEck Gold Miners ETF | 0.74% | 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
ACWI and GDX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (18.56%) compared to ACWI (5.40%). In terms of maximum drawdown, ACWI dropped -56.00% vs GDX's -80.34%.
On 10-year performance, GDX leads with 13.81% vs 13.13% for ACWI. On fees, ACWI is cheaper at 0.32% per year. On volatility, ACWI has been the lower-risk option at 5.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 13.81% return vs 13.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ACWI is cheaper with a 0.32% expense ratio, compared with 0.51% for GDX.
ACWI has the higher dividend yield at 2.03%, compared with 0.74% for GDX.
ACWI is categorized as Global Equities, while GDX is Gold. ACWI tracks MSCI All Country World Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.32% for ACWI and 0.51% for GDX.
ACWI currently has the higher Sharpe Ratio (2.16 vs 1.23), 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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