AEM vs. GDX

Last updated Jun 18, 2026

AEM (Agnico Eagle Mines Limited) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, AEM returned 15.34%/yr vs 13.69%/yr for GDX. Their correlation of 0.89 suggests significant overlap in exposure.

Performance

AEM vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Agnico Eagle Mines Limited (AEM) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AEM achieves a 2.48% return, which is significantly higher than GDX's -1.64% return. Over the past 10 years, AEM has outperformed GDX with an annualized return of 15.34%, while GDX has yielded a comparatively lower 13.69% annualized return.

AEM

• 1D: -1.61%
• 1M: -3.23%
• YTD: 2.48%
• 6M: 3.71%
• 1Y: 40.92%
• 3Y*: 53.11%
• 5Y*: 25.42%
• 10Y*: 15.34%

GDX

• 1D: -3.30%
• 1M: -3.19%
• YTD: -1.64%
• 6M: -1.00%
• 1Y: 58.80%
• 3Y*: 40.67%
• 5Y*: 21.51%
• 10Y*: 13.69%

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

AEM vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEM Agnico Eagle Mines Limited	2.48%	119.53%	46.04%	8.98%	1.08%	-22.81%	17.39%	54.18%	-11.51%	10.92%
GDX VanEck Gold Miners ETF	-1.64%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between AEM and GDX is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since May 22, 2006	0.89

The correlation between AEM and GDX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

AEM vs. GDX — Risk / Return Rank

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

AEM

AEM Risk / Return Rank: 66
AEM Sharpe Ratio Rank: 71
AEM Sortino Ratio Rank: 64
AEM Omega Ratio Rank: 65
AEM Calmar Ratio Rank: 64
AEM Martin Ratio Rank: 67

GDX

GDX Risk / Return Rank: 34
GDX Sharpe Ratio Rank: 36
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 35
GDX Calmar Ratio Rank: 34
GDX Martin Ratio Rank: 31

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.

AEM vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Agnico Eagle Mines Limited (AEM) 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.

	AEM	GDX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.25	-0.32
Sortino ratio: Return per unit of downside risk	1.37	1.67	-0.30
Omega ratio: Gain probability vs. loss probability	1.18	1.23	-0.05
Calmar ratio: Return relative to maximum drawdown	1.04	1.63	-0.58
Martin ratio: Return relative to average drawdown	2.87	4.41	-1.54

AEM vs. GDX - Sharpe Ratio Comparison

The current AEM Sharpe Ratio is 0.93, which is comparable to the GDX Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of AEM 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

AEM vs. GDX - Drawdown Comparison

The maximum AEM drawdown since its inception was -90.49%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for AEM and GDX.

Drawdown Indicators

	AEM	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-90.49%	-80.34%	-10.15%
Max Drawdown (1Y) Largest decline over 1 year	-39.39%	-36.28%	-3.11%
Max Drawdown (3Y) Largest decline over 3 years	-39.39%	-36.28%	-3.11%
Max Drawdown (5Y) Largest decline over 5 years	-41.97%	-46.51%	+4.54%
Max Drawdown (10Y) Largest decline over 10 years	-53.86%	-49.79%	-4.07%
Current Drawdown Current decline from peak	-31.24%	-27.18%	-4.06%
Average Drawdown Average peak-to-trough decline	-46.64%	-40.41%	-6.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.32%	13.38%	+0.94%

Volatility

AEM vs. GDX - Volatility Comparison

The current volatility for Agnico Eagle Mines Limited (AEM) is 15.54%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.61%. This indicates that AEM 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

	AEM	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.54%	17.61%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	36.32%	39.71%	-3.39%
Volatility (1Y) Calculated over the trailing 1-year period	44.38%	47.35%	-2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.06%	36.82%	+0.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.39%	37.38%	+0.01%

Dividends

AEM vs. GDX - Dividend Comparison

AEM's dividend yield for the trailing twelve months is around 0.98%, more than GDX's 0.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEM Agnico Eagle Mines Limited	0.98%	0.94%	2.05%	2.92%	3.08%	2.63%	2.36%	0.89%	1.09%	0.89%	0.86%	1.22%
GDX VanEck Gold Miners ETF	0.75%	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 AEM and GDX in my portfolio?

With a correlation of 0.93, AEM 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.

Which is riskier, AEM or GDX?

GDX has higher volatility (17.61%) compared to AEM (15.54%). In terms of maximum drawdown, AEM dropped -90.49% vs GDX's -80.34%.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.25 vs 0.93), 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.