AEM vs. GDX

Last updated Apr 1, 2026

Compare and contrast key facts about Agnico Eagle Mines Limited (AEM) and VanEck Gold Miners ETF (GDX).

GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006.

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.

AEM vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEM Agnico Eagle Mines Limited	19.95%	119.53%	46.04%	8.98%	1.08%	-22.81%	17.39%	54.18%	-11.51%	10.92%
GDX VanEck Gold Miners ETF	7.00%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Returns By Period

In the year-to-date period, AEM achieves a 19.95% return, which is significantly higher than GDX's 7.00% return. Over the past 10 years, AEM has outperformed GDX with an annualized return of 20.98%, while GDX has yielded a comparatively lower 17.53% annualized return.

AEM

• 1D: 5.80%
• 1M: -19.18%
• YTD: 19.95%
• 6M: 20.91%
• 1Y: 89.16%
• 3Y*: 61.82%
• 5Y*: 30.88%
• 10Y*: 20.98%

GDX

• 1D: 6.97%
• 1M: -20.78%
• YTD: 7.00%
• 6M: 20.99%
• 1Y: 101.08%
• 3Y*: 43.23%
• 5Y*: 23.96%
• 10Y*: 17.53%

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

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: 88
AEM Sharpe Ratio Rank: 91
AEM Sortino Ratio Rank: 85
AEM Omega Ratio Rank: 86
AEM Calmar Ratio Rank: 87
AEM Martin Ratio Rank: 91

GDX

GDX Risk / Return Rank: 92
GDX Sharpe Ratio Rank: 94
GDX Sortino Ratio Rank: 90
GDX Omega Ratio Rank: 89
GDX Calmar Ratio Rank: 93
GDX Martin Ratio Rank: 92

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.

	AEM	GDX	Difference
Sharpe ratio Return per unit of total volatility	2.04	2.21	-0.17
Sortino ratio Return per unit of downside risk	2.33	2.45	-0.11
Omega ratio Gain probability vs. loss probability	1.33	1.36	-0.02
Calmar ratio Return relative to maximum drawdown	3.14	3.34	-0.19
Martin ratio Return relative to average drawdown	10.90	12.07	-1.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEM vs. GDX - Sharpe Ratio Comparison

The current AEM Sharpe Ratio is 2.04, which is comparable to the GDX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of AEM and GDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AEM	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	2.21	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.67	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.47	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.14	+0.04

Correlation

The correlation between AEM and GDX is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

AEM vs. GDX - Dividend Comparison

AEM's dividend yield for the trailing twelve months is around 0.81%, more than GDX's 0.69% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEM Agnico Eagle Mines Limited	0.81%	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	0.69%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%

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	-28.97%	-30.84%	+1.87%
Max Drawdown (5Y) Largest decline over 5 years	-46.76%	-46.51%	-0.25%
Max Drawdown (10Y) Largest decline over 10 years	-53.86%	-49.79%	-4.07%
Current Drawdown Current decline from peak	-19.51%	-20.78%	+1.27%
Average Drawdown Average peak-to-trough decline	-46.76%	-40.61%	-6.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.35%	8.52%	-0.17%

Volatility

AEM vs. GDX - Volatility Comparison

The current volatility for Agnico Eagle Mines Limited (AEM) is 16.46%, while VanEck Gold Miners ETF (GDX) has a volatility of 18.51%. 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	16.46%	18.51%	-2.05%
Volatility (6M) Calculated over the trailing 6-month period	35.61%	38.19%	-2.58%
Volatility (1Y) Calculated over the trailing 1-year period	43.99%	46.00%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	35.73%	+0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.45%	37.44%	+0.01%