AG vs. GDX

Last updated Jun 13, 2026

AG (First Majestic Silver Corp.) 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, AG returned 3.86%/yr vs 13.29%/yr for GDX. Their correlation of 0.82 suggests significant overlap in exposure.

Performance

AG vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Majestic Silver Corp. (AG) 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, AG achieves a 6.07% return, which is significantly higher than GDX's -6.69% return. Over the past 10 years, AG has underperformed GDX with an annualized return of 3.86%, while GDX has yielded a comparatively higher 13.29% annualized return.

AG

• 1D: 4.31%
• 1M: -26.33%
• YTD: 6.07%
• 6M: 10.86%
• 1Y: 114.66%
• 3Y*: 46.79%
• 5Y*: 0.02%
• 10Y*: 3.86%

GDX

• 1D: 2.97%
• 1M: -16.83%
• YTD: -6.69%
• 6M: -5.89%
• 1Y: 50.59%
• 3Y*: 38.96%
• 5Y*: 17.51%
• 10Y*: 13.29%

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

AG vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AG First Majestic Silver Corp.	6.07%	204.32%	-10.47%	-25.99%	-24.73%	-17.24%	9.62%	108.15%	-12.61%	-11.66%
GDX VanEck Gold Miners ETF	-6.69%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between AG and GDX is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.81
Correlation (All Time) Calculated using the full available price history since Dec 15, 2010	0.82

The correlation between AG and GDX has been stable across timeframes, ranging from 0.79 to 0.83 - a consistent structural relationship.

Return for Risk

AG vs. GDX — Risk / Return Rank

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

AG

AG Risk / Return Rank: 80
AG Sharpe Ratio Rank: 84
AG Sortino Ratio Rank: 79
AG Omega Ratio Rank: 77
AG Calmar Ratio Rank: 79
AG Martin Ratio Rank: 79

GDX

GDX Risk / Return Rank: 33
GDX Sharpe Ratio Rank: 34
GDX Sortino Ratio Rank: 31
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 32
GDX Martin Ratio Rank: 30

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.

AG vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Majestic Silver Corp. (AG) 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.

	AG	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.56	1.09	+0.48
Sortino ratio: Return per unit of downside risk	2.13	1.51	+0.62
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.05
Calmar ratio: Return relative to maximum drawdown	2.27	1.40	+0.87
Martin ratio: Return relative to average drawdown	5.56	3.87	+1.69

AG vs. GDX - Sharpe Ratio Comparison

The current AG Sharpe Ratio is 1.56, which is higher than the GDX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of AG 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

AG vs. GDX - Drawdown Comparison

The maximum AG drawdown since its inception was -90.20%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for AG and GDX.

Drawdown Indicators

	AG	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-90.20%	-80.34%	-9.86%
Max Drawdown (1Y) Largest decline over 1 year	-50.88%	-36.28%	-14.60%
Max Drawdown (3Y) Largest decline over 3 years	-50.88%	-36.28%	-14.60%
Max Drawdown (5Y) Largest decline over 5 years	-76.74%	-46.51%	-30.23%
Max Drawdown (10Y) Largest decline over 10 years	-80.82%	-49.79%	-31.03%
Current Drawdown Current decline from peak	-44.81%	-30.91%	-13.90%
Average Drawdown Average peak-to-trough decline	-59.18%	-40.41%	-18.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.71%	13.11%	+7.60%

Volatility

AG vs. GDX - Volatility Comparison

First Majestic Silver Corp. (AG) has a higher volatility of 25.25% compared to VanEck Gold Miners ETF (GDX) at 17.20%. This indicates that AG's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AG	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.25%	17.20%	+8.05%
Volatility (6M) Calculated over the trailing 6-month period	58.23%	39.15%	+19.08%
Volatility (1Y) Calculated over the trailing 1-year period	73.80%	46.89%	+26.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.76%	36.74%	+25.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.02%	37.34%	+24.68%

Dividends

AG vs. GDX - Dividend Comparison

AG's dividend yield for the trailing twelve months is around 0.20%, less than GDX's 0.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AG First Majestic Silver Corp.	0.20%	0.12%	0.33%	0.34%	0.31%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDX VanEck Gold Miners ETF	0.79%	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 AG and GDX in my portfolio?

AG and GDX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AG or GDX?

AG has higher volatility (25.25%) compared to GDX (17.20%). In terms of maximum drawdown, AG dropped -90.20% vs GDX's -80.34%.

Which has better risk-adjusted returns?

AG currently has the higher Sharpe Ratio (1.56 vs 1.09), 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.