AG vs. GDXJ

Last updated Jun 5, 2026

AG (First Majestic Silver Corp.) is a stock, while GDXJ (VanEck Junior Gold Miners ETF) is Gold fund tracking the MVIS Global Junior Gold Miners Index. Over the past 10 years, AG returned 5.39%/yr vs 12.98%/yr for GDXJ. Their correlation of 0.84 suggests significant overlap in exposure.

Performance

AG vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Majestic Silver Corp. (AG) and VanEck Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AG achieves a 18.81% return, which is significantly higher than GDXJ's -1.65% return. Over the past 10 years, AG has underperformed GDXJ with an annualized return of 5.39%, while GDXJ has yielded a comparatively higher 12.98% annualized return.

AG

• 1D: 0.00%
• 1M: 3.60%
• YTD: 18.81%
• 6M: 31.78%
• 1Y: 172.15%
• 3Y*: 50.17%
• 5Y*: 2.67%
• 10Y*: 5.39%

GDXJ

• 1D: 0.92%
• 1M: -1.11%
• YTD: -1.65%
• 6M: 7.01%
• 1Y: 65.36%
• 3Y*: 46.18%
• 5Y*: 17.68%
• 10Y*: 12.98%

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

AG vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AG First Majestic Silver Corp.	18.81%	204.32%	-10.47%	-25.99%	-24.73%	-17.24%	9.62%	108.15%	-12.61%	-11.66%
GDXJ VanEck Junior Gold Miners ETF	-1.65%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between AG and GDXJ is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Dec 16, 2010	0.84

The correlation between AG and GDXJ has been stable across timeframes, ranging from 0.82 to 0.86 - a consistent structural relationship.

Return for Risk

AG vs. GDXJ — Risk / Return Rank

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

AG

AG Risk / Return Rank: 87
AG Sharpe Ratio Rank: 91
AG Sortino Ratio Rank: 86
AG Omega Ratio Rank: 83
AG Calmar Ratio Rank: 88
AG Martin Ratio Rank: 85

GDXJ

GDXJ Risk / Return Rank: 37
GDXJ Sharpe Ratio Rank: 38
GDXJ Sortino Ratio Rank: 34
GDXJ Omega Ratio Rank: 38
GDXJ Calmar Ratio Rank: 42
GDXJ Martin Ratio Rank: 33

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. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Majestic Silver Corp. (AG) and VanEck Junior Gold Miners ETF (GDXJ). 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.

	AG	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.32	+1.05
Sortino ratio: Return per unit of downside risk	2.74	1.75	+1.00
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.10
Calmar ratio: Return relative to maximum drawdown	4.04	2.00	+2.04
Martin ratio: Return relative to average drawdown	8.92	4.93	+4.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AG vs. GDXJ - Sharpe Ratio Comparison

The current AG Sharpe Ratio is 2.37, which is higher than the GDXJ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of AG and GDXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AG	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	1.32	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.43	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	0.30	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.06	-0.01

Drawdowns

AG vs. GDXJ - Drawdown Comparison

The maximum AG drawdown since its inception was -90.20%, roughly equal to the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for AG and GDXJ.

Drawdown Indicators

	AG	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-90.20%	-88.66%	-1.54%
Max Drawdown (1Y) Largest decline over 1 year	-42.92%	-32.92%	-10.00%
Max Drawdown (3Y) Largest decline over 3 years	-42.92%	-32.92%	-10.00%
Max Drawdown (5Y) Largest decline over 5 years	-76.89%	-50.99%	-25.90%
Max Drawdown (10Y) Largest decline over 10 years	-80.82%	-57.77%	-23.05%
Current Drawdown Current decline from peak	-38.18%	-28.36%	-9.82%
Average Drawdown Average peak-to-trough decline	-59.20%	-60.50%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.38%	13.31%	+6.07%

Volatility

AG vs. GDXJ - Volatility Comparison

First Majestic Silver Corp. (AG) has a higher volatility of 22.56% compared to VanEck Junior Gold Miners ETF (GDXJ) at 16.69%. This indicates that AG's price experiences larger fluctuations and is considered to be riskier than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AG	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.56%	16.69%	+5.87%
Volatility (6M) Calculated over the trailing 6-month period	56.00%	41.33%	+14.67%
Volatility (1Y) Calculated over the trailing 1-year period	73.21%	49.77%	+23.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.33%	41.09%	+20.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.82%	44.05%	+17.77%

Dividends

AG vs. GDXJ - Dividend Comparison

AG's dividend yield for the trailing twelve months is around 0.18%, less than GDXJ's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AG First Majestic Silver Corp.	0.18%	0.12%	0.33%	0.34%	0.31%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDXJ VanEck Junior Gold Miners ETF	2.37%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%

Frequently Asked Questions

Can I hold both AG and GDXJ in my portfolio?

AG and GDXJ have a correlation of 0.86, 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 GDXJ?

AG has higher volatility (22.56%) compared to GDXJ (16.69%). In terms of maximum drawdown, AG dropped -90.20% vs GDXJ's -88.66%.

Which has better risk-adjusted returns?

AG currently has the higher Sharpe Ratio (2.37 vs 1.32), 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.