ASA vs. GDX

Last updated Apr 1, 2026

Compare and contrast key facts about ASA Gold and Precious Metals Limited (ASA) 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

ASA vs. GDX - Performance Comparison

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

ASA vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASA ASA Gold and Precious Metals Limited	3.96%	195.60%	34.55%	5.38%	-32.06%	-3.48%	60.65%	44.35%	-16.18%	2.89%
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, ASA achieves a 3.96% return, which is significantly lower than GDX's 7.00% return. Over the past 10 years, ASA has outperformed GDX with an annualized return of 19.92%, while GDX has yielded a comparatively lower 17.53% annualized return.

ASA

• 1D: 7.37%
• 1M: -23.69%
• YTD: 3.96%
• 6M: 35.52%
• 1Y: 106.15%
• 3Y*: 57.27%
• 5Y*: 24.98%
• 10Y*: 19.92%

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

ASA vs. GDX — Risk / Return Rank

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

ASA

ASA Risk / Return Rank: 89
ASA Sharpe Ratio Rank: 92
ASA Sortino Ratio Rank: 86
ASA Omega Ratio Rank: 86
ASA Calmar Ratio Rank: 88
ASA Martin Ratio Rank: 92

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.

ASA vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ASA Gold and Precious Metals Limited (ASA) 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.

	ASA	GDX	Difference
Sharpe ratio Return per unit of total volatility	2.19	2.21	-0.02
Sortino ratio Return per unit of downside risk	2.46	2.45	+0.02
Omega ratio Gain probability vs. loss probability	1.33	1.36	-0.02
Calmar ratio Return relative to maximum drawdown	3.29	3.34	-0.04
Martin ratio Return relative to average drawdown	11.90	12.07	-0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASA vs. GDX - Sharpe Ratio Comparison

The current ASA Sharpe Ratio is 2.19, which is comparable to the GDX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of ASA 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

	ASA	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	2.21	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.67	+0.06
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	0.17	0.14	+0.03

Correlation

The correlation between ASA 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

ASA vs. GDX - Dividend Comparison

ASA's dividend yield for the trailing twelve months is around 0.10%, less than GDX's 0.69% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASA ASA Gold and Precious Metals Limited	0.10%	0.10%	0.20%	0.13%	0.14%	0.09%	0.09%	0.15%	0.32%	0.35%	0.36%	0.56%
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

ASA vs. GDX - Drawdown Comparison

The maximum ASA drawdown since its inception was -80.36%, roughly equal to the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for ASA and GDX.

Drawdown Indicators

	ASA	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-80.36%	-80.34%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-32.51%	-30.84%	-1.67%
Max Drawdown (5Y) Largest decline over 5 years	-51.33%	-46.51%	-4.82%
Max Drawdown (10Y) Largest decline over 10 years	-51.66%	-49.79%	-1.87%
Current Drawdown Current decline from peak	-23.69%	-20.78%	-2.91%
Average Drawdown Average peak-to-trough decline	-42.62%	-40.61%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.00%	8.52%	+0.48%

Volatility

ASA vs. GDX - Volatility Comparison

ASA Gold and Precious Metals Limited (ASA) has a higher volatility of 21.35% compared to VanEck Gold Miners ETF (GDX) at 18.51%. This indicates that ASA'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

	ASA	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.35%	18.51%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	40.57%	38.19%	+2.38%
Volatility (1Y) Calculated over the trailing 1-year period	48.68%	46.00%	+2.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.41%	35.73%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.56%	37.44%	-1.88%