BATE.DE vs. GDX

Last updated Jun 26, 2026

BATE.DE (Legal & General Battery Value-Chain UCITS ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - BATE.DE is a Lithium & Battery Metals fund tracking the Solactive Battery Value-Chain Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, BATE.DE returned 14.60%/yr vs 19.90%/yr for GDX. At a 0.15 correlation, their price movements are largely independent. BATE.DE charges 0.49%/yr vs 0.51%/yr for GDX.

Performance

BATE.DE vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Legal & General Battery Value-Chain UCITS ETF (BATE.DE) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BATE.DE is traded in EUR, while GDX is traded in USD. To make them comparable, the GDX values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, BATE.DE achieves a 20.81% return, which is significantly higher than GDX's -8.82% return.

BATE.DE

• 1D: -2.30%
• 1M: -10.92%
• YTD: 20.81%
• 6M: 21.86%
• 1Y: 101.45%
• 3Y*: 20.29%
• 5Y*: 14.60%
• 10Y*: —

GDX

• 1D: 1.38%
• 1M: -12.51%
• YTD: -8.82%
• 6M: -12.58%
• 1Y: 50.55%
• 3Y*: 35.74%
• 5Y*: 19.90%
• 10Y*: 11.58%

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

BATE.DE vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BATE.DE Legal & General Battery Value-Chain UCITS ETF	20.81%	54.92%	4.47%	5.32%	-9.11%	25.96%	63.27%	21.00%	-14.01%
GDX VanEck Gold Miners ETF	-8.82%	124.54%	17.94%	6.68%	-3.37%	-2.76%	13.47%	43.00%	3.53%

Correlation

The correlation between BATE.DE and GDX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 7, 2018	0.15

Over the past year, BATE.DE and GDX have become more correlated (0.42) than their long-term average of 0.15, meaning their price movements have been converging.

Return for Risk

BATE.DE vs. GDX — Risk / Return Rank

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

BATE.DE

BATE.DE Risk / Return Rank: 93
BATE.DE Sharpe Ratio Rank: 95
BATE.DE Sortino Ratio Rank: 91
BATE.DE Omega Ratio Rank: 89
BATE.DE Calmar Ratio Rank: 95
BATE.DE Martin Ratio Rank: 94

GDX

GDX Risk / Return Rank: 29
GDX Sharpe Ratio Rank: 30
GDX Sortino Ratio Rank: 29
GDX Omega Ratio Rank: 31
GDX Calmar Ratio Rank: 29
GDX Martin Ratio Rank: 27

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.

BATE.DE vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Legal & General Battery Value-Chain UCITS ETF (BATE.DE) 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.

	BATE.DE	GDX	Difference
Sharpe ratio: Return per unit of total volatility	3.29	1.11	+2.18
Sortino ratio: Return per unit of downside risk	3.78	1.54	+2.24
Omega ratio: Gain probability vs. loss probability	1.49	1.21	+0.28
Calmar ratio: Return relative to maximum drawdown	6.67	1.45	+5.23
Martin ratio: Return relative to average drawdown	22.65	3.74	+18.91

BATE.DE vs. GDX - Sharpe Ratio Comparison

The current BATE.DE Sharpe Ratio is 3.29, which is higher than the GDX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of BATE.DE 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

BATE.DE vs. GDX - Drawdown Comparison

The maximum BATE.DE drawdown since its inception was -36.43%, smaller than the maximum GDX drawdown of -75.08%. Use the drawdown chart below to compare losses from any high point for BATE.DE and GDX.

Drawdown Indicators

	BATE.DE	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-36.43%	-75.08%	+38.65%
Max Drawdown (1Y) Largest decline over 1 year	-15.12%	-35.15%	+20.03%
Max Drawdown (3Y) Largest decline over 3 years	-34.05%	-35.15%	+1.10%
Max Drawdown (5Y) Largest decline over 5 years	-34.05%	-39.99%	+5.94%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.43%	—
Current Drawdown Current decline from peak	-13.66%	-32.52%	+18.86%
Average Drawdown Average peak-to-trough decline	-8.26%	-35.48%	+27.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	13.55%	-9.09%

Volatility

BATE.DE vs. GDX - Volatility Comparison

The current volatility for Legal & General Battery Value-Chain UCITS ETF (BATE.DE) is 10.20%, while VanEck Gold Miners ETF (GDX) has a volatility of 16.37%. This indicates that BATE.DE 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

	BATE.DE	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.20%	16.37%	-6.17%
Volatility (6M) Calculated over the trailing 6-month period	24.43%	37.96%	-13.53%
Volatility (1Y) Calculated over the trailing 1-year period	30.65%	45.61%	-14.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.62%	34.33%	-10.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.57%	35.37%	-11.80%

BATE.DE vs. GDX - Expense Ratio Comparison

BATE.DE has a 0.49% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

BATE.DE vs. GDX - Dividend Comparison

BATE.DE has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.84%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BATE.DE Legal & General Battery Value-Chain UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDX VanEck Gold Miners ETF	0.84%	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 BATE.DE and GDX in my portfolio?

BATE.DE and GDX have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BATE.DE or GDX?

On fees, BATE.DE is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BATE.DE or GDX?

BATE.DE is cheaper with a 0.49% expense ratio, compared with 0.51% for GDX.

What is the main difference between BATE.DE and GDX?

BATE.DE is categorized as Lithium & Battery Metals, while GDX is Gold. BATE.DE tracks Solactive Battery Value-Chain Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Legal & General and VanEck. Their fees differ too: 0.49% for BATE.DE and 0.51% for GDX.