BGLD vs. GDX
BGLD (FT Vest Gold Strategy Quarterly Buffer ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - BGLD is a Defined Outcome fund actively managed by FT Vest, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. BGLD is actively managed, while GDX is passively managed. Over the past 5 years, BGLD returned 10.99%/yr vs 19.30%/yr for GDX. A 0.67 correlation means they provide meaningful diversification when combined. BGLD charges 0.91%/yr vs 0.51%/yr for GDX.
Performance
BGLD vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, BGLD achieves a -3.71% return, which is significantly higher than GDX's -9.46% return.
BGLD
- 1D
- -0.57%
- 1M
- -4.77%
- YTD
- -3.71%
- 6M
- -6.89%
- 1Y
- 7.94%
- 3Y*
- 18.31%
- 5Y*
- 10.99%
- 10Y*
- —
GDX
- 1D
- -4.64%
- 1M
- -8.66%
- YTD
- -9.46%
- 6M
- -13.97%
- 1Y
- 47.29%
- 3Y*
- 39.25%
- 5Y*
- 19.30%
- 10Y*
- 12.36%
BGLD vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | -3.71% | 33.03% | 21.80% | 13.24% | -2.42% | -5.53% |
GDX VanEck Gold Miners ETF | -9.46% | 154.77% | 10.63% | 9.98% | -9.01% | -9.57% |
Correlation
The correlation between BGLD and GDX is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021 | 0.67 |
The correlation between BGLD and GDX has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.
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Return for Risk
BGLD vs. GDX — Risk / Return Rank
BGLD
GDX
BGLD vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) 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.
| BGLD | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.20 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 1.31 | -0.61 |
| Martin ratioReturn relative to average drawdown | 1.96 | 3.44 | -1.49 |
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Drawdowns
BGLD vs. GDX - Drawdown Comparison
The maximum BGLD drawdown since its inception was -16.19%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for BGLD and GDX.
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Drawdown Indicators
| BGLD | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.19% | -80.34% | +64.15% |
Max Drawdown (1Y)Largest decline over 1 year | -11.42% | -36.28% | +24.86% |
Max Drawdown (3Y)Largest decline over 3 years | -11.42% | -36.28% | +24.86% |
Max Drawdown (5Y)Largest decline over 5 years | -15.42% | -46.51% | +31.09% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -10.95% | -32.96% | +22.01% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -40.40% | +36.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.07% | 13.78% | -9.71% |
Volatility
BGLD vs. GDX - Volatility Comparison
The current volatility for FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) is 4.56%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.61%. This indicates that BGLD 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.
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Volatility by Period
| BGLD | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 17.61% | -13.05% |
Volatility (6M)Calculated over the trailing 6-month period | 10.79% | 40.05% | -29.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.55% | 47.64% | -35.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.13% | 36.89% | -26.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 37.37% | -27.35% |
BGLD vs. GDX - Expense Ratio Comparison
BGLD has a 0.91% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
BGLD vs. GDX - Dividend Comparison
BGLD's dividend yield for the trailing twelve months is around 46.03%, more than GDX's 0.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | 46.03% | 44.32% | 25.04% | 10.49% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.82% | 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
BGLD and GDX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.61%) compared to BGLD (4.56%). In terms of maximum drawdown, BGLD dropped -16.19% vs GDX's -80.34%.
On 5-year performance, GDX leads with 19.30% vs 10.99% for BGLD. On fees, GDX is cheaper at 0.51% per year. On volatility, BGLD has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 19.30% return vs 10.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.91% for BGLD.
BGLD has the higher dividend yield at 46.03%, compared with 0.82% for GDX.
BGLD is categorized as Defined Outcome, while GDX is Gold. They also come from different issuers: FT Vest and VanEck. Their fees differ too: 0.91% for BGLD and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.00 vs 0.64), 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.
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