BIZD vs. GDX

Last updated Jun 4, 2026

BIZD (VanEck BDC Income ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - BIZD is a Financials Equities fund tracking the MVIS US Business Development Companies Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, BIZD returned 7.77%/yr vs 13.98%/yr for GDX. At a 0.14 correlation, their price movements are largely independent. BIZD charges 0.42%/yr vs 0.51%/yr for GDX.

Performance

BIZD vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck BDC Income ETF (BIZD) 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, BIZD achieves a -8.99% return, which is significantly lower than GDX's -0.90% return. Over the past 10 years, BIZD has underperformed GDX with an annualized return of 7.77%, while GDX has yielded a comparatively higher 13.98% annualized return.

BIZD

• 1D: -2.28%
• 1M: -6.62%
• YTD: -8.99%
• 6M: -10.20%
• 1Y: -12.94%
• 3Y*: 5.27%
• 5Y*: 4.03%
• 10Y*: 7.77%

GDX

• 1D: -3.46%
• 1M: -0.76%
• YTD: -0.90%
• 6M: 5.62%
• 1Y: 61.27%
• 3Y*: 41.00%
• 5Y*: 18.69%
• 10Y*: 13.98%

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

BIZD vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BIZD VanEck BDC Income ETF	-8.99%	-4.96%	15.63%	27.02%	-8.51%	36.25%	-7.12%	30.87%	-6.88%	0.36%
GDX VanEck Gold Miners ETF	-0.90%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between BIZD and GDX is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Feb 13, 2013	0.14

The correlation between BIZD and GDX shifts across timeframes, from 0.07 (1 year) to 0.22 (5 years), reflecting how their relationship changes across market environments.

BIZD vs. GDX - Sectors Allocation Comparison

Sectors	BIZD	GDX
Financial Services	100.0%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BIZD vs. GDX — Risk / Return Rank

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

BIZD

BIZD Risk / Return Rank: 3
BIZD Sharpe Ratio Rank: 3
BIZD Sortino Ratio Rank: 3
BIZD Omega Ratio Rank: 3
BIZD Calmar Ratio Rank: 4
BIZD Martin Ratio Rank: 4

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX 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.

BIZD vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck BDC Income ETF (BIZD) 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.

	BIZD	GDX	Difference
Sharpe ratio Return per unit of total volatility	-0.72	1.35	-2.07
Sortino ratio Return per unit of downside risk	-0.93	1.76	-2.69
Omega ratio Gain probability vs. loss probability	0.90	1.25	-0.35
Calmar ratio Return relative to maximum drawdown	-0.58	2.00	-2.58
Martin ratio Return relative to average drawdown	-1.03	5.13	-6.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BIZD vs. GDX - Sharpe Ratio Comparison

The current BIZD Sharpe Ratio is -0.72, which is lower than the GDX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of BIZD 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.

Sharpe Ratios by Period

	BIZD	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	1.35	-2.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.52	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.38	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.13	+0.18

Drawdowns

BIZD vs. GDX - Drawdown Comparison

The maximum BIZD drawdown since its inception was -55.44%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for BIZD and GDX.

Drawdown Indicators

	BIZD	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-55.44%	-80.34%	+24.90%
Max Drawdown (1Y) Largest decline over 1 year	-22.22%	-30.84%	+8.62%
Max Drawdown (3Y) Largest decline over 3 years	-22.56%	-30.84%	+8.28%
Max Drawdown (5Y) Largest decline over 5 years	-22.91%	-46.51%	+23.60%
Max Drawdown (10Y) Largest decline over 10 years	-55.44%	-49.79%	-5.65%
Current Drawdown Current decline from peak	-19.27%	-26.62%	+7.35%
Average Drawdown Average peak-to-trough decline	-6.72%	-40.43%	+33.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.63%	11.99%	+0.64%

Volatility

BIZD vs. GDX - Volatility Comparison

The current volatility for VanEck BDC Income ETF (BIZD) is 4.79%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.40%. This indicates that BIZD 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

	BIZD	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	15.40%	-10.61%
Volatility (6M) Calculated over the trailing 6-month period	14.77%	37.50%	-22.73%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	45.49%	-27.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.40%	36.39%	-18.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	37.18%	-15.44%

BIZD vs. GDX - Expense Ratio Comparison

BIZD has a 0.42% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

BIZD vs. GDX - Dividend Comparison

BIZD's dividend yield for the trailing twelve months is around 13.87%, more than GDX's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIZD VanEck BDC Income ETF	13.87%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%
GDX VanEck Gold Miners ETF	0.74%	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 BIZD and GDX in my portfolio?

BIZD and GDX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BIZD or GDX?

GDX has higher volatility (15.40%) compared to BIZD (4.79%). In terms of maximum drawdown, BIZD dropped -55.44% vs GDX's -80.34%.

Which ETF is better, BIZD or GDX?

On 10-year performance, GDX leads with 13.98% vs 7.77% for BIZD. On fees, BIZD is cheaper at 0.42% per year. On volatility, BIZD has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BIZD or GDX?

Over the 10-year period, GDX has performed better with a 13.98% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BIZD or GDX?

BIZD is cheaper with a 0.42% expense ratio, compared with 0.51% for GDX.

Which ETF pays a higher dividend yield, BIZD or GDX?

BIZD has the higher dividend yield at 13.87%, compared with 0.74% for GDX.

What is the main difference between BIZD and GDX?

BIZD is categorized as Financials Equities, while GDX is Gold. BIZD tracks MVIS US Business Development Companies Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.42% for BIZD and 0.51% for GDX.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.35 vs -0.72), 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.