CMCL vs. GDX

Last updated Apr 1, 2026

Compare and contrast key facts about Caledonia Mining Corporation Plc (CMCL) 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

CMCL vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Caledonia Mining Corporation Plc (CMCL) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

CMCL vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CMCL Caledonia Mining Corporation Plc	-13.68%	186.75%	-18.90%	2.65%	11.39%	-23.84%	93.29%	67.37%	-26.33%	20.43%
GDX VanEck Gold Miners ETF	7.00%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	6.73%

Returns By Period

In the year-to-date period, CMCL achieves a -13.68% return, which is significantly lower than GDX's 7.00% return.

CMCL

• 1D: 2.50%
• 1M: -28.83%
• YTD: -13.68%
• 6M: -37.29%
• 1Y: 86.48%
• 3Y*: 18.51%
• 5Y*: 13.17%
• 10Y*: —

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

CMCL vs. GDX — Risk / Return Rank

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

CMCL

CMCL Risk / Return Rank: 78
CMCL Sharpe Ratio Rank: 81
CMCL Sortino Ratio Rank: 75
CMCL Omega Ratio Rank: 73
CMCL Calmar Ratio Rank: 81
CMCL Martin Ratio Rank: 79

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.

CMCL vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Caledonia Mining Corporation Plc (CMCL) 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.

	CMCL	GDX	Difference
Sharpe ratio Return per unit of total volatility	1.27	2.21	-0.94
Sortino ratio Return per unit of downside risk	1.81	2.45	-0.63
Omega ratio Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio Return relative to maximum drawdown	2.35	3.34	-0.99
Martin ratio Return relative to average drawdown	5.42	12.07	-6.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMCL vs. GDX - Sharpe Ratio Comparison

The current CMCL Sharpe Ratio is 1.27, which is lower than the GDX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of CMCL 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

	CMCL	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	2.21	-0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	0.67	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.14	+0.23

Correlation

The correlation between CMCL and GDX is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CMCL vs. GDX - Dividend Comparison

CMCL's dividend yield for the trailing twelve months is around 2.48%, more than GDX's 0.69% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMCL Caledonia Mining Corporation Plc	2.48%	2.14%	5.95%	4.59%	4.52%	4.29%	2.11%	3.27%	5.23%	1.86%	0.00%	0.00%
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

CMCL vs. GDX - Drawdown Comparison

The maximum CMCL drawdown since its inception was -65.77%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for CMCL and GDX.

Drawdown Indicators

	CMCL	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-65.77%	-80.34%	+14.57%
Max Drawdown (1Y) Largest decline over 1 year	-42.87%	-30.84%	-12.03%
Max Drawdown (5Y) Largest decline over 5 years	-50.00%	-46.51%	-3.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.79%	—
Current Drawdown Current decline from peak	-39.80%	-20.78%	-19.02%
Average Drawdown Average peak-to-trough decline	-35.76%	-40.61%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.57%	8.52%	+10.05%

Volatility

CMCL vs. GDX - Volatility Comparison

The current volatility for Caledonia Mining Corporation Plc (CMCL) is 15.56%, while VanEck Gold Miners ETF (GDX) has a volatility of 18.51%. This indicates that CMCL 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

	CMCL	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.56%	18.51%	-2.95%
Volatility (6M) Calculated over the trailing 6-month period	52.25%	38.19%	+14.06%
Volatility (1Y) Calculated over the trailing 1-year period	69.05%	46.00%	+23.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.86%	35.73%	+17.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.73%	37.44%	+17.29%