CMCL vs. GDX
CMCL (Caledonia Mining Corporation Plc) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 5 years, CMCL returned 11.89%/yr vs 17.86%/yr for GDX. Their 0.51 correlation means they have sometimes moved together and sometimes differently.
Performance
CMCL vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, CMCL achieves a -28.88% return, which is significantly lower than GDX's -13.61% return.
CMCL
- 1D
- -2.54%
- 1M
- -8.46%
- 6M
- -32.17%
- YTD
- -28.88%
- 1Y
- -5.36%
- 3Y*
- 22.40%
- 5Y*
- 11.89%
- 10Y*
- —
- ALL TIME*
- 16.90%
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.38M | $4.48M | $4.95M | |
| $1.26B | $1.34B | $1.78B |
CMCL vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMCL Caledonia Mining Corporation Plc | -28.88% | 186.75% | -18.90% | 2.65% | 11.39% | -23.84% | 93.29% | 67.37% | -26.33% | 20.43% |
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 4.45% |
Correlation
The correlation between CMCL and GDX is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2017 | 0.51 |
Over the past year, CMCL and GDX have become more correlated (0.71) than their long-term average of 0.51, meaning their price movements have been converging.
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Return for Risk
CMCL vs. GDX — Risk / Return Rank
CMCL
GDX
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.
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.
| CMCL | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.18 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 1.15 | -1.23 |
| Martin ratioReturn relative to average drawdown | -0.15 | 2.48 | -2.63 |
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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.
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Drawdown Indicators
| CMCL | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.77% | -80.34% | +14.57% |
Max Drawdown (1Y)Largest decline over 1 year | -54.71% | -38.93% | -15.78% |
Max Drawdown (3Y)Largest decline over 3 years | -54.71% | -38.93% | -15.78% |
Max Drawdown (5Y)Largest decline over 5 years | -54.71% | -46.51% | -8.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -50.40% | -36.03% | -14.37% |
Average DrawdownAverage peak-to-trough decline | -35.97% | -40.37% | +4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.63% | 17.97% | +12.66% |
Volatility
CMCL vs. GDX - Volatility Comparison
Caledonia Mining Corporation Plc (CMCL) has a higher volatility of 15.50% compared to VanEck Gold Miners ETF (GDX) at 12.73%. This indicates that CMCL'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.
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Volatility by Period
| CMCL | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.50% | 12.73% | +2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 40.07% | 39.94% | +0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.95% | 48.49% | +15.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.76% | 37.23% | +15.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.48% | 37.34% | +17.14% |
Dividends
CMCL vs. GDX - Dividend Comparison
CMCL's dividend yield for the trailing twelve months is around 3.05%, more than GDX's 0.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMCL Caledonia Mining Corporation Plc | 3.05% | 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 | 0.85% | 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
CMCL and GDX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CMCL has higher volatility (15.50%) compared to GDX (12.73%). In terms of maximum drawdown, CMCL dropped -65.77% vs GDX's -80.34%.
GDX currently has the higher Sharpe Ratio (0.92 vs -0.07), 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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