CTGO vs. GDX

Last updated Aug 1, 2026

CTGO (Contango Ore, Inc.) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, CTGO returned 3.42%/yr vs 10.07%/yr for GDX. Their 0.13 correlation means their historical movements had little consistent relationship.

Performance

CTGO vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Contango Ore, Inc. (CTGO) 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, CTGO achieves a -41.69% return, which is significantly lower than GDX's -13.61% return. Over the past 10 years, CTGO has underperformed GDX with an annualized return of 3.42%, while GDX has yielded a comparatively higher 10.07% annualized return.

CTGO

• 1D: -5.00%
• 1M: -10.62%
• 6M: -45.68%
• YTD: -41.69%
• 1Y: -17.47%
• 3Y*: -5.71%
• 5Y*: -6.01%
• 10Y*: 3.42%
• ALL TIME*: 3.51%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CTGO Contango Ore, Inc.	$6.36M	$6.54M	$9.55M
GDX VanEck Gold Miners ETF	$1.26B	$1.34B	$1.78B

CTGO vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CTGO Contango Ore, Inc.	-41.69%	163.57%	-44.67%	-20.99%	-10.47%	36.53%	29.31%	-17.14%	-3.58%	-7.40%
GDX VanEck Gold Miners ETF	-13.61%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between CTGO and GDX is 0.69, 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.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.52
Correlation (5Y) Shows whether the relationship held over a longer period.	0.35
Correlation (10Y) Provides a long-term view across more market conditions.	0.19
Correlation (All Time) Calculated using the full available price history since Jan 10, 2011	0.13

Over the past year, CTGO and GDX have become more correlated (0.69) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

CTGO vs. GDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

CTGO

CTGO Risk / Return Rank: 33
CTGO Sharpe Ratio Rank: 32
CTGO Sortino Ratio Rank: 34
CTGO Omega Ratio Rank: 34
CTGO Calmar Ratio Rank: 34
CTGO Martin Ratio Rank: 32

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 37
GDX Omega Ratio Rank: 39
GDX Calmar Ratio Rank: 34
GDX Martin Ratio Rank: 29

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CTGO vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Contango Ore, Inc. (CTGO) 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.

	CTGO	GDX	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	0.92	-1.19
Sortino ratio: Return per unit of downside risk	0.04	1.38	-1.34
Omega ratio: Gain probability vs. loss probability	1.01	1.18	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.32	1.15	-1.47
Martin ratio: Return relative to average drawdown	-0.62	2.48	-3.11

CTGO vs. GDX - Sharpe Ratio Comparison

The current CTGO Sharpe Ratio is -0.27, which is lower than the GDX Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of CTGO 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

CTGO vs. GDX - Drawdown Comparison

The maximum CTGO drawdown since its inception was -86.86%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for CTGO and GDX.

Drawdown Indicators

	CTGO	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-86.86%	-80.34%	-6.52%
Max Drawdown (1Y) Largest decline over 1 year	-55.20%	-38.93%	-16.27%
Max Drawdown (3Y) Largest decline over 3 years	-64.10%	-38.93%	-25.17%
Max Drawdown (5Y) Largest decline over 5 years	-72.48%	-46.51%	-25.97%
Max Drawdown (10Y) Largest decline over 10 years	-72.87%	-49.79%	-23.08%
Current Drawdown Current decline from peak	-53.47%	-36.03%	-17.44%
Average Drawdown Average peak-to-trough decline	-39.15%	-40.37%	+1.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.88%	17.97%	+9.91%

Volatility

CTGO vs. GDX - Volatility Comparison

Contango Ore, Inc. (CTGO) has a higher volatility of 18.86% compared to VanEck Gold Miners ETF (GDX) at 12.73%. This indicates that CTGO'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.

Volatility by Period

	CTGO	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.86%	12.73%	+6.13%
Volatility (6M) Calculated over the trailing 6-month period	52.82%	39.94%	+12.88%
Volatility (1Y) Calculated over the trailing 1-year period	64.97%	48.49%	+16.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.70%	37.23%	+24.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.55%	37.34%	+38.21%

Dividends

CTGO vs. GDX - Dividend Comparison

CTGO has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.85%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTGO Contango Ore, Inc.	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	0.85%	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

Can I hold both CTGO and GDX in my portfolio?

CTGO and GDX have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTGO or GDX?

CTGO has higher volatility (18.86%) compared to GDX (12.73%). In terms of maximum drawdown, CTGO dropped -86.86% vs GDX's -80.34%.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (0.92 vs -0.27), 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.