CUT vs. GOEX

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco MSCI Global Timber ETF (CUT) and Global X Gold Explorers ETF (GOEX).

CUT and GOEX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CUT is a passively managed fund by Invesco that tracks the performance of the Beacon Global Timber Index. It was launched on Nov 9, 2007. GOEX is a passively managed fund by Global X that tracks the performance of the Solactive Global Gold Explorers & Developers Total Return. It was launched on Nov 3, 2010. Both CUT and GOEX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

CUT vs. GOEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI Global Timber ETF (CUT) and Global X Gold Explorers ETF (GOEX). The values are adjusted to include any dividend payments, if applicable.

CUT vs. GOEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CUT Invesco MSCI Global Timber ETF	-1.41%	-5.92%	1.82%	8.65%	-16.38%	12.29%	18.05%	23.35%	-21.70%	30.41%
GOEX Global X Gold Explorers ETF	5.01%	179.50%	19.38%	1.99%	-14.63%	-14.45%	34.98%	36.73%	-14.84%	12.61%

Returns By Period

In the year-to-date period, CUT achieves a -1.41% return, which is significantly lower than GOEX's 5.01% return. Over the past 10 years, CUT has underperformed GOEX with an annualized return of 4.66%, while GOEX has yielded a comparatively higher 19.57% annualized return.

CUT

• 1D: 2.29%
• 1M: -9.49%
• YTD: -1.41%
• 6M: -0.62%
• 1Y: -4.47%
• 3Y*: 1.30%
• 5Y*: -2.30%
• 10Y*: 4.66%

GOEX

• 1D: 7.98%
• 1M: -21.75%
• YTD: 5.01%
• 6M: 27.17%
• 1Y: 127.38%
• 3Y*: 47.26%
• 5Y*: 24.87%
• 10Y*: 19.57%

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

CUT vs. GOEX - Expense Ratio Comparison

CUT has a 0.55% expense ratio, which is lower than GOEX's 0.65% expense ratio.

GOEX

Global X Gold Explorers ETF

CUT

Invesco MSCI Global Timber ETF

Return for Risk

CUT vs. GOEX — Risk / Return Rank

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

CUT

CUT Risk / Return Rank: 7
CUT Sharpe Ratio Rank: 8
CUT Sortino Ratio Rank: 7
CUT Omega Ratio Rank: 7
CUT Calmar Ratio Rank: 7
CUT Martin Ratio Rank: 6

GOEX

GOEX Risk / Return Rank: 94
GOEX Sharpe Ratio Rank: 96
GOEX Sortino Ratio Rank: 92
GOEX Omega Ratio Rank: 91
GOEX Calmar Ratio Rank: 95
GOEX Martin Ratio Rank: 94

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.

CUT vs. GOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Global Timber ETF (CUT) and Global X Gold Explorers ETF (GOEX). 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.

	CUT	GOEX	Difference
Sharpe ratio Return per unit of total volatility	-0.22	2.55	-2.77
Sortino ratio Return per unit of downside risk	-0.19	2.69	-2.88
Omega ratio Gain probability vs. loss probability	0.98	1.39	-0.41
Calmar ratio Return relative to maximum drawdown	-0.27	3.90	-4.17
Martin ratio Return relative to average drawdown	-0.69	13.83	-14.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CUT vs. GOEX - Sharpe Ratio Comparison

The current CUT Sharpe Ratio is -0.22, which is lower than the GOEX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of CUT and GOEX, 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

	CUT	GOEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	2.55	-2.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.65	-0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.49	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.03	+0.09

Correlation

The correlation between CUT and GOEX is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CUT vs. GOEX - Dividend Comparison

CUT's dividend yield for the trailing twelve months is around 2.50%, more than GOEX's 1.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CUT Invesco MSCI Global Timber ETF	2.50%	2.46%	3.05%	2.44%	2.58%	1.57%	1.65%	2.67%	3.43%	1.57%	2.08%	1.52%
GOEX Global X Gold Explorers ETF	1.98%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%

Drawdowns

CUT vs. GOEX - Drawdown Comparison

The maximum CUT drawdown since its inception was -70.03%, smaller than the maximum GOEX drawdown of -88.83%. Use the drawdown chart below to compare losses from any high point for CUT and GOEX.

Drawdown Indicators

	CUT	GOEX	Difference
Max Drawdown Largest peak-to-trough decline	-70.03%	-88.83%	+18.80%
Max Drawdown (1Y) Largest decline over 1 year	-16.98%	-32.78%	+15.80%
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	-47.16%	+15.95%
Max Drawdown (10Y) Largest decline over 10 years	-45.76%	-53.66%	+7.90%
Current Drawdown Current decline from peak	-19.60%	-22.50%	+2.90%
Average Drawdown Average peak-to-trough decline	-15.20%	-64.06%	+48.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.68%	9.24%	-2.56%

Volatility

CUT vs. GOEX - Volatility Comparison

The current volatility for Invesco MSCI Global Timber ETF (CUT) is 6.60%, while Global X Gold Explorers ETF (GOEX) has a volatility of 19.89%. This indicates that CUT experiences smaller price fluctuations and is considered to be less risky than GOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUT	GOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	19.89%	-13.29%
Volatility (6M) Calculated over the trailing 6-month period	13.02%	42.25%	-29.23%
Volatility (1Y) Calculated over the trailing 1-year period	19.97%	50.25%	-30.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.29%	38.54%	-20.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.19%	40.46%	-20.27%