DAPP vs. GDX
DAPP (VanEck Digital Transformation ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - DAPP is a Blockchain fund tracking the MVIS Global Digital Assets Equity Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, DAPP returned -5.99%/yr vs 21.96%/yr for GDX. Their 0.27 correlation means their historical movements had little consistent relationship. DAPP charges 0.52%/yr vs 0.51%/yr for GDX.
Performance
DAPP vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, DAPP achieves a 8.71% return, which is significantly higher than GDX's -2.44% return.
DAPP
- 1D
- -2.55%
- 1M
- -7.32%
- 6M
- 13.81%
- YTD
- 8.71%
- 1Y
- 9.37%
- 3Y*
- 36.02%
- 5Y*
- -5.99%
- 10Y*
- —
- ALL TIME*
- -10.85%
GDX
- 1D
- 7.39%
- 1M
- 6.27%
- 6M
- -15.22%
- YTD
- -2.44%
- 1Y
- 49.29%
- 3Y*
- 43.13%
- 5Y*
- 21.96%
- 10Y*
- 11.81%
- ALL TIME*
- 5.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.29M | $5.87M | $14.12M | |
| $1.47B | $1.40B | $1.77B |
DAPP vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
DAPP VanEck Digital Transformation ETF | 8.71% | 15.03% | 44.87% | 285.02% | -85.60% | -45.88% |
GDX VanEck Gold Miners ETF | -2.44% | 154.77% | 10.63% | 9.98% | -9.01% | -5.70% |
Correlation
The correlation between DAPP and GDX is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2021 | 0.27 |
The correlation between DAPP and GDX shifts across timeframes, from 0.27 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DAPP vs. GDX — Risk / Return Rank
DAPP
GDX
DAPP vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Digital Transformation ETF (DAPP) 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.
| DAPP | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.20 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | 1.27 | -1.08 |
| Martin ratioReturn relative to average drawdown | 0.35 | 2.70 | -2.35 |
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Drawdowns
DAPP vs. GDX - Drawdown Comparison
The maximum DAPP drawdown since its inception was -92.61%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for DAPP and GDX.
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Drawdown Indicators
| DAPP | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.61% | -80.34% | -12.27% |
Max Drawdown (1Y)Largest decline over 1 year | -48.21% | -38.93% | -9.28% |
Max Drawdown (3Y)Largest decline over 3 years | -58.88% | -38.93% | -19.95% |
Max Drawdown (5Y)Largest decline over 5 years | -91.90% | -46.51% | -45.39% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -45.64% | -27.76% | -17.88% |
Average DrawdownAverage peak-to-trough decline | -60.75% | -40.37% | -20.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.89% | 18.30% | +8.59% |
Volatility
DAPP vs. GDX - Volatility Comparison
VanEck Digital Transformation ETF (DAPP) has a higher volatility of 20.81% compared to VanEck Gold Miners ETF (GDX) at 13.71%. This indicates that DAPP'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
| DAPP | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.81% | 13.71% | +7.10% |
Volatility (6M)Calculated over the trailing 6-month period | 47.77% | 38.25% | +9.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.27% | 48.91% | +15.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.09% | 37.41% | +35.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.67% | 37.42% | +35.25% |
DAPP vs. GDX - Expense Ratio Comparison
DAPP has a 0.52% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
DAPP vs. GDX - Dividend Comparison
DAPP has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DAPP VanEck Digital Transformation ETF | 0.00% | 0.00% | 4.04% | 0.00% | 0.00% | 10.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.76% | 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
DAPP and GDX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DAPP has higher volatility (20.81%) compared to GDX (13.71%). In terms of maximum drawdown, DAPP dropped -92.61% vs GDX's -80.34%.
On 5-year performance, GDX leads with 21.96% vs -5.99% for DAPP. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 13.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 21.96% return vs -5.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.52% for DAPP.
GDX has the higher dividend yield at 0.76%, compared with 0.00% for DAPP.
DAPP is categorized as Blockchain, while GDX is Gold. DAPP tracks MVIS Global Digital Assets Equity Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.52% for DAPP and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.01 vs 0.15), 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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