EMET vs. GDX
EMET (VanEck Copper and Green Metals ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - EMET is a Commodity Producers Equities fund tracking the MVIS Global Clean-Tech Metals Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 3 years, EMET returned 21.61%/yr vs 41.00%/yr for GDX. A 0.57 correlation means they provide meaningful diversification when combined. EMET charges 0.61%/yr vs 0.51%/yr for GDX.
Performance
EMET vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, EMET achieves a 24.96% return, which is significantly higher than GDX's -0.90% return.
EMET
- 1D
- -3.09%
- 1M
- 10.55%
- YTD
- 24.96%
- 6M
- 36.66%
- 1Y
- 116.88%
- 3Y*
- 21.61%
- 5Y*
- —
- 10Y*
- —
GDX
- 1D
- -3.46%
- 1M
- -0.76%
- YTD
- -0.90%
- 6M
- 5.62%
- 1Y
- 61.27%
- 3Y*
- 41.00%
- 5Y*
- 18.69%
- 10Y*
- 13.98%
EMET vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
EMET VanEck Copper and Green Metals ETF | 24.96% | 81.22% | -12.81% | -12.28% | -17.15% | -0.14% |
GDX VanEck Gold Miners ETF | -0.90% | 154.77% | 10.63% | 9.98% | -9.01% | -6.08% |
Correlation
The correlation between EMET and GDX is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2021 | 0.57 |
The correlation between EMET and GDX has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.
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Return for Risk
EMET vs. GDX — Risk / Return Rank
EMET
GDX
EMET vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Copper and Green Metals ETF (EMET) 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.
| EMET | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.25 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.60 | 2.00 | +2.60 |
| Martin ratioReturn relative to average drawdown | 15.70 | 5.13 | +10.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EMET | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.27 | 1.35 | +1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.52 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.13 | +0.12 |
Drawdowns
EMET vs. GDX - Drawdown Comparison
The maximum EMET drawdown since its inception was -53.05%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for EMET and GDX.
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Drawdown Indicators
| EMET | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.05% | -80.34% | +27.29% |
Max Drawdown (1Y)Largest decline over 1 year | -25.58% | -30.84% | +5.26% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -30.84% | -9.66% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -5.29% | -26.62% | +21.33% |
Average DrawdownAverage peak-to-trough decline | -24.83% | -40.43% | +15.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.47% | 11.99% | -4.52% |
Volatility
EMET vs. GDX - Volatility Comparison
The current volatility for VanEck Copper and Green Metals ETF (EMET) is 12.59%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.40%. This indicates that EMET 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.
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Volatility by Period
| EMET | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.59% | 15.40% | -2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 30.81% | 37.50% | -6.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.96% | 45.49% | -9.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.96% | 36.39% | -3.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.96% | 37.18% | -4.22% |
EMET vs. GDX - Expense Ratio Comparison
EMET has a 0.61% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
EMET vs. GDX - Dividend Comparison
EMET's dividend yield for the trailing twelve months is around 1.47%, more than GDX's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMET VanEck Copper and Green Metals ETF | 1.47% | 1.84% | 1.89% | 2.02% | 2.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.74% | 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
EMET and GDX have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (15.40%) compared to EMET (12.59%). In terms of maximum drawdown, EMET dropped -53.05% vs GDX's -80.34%.
On 3-year performance, GDX leads with 41.00% vs 21.61% for EMET. On fees, GDX is cheaper at 0.51% per year. On volatility, EMET has been the lower-risk option at 12.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDX has performed better with a 41.00% return vs 21.61%. 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 0.61% for EMET.
EMET has the higher dividend yield at 1.47%, compared with 0.74% for GDX.
EMET is categorized as Commodity Producers Equities, while GDX is Gold. EMET tracks MVIS Global Clean-Tech Metals Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.61% for EMET and 0.51% for GDX.
EMET currently has the higher Sharpe Ratio (3.27 vs 1.35), 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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