EPGIX vs. GDX

Last updated Jun 4, 2026

EPGIX (EuroPac Gold Fund Class I) and GDX (VanEck Gold Miners ETF) are both Gold funds. Over the past 5 years, EPGIX returned 14.17%/yr vs 18.69%/yr for GDX. With a 0.95 correlation, they move nearly in lockstep. EPGIX charges 1.12%/yr vs 0.51%/yr for GDX.

Performance

EPGIX vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in EuroPac Gold Fund Class I (EPGIX) 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, EPGIX achieves a 7.11% return, which is significantly higher than GDX's -0.90% return.

EPGIX

• 1D: 1.09%
• 1M: 4.19%
• YTD: 7.11%
• 6M: 12.57%
• 1Y: 67.94%
• 3Y*: 36.01%
• 5Y*: 14.17%
• 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%

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

EPGIX vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EPGIX EuroPac Gold Fund Class I	7.11%	129.72%	8.80%	2.51%	-13.84%	-17.82%	37.43%	37.47%	5.95%
GDX VanEck Gold Miners ETF	-0.90%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	9.85%

Correlation

The correlation between EPGIX and GDX is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Nov 21, 2018	0.95

The correlation between EPGIX and GDX has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

Return for Risk

EPGIX vs. GDX — Risk / Return Rank

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

EPGIX

EPGIX Risk / Return Rank: 33
EPGIX Sharpe Ratio Rank: 38
EPGIX Sortino Ratio Rank: 26
EPGIX Omega Ratio Rank: 34
EPGIX Calmar Ratio Rank: 39
EPGIX Martin Ratio Rank: 28

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

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.

EPGIX vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for EuroPac Gold Fund Class I (EPGIX) 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.

	EPGIX	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.35	+0.44
Sortino ratio: Return per unit of downside risk	2.12	1.76	+0.36
Omega ratio: Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio: Return relative to maximum drawdown	2.38	2.00	+0.38
Martin ratio: Return relative to average drawdown	6.76	5.13	+1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EPGIX vs. GDX - Sharpe Ratio Comparison

The current EPGIX Sharpe Ratio is 1.79, which is higher than the GDX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of EPGIX 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.

Sharpe Ratios by Period

	EPGIX	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.35	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.52	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.13	+0.46

Drawdowns

EPGIX vs. GDX - Drawdown Comparison

The maximum EPGIX drawdown since its inception was -50.71%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for EPGIX and GDX.

Drawdown Indicators

	EPGIX	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-50.71%	-80.34%	+29.63%
Max Drawdown (1Y) Largest decline over 1 year	-28.88%	-30.84%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-28.88%	-30.84%	+1.96%
Max Drawdown (5Y) Largest decline over 5 years	-46.95%	-46.51%	-0.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-49.79%	—
Current Drawdown Current decline from peak	-18.35%	-26.62%	+8.27%
Average Drawdown Average peak-to-trough decline	-18.59%	-40.43%	+21.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.16%	11.99%	-1.83%

Volatility

EPGIX vs. GDX - Volatility Comparison

The current volatility for EuroPac Gold Fund Class I (EPGIX) is 12.37%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.40%. This indicates that EPGIX 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.

Volatility by Period

	EPGIX	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.37%	15.40%	-3.03%
Volatility (6M) Calculated over the trailing 6-month period	31.72%	37.50%	-5.78%
Volatility (1Y) Calculated over the trailing 1-year period	38.71%	45.49%	-6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.48%	36.39%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.81%	37.18%	-3.37%

EPGIX vs. GDX - Expense Ratio Comparison

EPGIX has a 1.12% expense ratio, which is higher than GDX's 0.51% expense ratio.

Dividends

EPGIX vs. GDX - Dividend Comparison

EPGIX's dividend yield for the trailing twelve months is around 6.50%, more than GDX's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPGIX EuroPac Gold Fund Class I	6.50%	6.96%	10.56%	0.00%	0.00%	2.76%	8.83%	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

Can I hold both EPGIX and GDX in my portfolio?

With a correlation of 0.95, EPGIX and GDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EPGIX or GDX?

GDX has higher volatility (15.40%) compared to EPGIX (12.37%). In terms of maximum drawdown, EPGIX dropped -50.71% vs GDX's -80.34%.

Which has better risk-adjusted returns?

EPGIX currently has the higher Sharpe Ratio (1.79 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.