FNV.TO vs. GDXJ

Last updated Jun 3, 2026

FNV.TO (Franco-Nevada Corporation) is a stock, while GDXJ (VanEck Vectors Junior Gold Miners ETF) is Materials fund tracking the MVIS Global Junior Gold Miners Index. Over the past 10 years, FNV.TO returned 14.98%/yr vs 14.35%/yr for GDXJ. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

FNV.TO vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Franco-Nevada Corporation (FNV.TO) and VanEck Vectors Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FNV.TO is traded in CAD, while GDXJ is traded in USD. To make them comparable, the GDXJ values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FNV.TO achieves a 14.94% return, which is significantly higher than GDXJ's 2.81% return. Both investments have delivered pretty close results over the past 10 years, with FNV.TO having a 14.98% annualized return and GDXJ not far behind at 14.35%.

FNV.TO

• 1D: 3.31%
• 1M: 6.16%
• YTD: 14.94%
• 6M: 15.30%
• 1Y: 34.74%
• 3Y*: 19.30%
• 5Y*: 13.81%
• 10Y*: 14.98%

GDXJ

• 1D: 0.89%
• 1M: 2.40%
• YTD: 2.81%
• 6M: 9.60%
• 1Y: 72.46%
• 3Y*: 49.85%
• 5Y*: 22.21%
• 10Y*: 14.35%

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

FNV.TO vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FNV.TO Franco-Nevada Corporation	14.94%	69.90%	16.50%	-19.65%	6.49%	10.56%	19.99%	41.69%	-3.12%	26.63%
GDXJ VanEck Vectors Junior Gold Miners ETF	2.81%	159.80%	25.61%	4.76%	-8.44%	-21.96%	28.19%	33.54%	-3.48%	1.32%

Correlation

The correlation between FNV.TO and GDXJ is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.72
Correlation (All Time) Calculated using the full available price history since Nov 12, 2009	0.71

The correlation between FNV.TO and GDXJ has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

FNV.TO vs. GDXJ — Risk / Return Rank

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

FNV.TO

FNV.TO Risk / Return Rank: 69
FNV.TO Sharpe Ratio Rank: 71
FNV.TO Sortino Ratio Rank: 63
FNV.TO Omega Ratio Rank: 65
FNV.TO Calmar Ratio Rank: 75
FNV.TO Martin Ratio Rank: 73

GDXJ

GDXJ Risk / Return Rank: 40
GDXJ Sharpe Ratio Rank: 40
GDXJ Sortino Ratio Rank: 35
GDXJ Omega Ratio Rank: 39
GDXJ Calmar Ratio Rank: 49
GDXJ Martin Ratio Rank: 39

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.

FNV.TO vs. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franco-Nevada Corporation (FNV.TO) and VanEck Vectors Junior Gold Miners ETF (GDXJ). 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.

	FNV.TO	GDXJ	Difference
Sharpe ratio Return per unit of total volatility	1.02	1.51	-0.49
Sortino ratio Return per unit of downside risk	1.45	1.91	-0.47
Omega ratio Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio Return relative to maximum drawdown	2.07	2.55	-0.48
Martin ratio Return relative to average drawdown	4.41	6.51	-2.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNV.TO vs. GDXJ - Sharpe Ratio Comparison

The current FNV.TO Sharpe Ratio is 1.02, which is lower than the GDXJ Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of FNV.TO and GDXJ, 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

	FNV.TO	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	1.51	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.58	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.34	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.11	+0.44

Drawdowns

FNV.TO vs. GDXJ - Drawdown Comparison

The maximum FNV.TO drawdown since its inception was -47.77%, smaller than the maximum GDXJ drawdown of -83.55%. Use the drawdown chart below to compare losses from any high point for FNV.TO and GDXJ.

Drawdown Indicators

	FNV.TO	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-47.77%	-83.55%	+35.78%
Max Drawdown (1Y) Largest decline over 1 year	-20.43%	-32.52%	+12.09%
Max Drawdown (3Y) Largest decline over 3 years	-28.37%	-32.52%	+4.15%
Max Drawdown (5Y) Largest decline over 5 years	-33.81%	-44.36%	+10.55%
Max Drawdown (10Y) Largest decline over 10 years	-38.28%	-56.29%	+18.01%
Current Drawdown Current decline from peak	-14.79%	-24.64%	+9.85%
Average Drawdown Average peak-to-trough decline	-12.19%	-53.22%	+41.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.59%	12.76%	-3.17%

Volatility

FNV.TO vs. GDXJ - Volatility Comparison

The current volatility for Franco-Nevada Corporation (FNV.TO) is 10.56%, while VanEck Vectors Junior Gold Miners ETF (GDXJ) has a volatility of 15.85%. This indicates that FNV.TO experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNV.TO	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.56%	15.85%	-5.29%
Volatility (6M) Calculated over the trailing 6-month period	28.03%	39.82%	-11.79%
Volatility (1Y) Calculated over the trailing 1-year period	34.76%	48.57%	-13.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.18%	38.28%	-10.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.70%	41.97%	-13.27%

Dividends

FNV.TO vs. GDXJ - Dividend Comparison

FNV.TO's dividend yield for the trailing twelve months is around 0.67%, less than GDXJ's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNV.TO Franco-Nevada Corporation	0.67%	0.75%	1.17%	1.25%	0.91%	0.83%	0.86%	0.98%	1.55%	1.12%	1.42%	1.53%
GDXJ VanEck Vectors Junior Gold Miners ETF	2.28%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%

Frequently Asked Questions

Can I hold both FNV.TO and GDXJ in my portfolio?

FNV.TO and GDXJ have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.