FNV vs. GDX
FNV (Franco-Nevada Corporation) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, FNV returned 13.00%/yr vs 12.89%/yr for GDX. A 0.78 correlation means they provide meaningful diversification when combined.
Performance
FNV vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, FNV achieves a 6.89% return, which is significantly higher than GDX's -5.05% return. Both investments have delivered pretty close results over the past 10 years, with FNV having a 13.00% annualized return and GDX not far behind at 12.89%.
FNV
- 1D
- 0.67%
- 1M
- -2.21%
- YTD
- 6.89%
- 6M
- 3.15%
- 1Y
- 34.14%
- 3Y*
- 17.80%
- 5Y*
- 9.65%
- 10Y*
- 13.00%
GDX
- 1D
- -1.30%
- 1M
- -4.21%
- YTD
- -5.05%
- 6M
- -9.69%
- 1Y
- 56.88%
- 3Y*
- 41.48%
- 5Y*
- 20.52%
- 10Y*
- 12.89%
FNV vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNV Franco-Nevada Corporation | 6.89% | 77.81% | 7.41% | -17.96% | -0.39% | 11.57% | 22.31% | 48.92% | -11.00% | 35.45% |
GDX VanEck Gold Miners ETF | -5.05% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between FNV and GDX is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007 | 0.78 |
The correlation between FNV and GDX has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.
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Return for Risk
FNV vs. GDX — Risk / Return Rank
FNV
GDX
FNV vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franco-Nevada Corporation (FNV) 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.
| FNV | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.22 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.34 | 1.58 | -0.24 |
| Martin ratioReturn relative to average drawdown | 3.24 | 4.19 | -0.95 |
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Drawdowns
FNV vs. GDX - Drawdown Comparison
The maximum FNV drawdown since its inception was -58.76%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for FNV and GDX.
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Drawdown Indicators
| FNV | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.76% | -80.34% | +21.58% |
Max Drawdown (1Y)Largest decline over 1 year | -25.68% | -36.28% | +10.60% |
Max Drawdown (3Y)Largest decline over 3 years | -29.64% | -36.28% | +6.64% |
Max Drawdown (5Y)Largest decline over 5 years | -37.12% | -46.51% | +9.39% |
Max Drawdown (10Y)Largest decline over 10 years | -37.12% | -49.79% | +12.67% |
Current DrawdownCurrent decline from peak | -21.10% | -29.70% | +8.60% |
Average DrawdownAverage peak-to-trough decline | -13.98% | -40.40% | +26.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.57% | 13.62% | -3.05% |
Volatility
FNV vs. GDX - Volatility Comparison
The current volatility for Franco-Nevada Corporation (FNV) is 13.45%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.03%. This indicates that FNV 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
| FNV | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.45% | 17.03% | -3.58% |
Volatility (6M)Calculated over the trailing 6-month period | 30.78% | 39.77% | -8.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.71% | 47.49% | -10.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.52% | 36.83% | -6.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.27% | 37.39% | -7.12% |
Dividends
FNV vs. GDX - Dividend Comparison
FNV's dividend yield for the trailing twelve months is around 0.74%, less than GDX's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNV Franco-Nevada Corporation | 0.74% | 0.73% | 1.22% | 1.23% | 0.94% | 1.10% | 0.82% | 0.96% | 1.35% | 1.14% | 1.46% | 1.81% |
GDX VanEck Gold Miners ETF | 0.78% | 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
FNV and GDX have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.03%) compared to FNV (13.45%). In terms of maximum drawdown, FNV dropped -58.76% vs GDX's -80.34%.
GDX currently has the higher Sharpe Ratio (1.21 vs 0.94), 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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