FQVLF vs. GDX

Last updated Aug 1, 2026

FQVLF (First Quantum Minerals Ltd) 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, FQVLF returned 12.61%/yr vs 10.07%/yr for GDX. Their 0.35 correlation means their historical movements had little consistent relationship.

Performance

FQVLF vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Quantum Minerals Ltd (FQVLF) 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, FQVLF achieves a 3.14% return, which is significantly higher than GDX's -13.61% return. Over the past 10 years, FQVLF has outperformed GDX with an annualized return of 12.61%, while GDX has yielded a comparatively lower 10.07% annualized return.

FQVLF

• 1D: -0.29%
• 1M: 0.76%
• 6M: -1.98%
• YTD: 3.14%
• 1Y: 71.86%
• 3Y*: -1.41%
• 5Y*: 5.60%
• 10Y*: 12.61%
• ALL TIME*: 1.86%

GDX

• 1D: -3.49%
• 1M: -5.52%
• 6M: -21.34%
• YTD: -13.61%
• 1Y: 42.30%
• 3Y*: 36.42%
• 5Y*: 17.86%
• 10Y*: 10.07%
• ALL TIME*: 4.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FQVLF First Quantum Minerals Ltd	$4.45M	$5.83M	$9.63M
GDX VanEck Gold Miners ETF	$1.26B	$1.34B	$1.78B

FQVLF vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FQVLF First Quantum Minerals Ltd	3.14%	107.65%	56.23%	-60.11%	-12.54%	33.61%	77.77%	25.83%	-42.67%	41.90%
GDX VanEck Gold Miners ETF	-13.61%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between FQVLF and GDX is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.45
Correlation (5Y) Shows whether the relationship held over a longer period.	0.46
Correlation (10Y) Provides a long-term view across more market conditions.	0.34
Correlation (All Time) Calculated using the full available price history since Jul 13, 2007	0.35

Over the past year, FQVLF and GDX have become more correlated (0.56) than their long-term average of 0.35, meaning their price movements have been converging.

Return for Risk

FQVLF vs. GDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FQVLF

FQVLF Risk / Return Rank: 78
FQVLF Sharpe Ratio Rank: 81
FQVLF Sortino Ratio Rank: 75
FQVLF Omega Ratio Rank: 74
FQVLF Calmar Ratio Rank: 80
FQVLF Martin Ratio Rank: 80

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 37
GDX Omega Ratio Rank: 39
GDX Calmar Ratio Rank: 34
GDX Martin Ratio Rank: 29

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FQVLF vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Quantum Minerals Ltd (FQVLF) 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.

	FQVLF	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	0.92	+0.32
Sortino ratio: Return per unit of downside risk	1.75	1.38	+0.37
Omega ratio: Gain probability vs. loss probability	1.22	1.18	+0.04
Calmar ratio: Return relative to maximum drawdown	2.07	1.15	+0.92
Martin ratio: Return relative to average drawdown	5.13	2.48	+2.65

FQVLF vs. GDX - Sharpe Ratio Comparison

The current FQVLF Sharpe Ratio is 1.24, which is higher than the GDX Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of FQVLF 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.

Drawdowns

FQVLF vs. GDX - Drawdown Comparison

The maximum FQVLF drawdown since its inception was -94.01%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for FQVLF and GDX.

Drawdown Indicators

	FQVLF	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-94.01%	-80.34%	-13.67%
Max Drawdown (1Y) Largest decline over 1 year	-31.37%	-38.93%	+7.56%
Max Drawdown (3Y) Largest decline over 3 years	-74.44%	-38.93%	-35.51%
Max Drawdown (5Y) Largest decline over 5 years	-80.06%	-46.51%	-33.55%
Max Drawdown (10Y) Largest decline over 10 years	-80.43%	-49.79%	-30.64%
Current Drawdown Current decline from peak	-22.27%	-36.03%	+13.76%
Average Drawdown Average peak-to-trough decline	-46.29%	-40.37%	-5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.64%	17.97%	-5.33%

Volatility

FQVLF vs. GDX - Volatility Comparison

First Quantum Minerals Ltd (FQVLF) has a higher volatility of 18.15% compared to VanEck Gold Miners ETF (GDX) at 12.73%. This indicates that FQVLF'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.

Volatility by Period

	FQVLF	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.15%	12.73%	+5.42%
Volatility (6M) Calculated over the trailing 6-month period	44.09%	39.94%	+4.15%
Volatility (1Y) Calculated over the trailing 1-year period	52.35%	48.49%	+3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	37.23%	+23.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.72%	37.34%	+25.38%

Dividends

FQVLF vs. GDX - Dividend Comparison

FQVLF has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.85%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FQVLF First Quantum Minerals Ltd	0.00%	0.00%	0.00%	1.89%	0.61%	0.03%	0.04%	0.08%	0.10%	0.07%	0.15%	2.17%
GDX VanEck Gold Miners ETF	0.85%	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 FQVLF and GDX in my portfolio?

FQVLF and GDX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FQVLF or GDX?

FQVLF has higher volatility (18.15%) compared to GDX (12.73%). In terms of maximum drawdown, FQVLF dropped -94.01% vs GDX's -80.34%.

Which has better risk-adjusted returns?

FQVLF currently has the higher Sharpe Ratio (1.24 vs 0.92), 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.