FSM vs. GDX

Last updated Jun 4, 2026

FSM (Fortuna Silver Mines Inc.) 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, FSM returned 4.24%/yr vs 13.98%/yr for GDX. A 0.72 correlation means they provide meaningful diversification when combined.

Performance

FSM vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Silver Mines Inc. (FSM) 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, FSM achieves a -3.98% return, which is significantly lower than GDX's -0.90% return. Over the past 10 years, FSM has underperformed GDX with an annualized return of 4.24%, while GDX has yielded a comparatively higher 13.98% annualized return.

FSM

• 1D: -4.07%
• 1M: 2.17%
• YTD: -3.98%
• 6M: -1.36%
• 1Y: 41.02%
• 3Y*: 39.37%
• 5Y*: 6.64%
• 10Y*: 4.24%

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)

FSM vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSM Fortuna Silver Mines Inc.	-3.98%	128.67%	11.14%	2.93%	-3.85%	-52.67%	101.96%	12.09%	-30.27%	-7.61%
GDX VanEck Gold Miners ETF	-0.90%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between FSM 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	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 9, 2007	0.72

The correlation between FSM and GDX shifts across timeframes, from 0.72 (all time) to 0.83 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FSM vs. GDX — Risk / Return Rank

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

FSM

FSM Risk / Return Rank: 62
FSM Sharpe Ratio Rank: 63
FSM Sortino Ratio Rank: 59
FSM Omega Ratio Rank: 59
FSM Calmar Ratio Rank: 63
FSM Martin Ratio Rank: 64

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.

FSM vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Silver Mines Inc. (FSM) 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.

	FSM	GDX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.35	-0.63
Sortino ratio: Return per unit of downside risk	1.27	1.76	-0.50
Omega ratio: Gain probability vs. loss probability	1.16	1.25	-0.08
Calmar ratio: Return relative to maximum drawdown	1.11	2.00	-0.89
Martin ratio: Return relative to average drawdown	2.70	5.13	-2.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSM vs. GDX - Sharpe Ratio Comparison

The current FSM Sharpe Ratio is 0.72, which is lower than the GDX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of FSM 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

	FSM	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.35	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.52	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	0.38	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.13	0.00

Drawdowns

FSM vs. GDX - Drawdown Comparison

The maximum FSM drawdown since its inception was -92.25%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for FSM and GDX.

Drawdown Indicators

	FSM	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-92.25%	-80.34%	-11.91%
Max Drawdown (1Y) Largest decline over 1 year	-37.26%	-30.84%	-6.42%
Max Drawdown (3Y) Largest decline over 3 years	-37.26%	-30.84%	-6.42%
Max Drawdown (5Y) Largest decline over 5 years	-69.44%	-46.51%	-22.93%
Max Drawdown (10Y) Largest decline over 10 years	-81.07%	-49.79%	-31.28%
Current Drawdown Current decline from peak	-31.04%	-26.62%	-4.42%
Average Drawdown Average peak-to-trough decline	-45.18%	-40.43%	-4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.23%	11.99%	+3.24%

Volatility

FSM vs. GDX - Volatility Comparison

Fortuna Silver Mines Inc. (FSM) has a higher volatility of 16.24% compared to VanEck Gold Miners ETF (GDX) at 15.40%. This indicates that FSM'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

	FSM	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.24%	15.40%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	44.21%	37.50%	+6.71%
Volatility (1Y) Calculated over the trailing 1-year period	57.30%	45.49%	+11.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.27%	36.39%	+20.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.40%	37.18%	+22.22%

Dividends

FSM vs. GDX - Dividend Comparison

FSM has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.74%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSM Fortuna Silver Mines Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both FSM and GDX in my portfolio?

FSM 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.

Which is riskier, FSM or GDX?

FSM has higher volatility (16.24%) compared to GDX (15.40%). In terms of maximum drawdown, FSM dropped -92.25% vs GDX's -80.34%.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.35 vs 0.72), 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.