FSM vs. GDXJ

Last updated Apr 1, 2026

Compare and contrast key facts about Fortuna Silver Mines Inc. (FSM) and VanEck Vectors Junior Gold Miners ETF (GDXJ).

GDXJ is a passively managed fund by VanEck that tracks the performance of the MVIS Global Junior Gold Miners Index. It was launched on Nov 10, 2009.

Performance

FSM vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Silver Mines Inc. (FSM) and VanEck Vectors Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

FSM vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSM Fortuna Silver Mines Inc.	1.22%	128.67%	11.14%	2.93%	-3.85%	-52.67%	101.96%	12.09%	-30.27%	-7.61%
GDXJ VanEck Vectors Junior Gold Miners ETF	5.50%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Returns By Period

In the year-to-date period, FSM achieves a 1.22% return, which is significantly lower than GDXJ's 5.50% return. Over the past 10 years, FSM has underperformed GDXJ with an annualized return of 9.71%, while GDXJ has yielded a comparatively higher 17.38% annualized return.

FSM

• 1D: 6.09%
• 1M: -27.31%
• YTD: 1.22%
• 6M: 10.83%
• 1Y: 62.79%
• 3Y*: 37.50%
• 5Y*: 8.03%
• 10Y*: 9.71%

GDXJ

• 1D: 8.53%
• 1M: -23.14%
• YTD: 5.50%
• 6M: 24.01%
• 1Y: 114.70%
• 3Y*: 47.55%
• 5Y*: 22.70%
• 10Y*: 17.38%

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

Return for Risk

FSM vs. GDXJ — Risk / Return Rank

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

FSM

FSM Risk / Return Rank: 74
FSM Sharpe Ratio Rank: 76
FSM Sortino Ratio Rank: 71
FSM Omega Ratio Rank: 71
FSM Calmar Ratio Rank: 74
FSM Martin Ratio Rank: 80

GDXJ

GDXJ Risk / Return Rank: 92
GDXJ Sharpe Ratio Rank: 95
GDXJ Sortino Ratio Rank: 90
GDXJ Omega Ratio Rank: 89
GDXJ Calmar Ratio Rank: 94
GDXJ Martin Ratio Rank: 92

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. GDXJ - Risk-Adjusted Trends Comparison

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

	FSM	GDXJ	Difference
Sharpe ratio Return per unit of total volatility	1.04	2.27	-1.24
Sortino ratio Return per unit of downside risk	1.59	2.50	-0.91
Omega ratio Gain probability vs. loss probability	1.22	1.36	-0.14
Calmar ratio Return relative to maximum drawdown	1.67	3.52	-1.85
Martin ratio Return relative to average drawdown	5.57	12.30	-6.73
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. GDXJ - Sharpe Ratio Comparison

The current FSM Sharpe Ratio is 1.04, which is lower than the GDXJ Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of FSM and GDXJ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FSM	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	2.27	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	0.56	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.39	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.07	+0.07

Correlation

The correlation between FSM and GDXJ is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

FSM vs. GDXJ - Dividend Comparison

FSM has not paid dividends to shareholders, while GDXJ's dividend yield for the trailing twelve months is around 2.21%.

	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%
GDXJ VanEck Vectors Junior Gold Miners ETF	2.21%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%

Drawdowns

FSM vs. GDXJ - Drawdown Comparison

The maximum FSM drawdown since its inception was -92.25%, roughly equal to the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for FSM and GDXJ.

Drawdown Indicators

	FSM	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-92.25%	-88.66%	-3.59%
Max Drawdown (1Y) Largest decline over 1 year	-37.26%	-32.92%	-4.34%
Max Drawdown (5Y) Largest decline over 5 years	-73.74%	-51.76%	-21.98%
Max Drawdown (10Y) Largest decline over 10 years	-81.07%	-57.77%	-23.30%
Current Drawdown Current decline from peak	-27.31%	-23.14%	-4.17%
Average Drawdown Average peak-to-trough decline	-45.35%	-60.91%	+15.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.18%	9.43%	+1.75%

Volatility

FSM vs. GDXJ - Volatility Comparison

Fortuna Silver Mines Inc. (FSM) and VanEck Vectors Junior Gold Miners ETF (GDXJ) have volatilities of 20.19% and 20.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSM	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.19%	20.63%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	45.88%	42.33%	+3.55%
Volatility (1Y) Calculated over the trailing 1-year period	60.84%	50.75%	+10.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.92%	40.56%	+17.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.09%	44.45%	+15.64%