GDGB.L vs. GBSS.L
GDGB.L (VanEck Gold Miners UCITS ETF) and GBSS.L (Gold Bullion Securities) are both Gold funds - GDGB.L tracks the MarketVector Global Gold Miners Index while GBSS.L tracks the Gold. Both are passively managed. Over the past 5 years, GDGB.L returned 19.88%/yr vs 18.42%/yr for GBSS.L. A 0.69 correlation means they provide meaningful diversification when combined. GDGB.L charges 0.53%/yr vs 0.40%/yr for GBSS.L.
Performance
GDGB.L vs. GBSS.L - Performance Comparison
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Different Trading Currencies
GDGB.L is traded in GBP, while GBSS.L is traded in GBp. To make them comparable, the GBSS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GDGB.L achieves a -9.63% return, which is significantly lower than GBSS.L's -5.08% return.
GDGB.L
- 1D
- 1.30%
- 1M
- -11.13%
- YTD
- -9.63%
- 6M
- -13.73%
- 1Y
- 52.81%
- 3Y*
- 36.08%
- 5Y*
- 19.88%
- 10Y*
- —
GBSS.L
- 1D
- -0.06%
- 1M
- -9.20%
- YTD
- -5.08%
- 6M
- -8.68%
- 1Y
- 24.28%
- 3Y*
- 25.68%
- 5Y*
- 18.42%
- 10Y*
- 11.30%
GDGB.L vs. GBSS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDGB.L VanEck Gold Miners UCITS ETF | -9.63% | 138.26% | 11.24% | 3.69% | 3.04% | -10.47% | 19.56% | 38.86% | -5.04% | -3.87% |
GBSS.L Gold Bullion Securities | -5.08% | 53.13% | 27.82% | 6.96% | 11.51% | -3.12% | 19.73% | 14.42% | 4.17% | -3.53% |
Correlation
The correlation between GDGB.L and GBSS.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017 | 0.69 |
The correlation between GDGB.L and GBSS.L shifts across timeframes, from 0.68 (5 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDGB.L vs. GBSS.L — Risk / Return Rank
GDGB.L
GBSS.L
GDGB.L vs. GBSS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners UCITS ETF (GDGB.L) and Gold Bullion Securities (GBSS.L). 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.
| GDGB.L | GBSS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.04 | +0.48 |
| Martin ratioReturn relative to average drawdown | 3.92 | 2.92 | +1.00 |
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Drawdowns
GDGB.L vs. GBSS.L - Drawdown Comparison
The maximum GDGB.L drawdown since its inception was -40.80%, smaller than the maximum GBSS.L drawdown of -45.24%. Use the drawdown chart below to compare losses from any high point for GDGB.L and GBSS.L.
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Drawdown Indicators
| GDGB.L | GBSS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.80% | -45.24% | +4.44% |
Max Drawdown (1Y)Largest decline over 1 year | -34.64% | -23.27% | -11.37% |
Max Drawdown (3Y)Largest decline over 3 years | -34.64% | -23.27% | -11.37% |
Max Drawdown (5Y)Largest decline over 5 years | -35.49% | -23.27% | -12.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.27% | — |
Current DrawdownCurrent decline from peak | -32.59% | -23.27% | -9.32% |
Average DrawdownAverage peak-to-trough decline | -17.58% | -17.04% | -0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.44% | 8.30% | +5.14% |
Volatility
GDGB.L vs. GBSS.L - Volatility Comparison
VanEck Gold Miners UCITS ETF (GDGB.L) has a higher volatility of 16.75% compared to Gold Bullion Securities (GBSS.L) at 8.19%. This indicates that GDGB.L's price experiences larger fluctuations and is considered to be riskier than GBSS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDGB.L | GBSS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.75% | 8.19% | +8.56% |
Volatility (6M)Calculated over the trailing 6-month period | 36.16% | 21.04% | +15.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.22% | 23.89% | +20.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.25% | 21.80% | +11.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.39% | 18.35% | +14.04% |
GDGB.L vs. GBSS.L - Expense Ratio Comparison
GDGB.L has a 0.53% expense ratio, which is higher than GBSS.L's 0.40% expense ratio.
Dividends
GDGB.L vs. GBSS.L - Dividend Comparison
Neither GDGB.L nor GBSS.L has paid dividends to shareholders.
Frequently Asked Questions
GDGB.L and GBSS.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBSS.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSS.L is cheaper with a 0.40% expense ratio, compared with 0.53% for GDGB.L.
GDGB.L tracks MarketVector Global Gold Miners Index, while GBSS.L tracks Gold. They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.53% for GDGB.L and 0.40% for GBSS.L.
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