GDGB.L vs. GOLB.L
GDGB.L (VanEck Gold Miners UCITS ETF) and GOLB.L (Market Access NYSE Arca Gold Bugs UCITS ETF) are both Gold funds - GDGB.L tracks the MarketVector Global Gold Miners Index while GOLB.L tracks the EMIX Global Mining Global Gold TR USD. Both are passively managed. Over the past 5 years, GDGB.L returned 19.88%/yr vs 20.48%/yr for GOLB.L. Their correlation of 0.93 suggests significant overlap in exposure. GDGB.L charges 0.53%/yr vs 0.65%/yr for GOLB.L.
Performance
GDGB.L vs. GOLB.L - Performance Comparison
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Returns By Period
In the year-to-date period, GDGB.L achieves a -9.63% return, which is significantly lower than GOLB.L's -6.12% 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*
- —
GOLB.L
- 1D
- 1.26%
- 1M
- -11.87%
- YTD
- -6.12%
- 6M
- -11.22%
- 1Y
- 59.74%
- 3Y*
- 38.72%
- 5Y*
- 20.48%
- 10Y*
- —
GDGB.L vs. GOLB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDGB.L VanEck Gold Miners UCITS ETF | -9.63% | 138.26% | 11.24% | 3.69% | 3.04% | -10.47% | 23.65% |
GOLB.L Market Access NYSE Arca Gold Bugs UCITS ETF | -6.12% | 138.44% | 14.06% | 0.34% | 1.34% | -14.65% | 84.95% |
Correlation
The correlation between GDGB.L and GOLB.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2020 | 0.93 |
The correlation between GDGB.L and GOLB.L has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
GDGB.L vs. GOLB.L — Risk / Return Rank
GDGB.L
GOLB.L
GDGB.L vs. GOLB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners UCITS ETF (GDGB.L) and Market Access NYSE Arca Gold Bugs UCITS ETF (GOLB.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 | GOLB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.23 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 1.75 | -0.23 |
| Martin ratioReturn relative to average drawdown | 3.92 | 4.54 | -0.63 |
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Drawdowns
GDGB.L vs. GOLB.L - Drawdown Comparison
The maximum GDGB.L drawdown since its inception was -40.80%, smaller than the maximum GOLB.L drawdown of -44.07%. Use the drawdown chart below to compare losses from any high point for GDGB.L and GOLB.L.
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Drawdown Indicators
| GDGB.L | GOLB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.80% | -44.07% | +3.27% |
Max Drawdown (1Y)Largest decline over 1 year | -34.64% | -33.95% | -0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -34.64% | -33.95% | -0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -35.49% | -37.60% | +2.11% |
Current DrawdownCurrent decline from peak | -32.59% | -32.23% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -17.58% | -21.25% | +3.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.44% | 13.10% | +0.34% |
Volatility
GDGB.L vs. GOLB.L - Volatility Comparison
VanEck Gold Miners UCITS ETF (GDGB.L) and Market Access NYSE Arca Gold Bugs UCITS ETF (GOLB.L) have volatilities of 16.75% and 16.93%, 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.
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Volatility by Period
| GDGB.L | GOLB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.75% | 16.93% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 36.16% | 36.28% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.22% | 44.56% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.25% | 34.48% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.39% | 43.67% | -11.28% |
GDGB.L vs. GOLB.L - Expense Ratio Comparison
GDGB.L has a 0.53% expense ratio, which is lower than GOLB.L's 0.65% expense ratio.
Dividends
GDGB.L vs. GOLB.L - Dividend Comparison
Neither GDGB.L nor GOLB.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, GDGB.L and GOLB.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, GDGB.L is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GDGB.L is cheaper with a 0.53% expense ratio, compared with 0.65% for GOLB.L.
GDGB.L tracks MarketVector Global Gold Miners Index, while GOLB.L tracks EMIX Global Mining Global Gold TR USD. They also come from different issuers: VanEck and China Post Global. Their fees differ too: 0.53% for GDGB.L and 0.65% for GOLB.L.
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