GDMN vs. GDX
GDMN (WisdomTree Efficient Gold Plus Gold Miners Strategy Fund) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - GDMN is a Commodities fund actively managed by WisdomTree, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. GDMN is actively managed, while GDX is passively managed. Over the past 3 years, GDMN returned 59.00%/yr vs 41.48%/yr for GDX. With a 0.96 correlation, they move nearly in lockstep. GDMN charges 0.45%/yr vs 0.51%/yr for GDX.
Performance
GDMN vs. GDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GDMN achieves a -13.26% return, which is significantly lower than GDX's -5.05% return.
GDMN
- 1D
- -2.19%
- 1M
- -10.92%
- YTD
- -13.26%
- 6M
- -19.52%
- 1Y
- 61.98%
- 3Y*
- 59.00%
- 5Y*
- —
- 10Y*
- —
GDX
- 1D
- -1.30%
- 1M
- -4.21%
- YTD
- -5.05%
- 6M
- -9.69%
- 1Y
- 56.88%
- 3Y*
- 41.48%
- 5Y*
- 20.52%
- 10Y*
- 12.89%
GDMN vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | -13.26% | 237.09% | 28.23% | 12.97% | -14.62% | 6.93% |
GDX VanEck Gold Miners ETF | -5.05% | 154.77% | 10.63% | 9.98% | -9.01% | 9.73% |
Correlation
The correlation between GDMN and GDX is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021 | 0.96 |
The correlation between GDMN and GDX has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GDMN vs. GDX — Risk / Return Rank
GDMN
GDX
GDMN vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) 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.
| GDMN | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.28 | 1.58 | -0.30 |
| Martin ratioReturn relative to average drawdown | 3.31 | 4.19 | -0.88 |
Loading charts...
Drawdowns
GDMN vs. GDX - Drawdown Comparison
The maximum GDMN drawdown since its inception was -52.82%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for GDMN and GDX.
Loading charts...
Drawdown Indicators
| GDMN | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.82% | -80.34% | +27.52% |
Max Drawdown (1Y)Largest decline over 1 year | -48.76% | -36.28% | -12.48% |
Max Drawdown (3Y)Largest decline over 3 years | -48.76% | -36.28% | -12.48% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -43.06% | -29.70% | -13.36% |
Average DrawdownAverage peak-to-trough decline | -19.11% | -40.40% | +21.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.77% | 13.62% | +5.15% |
Volatility
GDMN vs. GDX - Volatility Comparison
WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) has a higher volatility of 21.69% compared to VanEck Gold Miners ETF (GDX) at 17.03%. This indicates that GDMN'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.
Loading charts...
Volatility by Period
| GDMN | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.69% | 17.03% | +4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 54.94% | 39.77% | +15.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.98% | 47.49% | +16.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.18% | 36.83% | +11.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.18% | 37.39% | +10.79% |
GDMN vs. GDX - Expense Ratio Comparison
GDMN has a 0.45% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
GDMN vs. GDX - Dividend Comparison
GDMN's dividend yield for the trailing twelve months is around 3.11%, more than GDX's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | 3.11% | 2.70% | 9.44% | 7.69% | 1.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.78% | 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
With a correlation of 0.96, GDMN and GDX 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.
GDMN has higher volatility (21.69%) compared to GDX (17.03%). In terms of maximum drawdown, GDMN dropped -52.82% vs GDX's -80.34%.
On 3-year performance, GDMN leads with 59.00% vs 41.48% for GDX. On fees, GDMN is cheaper at 0.45% per year. On volatility, GDX has been the lower-risk option at 17.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDMN has performed better with a 59.00% return vs 41.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDMN is cheaper with a 0.45% expense ratio, compared with 0.51% for GDX.
GDMN has the higher dividend yield at 3.11%, compared with 0.78% for GDX.
GDMN is categorized as Commodities, while GDX is Gold. They also come from different issuers: WisdomTree and VanEck. Their fees differ too: 0.45% for GDMN and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.21 vs 0.98), 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.
Find the right allocation for GDMN and GDX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer