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GDX.AX vs. MVA.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDX.AX vs. MVA.AX

Last updated Jul 16, 2026
Documentation

GDX.AX (VanEck Gold Miners ETF) and MVA.AX (VanEck Australian Property ETF) are both exchange-traded funds - GDX.AX is a Commodity Producers Equities fund tracking the VanEck Gold Miners Index, while MVA.AX is a REIT fund tracking the VanEck Australian Property Index. Both are passively managed. Over the past 10 years, GDX.AX returned 11.49%/yr vs 3.94%/yr for MVA.AX. At a 0.06 correlation, their price movements are largely independent.

Performance

GDX.AX vs. MVA.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in VanEck Gold Miners ETF (GDX.AX) and VanEck Australian Property ETF (MVA.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GDX.AX achieves a -17.99% return, which is significantly lower than MVA.AX's -10.89% return. Over the past 10 years, GDX.AX has outperformed MVA.AX with an annualized return of 11.49%, while MVA.AX has yielded a comparatively lower 3.94% annualized return.

GDX.AX

1D
-0.71%
1M
-10.41%
6M
-27.13%
YTD
-17.99%
1Y
34.35%
3Y*
33.43%
5Y*
19.55%
10Y*
11.49%

MVA.AX

1D
0.79%
1M
-2.70%
6M
-7.81%
YTD
-10.89%
1Y
-3.80%
3Y*
5.89%
5Y*
2.60%
10Y*
3.94%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX.AX vs. MVA.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GDX.AX
VanEck Gold Miners ETF		-17.99%143.80%19.59%10.67%-1.08%-8.19%13.31%45.23%-1.28%-1.16%
MVA.AX
VanEck Australian Property ETF		-10.89%19.20%11.61%1.64%-18.72%22.15%-5.13%22.14%3.76%7.32%

Correlation

The correlation between GDX.AX and MVA.AX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.16

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.16

Correlation (10Y)
Calculated over the trailing 10-year period

0.07

Correlation (All Time)
Calculated using the full available price history since Jun 24, 2015

0.06

The correlation between GDX.AX and MVA.AX shifts across timeframes, from 0.06 (all time) to 0.16 (3 years), reflecting how their relationship changes across market environments.

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VanEck Gold Miners ETF

VanEck Australian Property ETF

Return for Risk

GDX.AX vs. MVA.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDX.AX
GDX.AX Risk / Return Rank: 2525
Overall Rank
GDX.AX Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
GDX.AX Sortino Ratio Rank: 2626
Sortino Ratio Rank
GDX.AX Omega Ratio Rank: 2727
Omega Ratio Rank
GDX.AX Calmar Ratio Rank: 2424
Calmar Ratio Rank
GDX.AX Martin Ratio Rank: 2121
Martin Ratio Rank
MVA.AX
MVA.AX Risk / Return Rank: 88
Overall Rank
MVA.AX Sharpe Ratio Rank: 88
Sharpe Ratio Rank
MVA.AX Sortino Ratio Rank: 88
Sortino Ratio Rank
MVA.AX Omega Ratio Rank: 77
Omega Ratio Rank
MVA.AX Calmar Ratio Rank: 88
Calmar Ratio Rank
MVA.AX Martin Ratio Rank: 88
Martin Ratio Rank
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.

GDX.AX vs. MVA.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX.AX) and VanEck Australian Property ETF (MVA.AX). 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.

GDX.AXMVA.AXDifference
Sharpe ratioReturn per unit of total volatility
0.77
-0.15

+0.93

Sortino ratioReturn per unit of downside risk
1.24
-0.07

+1.32

Omega ratioGain probability vs. loss probability

1.16

0.99

+0.17

Calmar ratioReturn relative to maximum drawdown

0.95

-0.14

+1.09

Martin ratioReturn relative to average drawdown

2.05

-0.28

+2.32

GDX.AX vs. MVA.AX - Sharpe Ratio Comparison

The current GDX.AX Sharpe Ratio is 0.77, which is higher than the MVA.AX Sharpe Ratio of -0.15. The chart below compares the historical Sharpe Ratios of GDX.AX and MVA.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GDX.AX vs. MVA.AX - Drawdown Comparison

The maximum GDX.AX drawdown since its inception was -45.51%, smaller than the maximum MVA.AX drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for GDX.AX and MVA.AX.

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Drawdown Indicators

GDX.AXMVA.AXDifference

Max Drawdown

Largest peak-to-trough decline

-45.51%

-49.63%

+4.12%

Max Drawdown (1Y)

Largest decline over 1 year

-36.27%

-21.69%

-14.58%

Max Drawdown (3Y)

Largest decline over 3 years

-36.27%

-21.69%

-14.58%

Max Drawdown (5Y)

Largest decline over 5 years

-38.41%

-30.11%

-8.30%

Max Drawdown (10Y)

Largest decline over 10 years

-45.51%

-49.63%

+4.12%

Current Drawdown

Current decline from peak

-36.27%

-14.03%

-22.24%

Average Drawdown

Average peak-to-trough decline

-19.69%

-9.29%

-10.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.14%

11.47%

+5.67%

Volatility

GDX.AX vs. MVA.AX - Volatility Comparison

VanEck Gold Miners ETF (GDX.AX) has a higher volatility of 11.80% compared to VanEck Australian Property ETF (MVA.AX) at 5.53%. This indicates that GDX.AX's price experiences larger fluctuations and is considered to be riskier than MVA.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GDX.AXMVA.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.80%

5.53%

+6.27%

Volatility (6M)

Calculated over the trailing 6-month period

36.98%

15.58%

+21.40%

Volatility (1Y)

Calculated over the trailing 1-year period

44.45%

20.39%

+24.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.60%

25.11%

+7.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.49%

23.62%

+9.87%

Dividends

GDX.AX vs. MVA.AX - Dividend Comparison

GDX.AX's dividend yield for the trailing twelve months is around 19.79%, more than MVA.AX's 3.45% yield.

PositionTTM20252024202320222021202020192018201720162015
GDX.AX
VanEck Gold Miners ETF		19.79%0.48%1.35%3.05%0.00%0.00%0.45%0.55%0.87%0.00%0.39%1.33%
MVA.AX
VanEck Australian Property ETF		3.45%1.58%2.42%2.63%2.61%3.67%4.35%3.98%2.00%5.18%4.56%2.10%

Frequently Asked Questions

GDX.AX and MVA.AX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDX.AX is categorized as Commodity Producers Equities, while MVA.AX is REIT. GDX.AX tracks VanEck Gold Miners Index, while MVA.AX tracks VanEck Australian Property Index.

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