GDX.AX vs. MVB.AX

Last updated Jul 18, 2026

GDX.AX (VanEck Gold Miners ETF) and MVB.AX (VanEck Australian Banks ETF) are both exchange-traded funds - GDX.AX is a Commodity Producers Equities fund tracking the VanEck Gold Miners Index, while MVB.AX is a Financials Equities fund tracking the VanEck Australian Banks Index. Both are passively managed. Over the past 10 years, GDX.AX returned 11.04%/yr vs 11.47%/yr for MVB.AX. At a correlation of -0.04, they often move in opposite directions.

Performance

GDX.AX vs. MVB.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 Banks ETF (MVB.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX.AX achieves a -20.75% return, which is significantly lower than MVB.AX's 5.75% return. Both investments have delivered pretty close results over the past 10 years, with GDX.AX having a 11.04% annualized return and MVB.AX not far ahead at 11.47%.

GDX.AX

• 1D: -3.37%
• 1M: -17.51%
• 6M: -28.87%
• YTD: -20.75%
• 1Y: 31.78%
• 3Y*: 31.73%
• 5Y*: 18.74%
• 10Y*: 11.04%

MVB.AX

• 1D: -0.52%
• 1M: 3.33%
• 6M: 4.61%
• YTD: 5.75%
• 1Y: 10.24%
• 3Y*: 19.21%
• 5Y*: 14.36%
• 10Y*: 11.47%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX.AX VanEck Gold Miners ETF	-20.75%	143.80%	19.59%	10.67%	-1.08%	-8.19%	13.31%	45.23%	-1.28%	-1.16%
MVB.AX VanEck Australian Banks ETF	5.75%	13.33%	29.84%	10.90%	3.49%	32.92%	-3.64%	5.81%	-5.07%	7.77%

Correlation

The correlation between GDX.AX and MVB.AX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jun 24, 2015	-0.04

The correlation between GDX.AX and MVB.AX shifts across timeframes, from -0.04 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GDX.AX vs. MVB.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: 25
GDX.AX Sharpe Ratio Rank: 25
GDX.AX Sortino Ratio Rank: 26
GDX.AX Omega Ratio Rank: 27
GDX.AX Calmar Ratio Rank: 23
GDX.AX Martin Ratio Rank: 21

MVB.AX

MVB.AX Risk / Return Rank: 21
MVB.AX Sharpe Ratio Rank: 21
MVB.AX Sortino Ratio Rank: 20
MVB.AX Omega Ratio Rank: 19
MVB.AX Calmar Ratio Rank: 24
MVB.AX Martin Ratio Rank: 21

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. MVB.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 Banks ETF (MVB.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.AX	MVB.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.68	0.52	+0.16
Sortino ratio: Return per unit of downside risk	1.14	0.84	+0.30
Omega ratio: Gain probability vs. loss probability	1.15	1.10	+0.05
Calmar ratio: Return relative to maximum drawdown	0.79	0.84	-0.05
Martin ratio: Return relative to average drawdown	1.79	1.72	+0.07

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

The current GDX.AX Sharpe Ratio is 0.68, which is higher than the MVB.AX Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of GDX.AX and MVB.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.

Drawdowns

GDX.AX vs. MVB.AX - Drawdown Comparison

The maximum GDX.AX drawdown since its inception was -45.51%, roughly equal to the maximum MVB.AX drawdown of -46.37%. Use the drawdown chart below to compare losses from any high point for GDX.AX and MVB.AX.

Drawdown Indicators

	GDX.AX	MVB.AX	Difference
Max Drawdown Largest peak-to-trough decline	-45.51%	-46.37%	+0.86%
Max Drawdown (1Y) Largest decline over 1 year	-38.41%	-11.94%	-26.47%
Max Drawdown (3Y) Largest decline over 3 years	-38.41%	-18.97%	-19.44%
Max Drawdown (5Y) Largest decline over 5 years	-38.41%	-21.31%	-17.10%
Max Drawdown (10Y) Largest decline over 10 years	-45.51%	-46.37%	+0.86%
Current Drawdown Current decline from peak	-38.41%	-4.79%	-33.62%
Average Drawdown Average peak-to-trough decline	-19.70%	-7.24%	-12.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.31%	5.83%	+11.48%

Volatility

GDX.AX vs. MVB.AX - Volatility Comparison

VanEck Gold Miners ETF (GDX.AX) has a higher volatility of 12.09% compared to VanEck Australian Banks ETF (MVB.AX) at 4.95%. This indicates that GDX.AX's price experiences larger fluctuations and is considered to be riskier than MVB.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX.AX	MVB.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.09%	4.95%	+7.14%
Volatility (6M) Calculated over the trailing 6-month period	37.11%	14.83%	+22.28%
Volatility (1Y) Calculated over the trailing 1-year period	44.56%	19.18%	+25.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.62%	18.10%	+14.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.51%	20.41%	+13.10%

Dividends

GDX.AX vs. MVB.AX - Dividend Comparison

GDX.AX's dividend yield for the trailing twelve months is around 20.48%, more than MVB.AX's 2.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX.AX VanEck Gold Miners ETF	20.48%	0.48%	1.35%	3.05%	0.00%	0.00%	0.45%	0.55%	0.87%	0.00%	0.39%	1.33%
MVB.AX VanEck Australian Banks ETF	2.40%	2.42%	3.65%	6.41%	6.53%	6.65%	2.05%	3.47%	3.68%	8.62%	6.15%	5.51%

Frequently Asked Questions

Can I hold both GDX.AX and MVB.AX in my portfolio?

GDX.AX and MVB.AX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between GDX.AX and MVB.AX?

GDX.AX is categorized as Commodity Producers Equities, while MVB.AX is Financials Equities. GDX.AX tracks VanEck Gold Miners Index, while MVB.AX tracks VanEck Australian Banks Index.