GDX.AX vs. MVR.AX

Last updated Jul 16, 2026

GDX.AX (VanEck Gold Miners ETF) and MVR.AX (VanEck Australian Resources ETF) are both exchange-traded funds - GDX.AX is a Commodity Producers Equities fund tracking the VanEck Gold Miners Index, while MVR.AX is a Global Equities fund tracking the VanEck Australian Resources Index. Both are passively managed. Over the past 10 years, GDX.AX returned 11.49%/yr vs 13.27%/yr for MVR.AX. At a 0.32 correlation, their price movements are largely independent.

Performance

GDX.AX vs. MVR.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 Resources ETF (MVR.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 -17.99% return, which is significantly lower than MVR.AX's 2.12% return. Over the past 10 years, GDX.AX has underperformed MVR.AX with an annualized return of 11.49%, while MVR.AX has yielded a comparatively higher 13.27% 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%

MVR.AX

• 1D: -1.18%
• 1M: -9.32%
• 6M: -1.96%
• YTD: 2.12%
• 1Y: 32.17%
• 3Y*: 7.50%
• 5Y*: 10.21%
• 10Y*: 13.27%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MVR.AX VanEck Australian Resources ETF	2.12%	40.54%	-12.84%	7.03%	20.48%	10.80%	6.64%	32.92%	-2.71%	28.94%

Correlation

The correlation between GDX.AX and MVR.AX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jun 24, 2015	0.32

Over the past year, GDX.AX and MVR.AX have become more correlated (0.67) than their long-term average of 0.32, meaning their price movements have been converging.

Return for Risk

GDX.AX vs. MVR.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: 24
GDX.AX Martin Ratio Rank: 21

MVR.AX

MVR.AX Risk / Return Rank: 49
MVR.AX Sharpe Ratio Rank: 49
MVR.AX Sortino Ratio Rank: 46
MVR.AX Omega Ratio Rank: 45
MVR.AX Calmar Ratio Rank: 54
MVR.AX Martin Ratio Rank: 50

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. MVR.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 Resources ETF (MVR.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	MVR.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.41	-0.64
Sortino ratio: Return per unit of downside risk	1.24	1.94	-0.70
Omega ratio: Gain probability vs. loss probability	1.16	1.24	-0.08
Calmar ratio: Return relative to maximum drawdown	0.95	2.22	-1.27
Martin ratio: Return relative to average drawdown	2.05	6.81	-4.76

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

The current GDX.AX Sharpe Ratio is 0.77, which is lower than the MVR.AX Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of GDX.AX and MVR.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. MVR.AX - Drawdown Comparison

The maximum GDX.AX drawdown since its inception was -45.51%, which is greater than MVR.AX's maximum drawdown of -38.96%. Use the drawdown chart below to compare losses from any high point for GDX.AX and MVR.AX.

Drawdown Indicators

	GDX.AX	MVR.AX	Difference
Max Drawdown Largest peak-to-trough decline	-45.51%	-38.96%	-6.55%
Max Drawdown (1Y) Largest decline over 1 year	-36.27%	-14.54%	-21.73%
Max Drawdown (3Y) Largest decline over 3 years	-36.27%	-22.78%	-13.49%
Max Drawdown (5Y) Largest decline over 5 years	-38.41%	-22.78%	-15.63%
Max Drawdown (10Y) Largest decline over 10 years	-45.51%	-38.96%	-6.55%
Current Drawdown Current decline from peak	-36.27%	-11.81%	-24.46%
Average Drawdown Average peak-to-trough decline	-19.69%	-7.61%	-12.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.14%	4.77%	+12.37%

Volatility

GDX.AX vs. MVR.AX - Volatility Comparison

VanEck Gold Miners ETF (GDX.AX) has a higher volatility of 11.80% compared to VanEck Australian Resources ETF (MVR.AX) at 6.01%. This indicates that GDX.AX's price experiences larger fluctuations and is considered to be riskier than MVR.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX.AX	MVR.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.80%	6.01%	+5.79%
Volatility (6M) Calculated over the trailing 6-month period	36.98%	18.70%	+18.28%
Volatility (1Y) Calculated over the trailing 1-year period	44.45%	22.83%	+21.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.60%	21.21%	+11.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.49%	20.86%	+12.63%

Dividends

GDX.AX vs. MVR.AX - Dividend Comparison

GDX.AX's dividend yield for the trailing twelve months is around 19.79%, more than MVR.AX's 1.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MVR.AX VanEck Australian Resources ETF	1.26%	2.86%	3.19%	2.55%	3.82%	5.27%	6.18%	4.25%	0.77%	2.03%	3.12%	1.91%

Frequently Asked Questions

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

GDX.AX and MVR.AX have a correlation of 0.67, 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 MVR.AX?

GDX.AX is categorized as Commodity Producers Equities, while MVR.AX is Global Equities. GDX.AX tracks VanEck Gold Miners Index, while MVR.AX tracks VanEck Australian Resources Index.