GDX.L vs. GDGB.L
GDX.L (VanEck Gold Miners UCITS ETF) and GDGB.L (VanEck Gold Miners UCITS ETF) are both exchange-traded funds - GDX.L is a Commodity Producers Equities fund tracking the VanEck Gold Miners UCITS ETF, while GDGB.L is a Gold fund tracking the MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, GDX.L returned 18.04%/yr vs 18.15%/yr for GDGB.L. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.53% expense ratio.
Performance
GDX.L vs. GDGB.L - Performance Comparison
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Different Trading Currencies
GDX.L is traded in USD, while GDGB.L is traded in GBP. To make them comparable, the GDGB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with GDX.L having a -14.33% return and GDGB.L slightly higher at -14.19%.
GDX.L
- 1D
- 0.25%
- 1M
- -14.29%
- 6M
- -24.08%
- YTD
- -14.33%
- 1Y
- 45.65%
- 3Y*
- 33.56%
- 5Y*
- 18.04%
- 10Y*
- 10.47%
GDGB.L
- 1D
- -2.45%
- 1M
- -14.23%
- 6M
- -24.03%
- YTD
- -14.19%
- 1Y
- 45.41%
- 3Y*
- 33.09%
- 5Y*
- 18.15%
- 10Y*
- —
GDX.L vs. GDGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX.L VanEck Gold Miners UCITS ETF | -14.33% | 156.68% | 9.22% | 9.69% | -7.72% | -11.80% | 23.54% | 43.20% | -10.18% | 2.95% |
GDGB.L VanEck Gold Miners UCITS ETF | -14.19% | 156.24% | 9.38% | 9.16% | -7.97% | -11.28% | 23.23% | 44.43% | -10.42% | 1.81% |
Correlation
The correlation between GDX.L and GDGB.L is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017 | 0.96 |
The correlation between GDX.L and GDGB.L has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
GDX.L vs. GDGB.L — Risk / Return Rank
GDX.L
GDGB.L
GDX.L vs. GDGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners UCITS ETF (GDX.L) and VanEck Gold Miners UCITS ETF (GDGB.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.
| GDX.L | GDGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 1.21 | -0.08 |
| Martin ratioReturn relative to average drawdown | 2.64 | 2.83 | -0.18 |
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Drawdowns
GDX.L vs. GDGB.L - Drawdown Comparison
The maximum GDX.L drawdown since its inception was -50.37%, roughly equal to the maximum GDGB.L drawdown of -50.68%. Use the drawdown chart below to compare losses from any high point for GDX.L and GDGB.L.
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Drawdown Indicators
| GDX.L | GDGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.37% | -50.68% | +0.31% |
Max Drawdown (1Y)Largest decline over 1 year | -37.20% | -37.37% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -37.20% | -37.37% | +0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -45.52% | -46.27% | +0.75% |
Max Drawdown (10Y)Largest decline over 10 years | -50.37% | — | — |
Current DrawdownCurrent decline from peak | -35.87% | -36.11% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -21.70% | -17.96% | -3.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.97% | 16.01% | -0.04% |
Volatility
GDX.L vs. GDGB.L - Volatility Comparison
VanEck Gold Miners UCITS ETF (GDX.L) and VanEck Gold Miners UCITS ETF (GDGB.L) have volatilities of 14.82% and 14.74%, 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
| GDX.L | GDGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.82% | 14.74% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 38.73% | 37.71% | +1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.46% | 46.97% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 36.34% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.06% | 34.56% | +0.50% |
GDX.L vs. GDGB.L - Expense Ratio Comparison
Both GDX.L and GDGB.L have an expense ratio of 0.53%.
Dividends
GDX.L vs. GDGB.L - Dividend Comparison
Neither GDX.L nor GDGB.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, GDX.L and GDGB.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.
Both ETFs have the same 0.53% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GDX.L and GDGB.L have the same expense ratio: 0.53% per year.
GDX.L is categorized as Commodity Producers Equities, while GDGB.L is Gold. GDX.L tracks VanEck Gold Miners UCITS ETF, while GDGB.L tracks MarketVector Global Gold Miners Index.
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