GDX.L vs. MOAT.L
GDX.L (VanEck Gold Miners UCITS ETF) and MOAT.L (VanEck Morningstar US Sustainable Wide Moat UCITS ETF) are both exchange-traded funds - GDX.L is a Commodity Producers Equities fund tracking the VanEck Gold Miners UCITS ETF, while MOAT.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD. Both are passively managed. Over the past 10 years, GDX.L returned 10.47%/yr vs 10.71%/yr for MOAT.L. At a 0.14 correlation, their price movements are largely independent. GDX.L charges 0.53%/yr vs 0.49%/yr for MOAT.L.
Performance
GDX.L vs. MOAT.L - Performance Comparison
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Returns By Period
In the year-to-date period, GDX.L achieves a -14.33% return, which is significantly lower than MOAT.L's 0.19% return. Both investments have delivered pretty close results over the past 10 years, with GDX.L having a 10.47% annualized return and MOAT.L not far ahead at 10.71%.
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%
MOAT.L
- 1D
- 1.33%
- 1M
- 2.59%
- 6M
- -1.76%
- YTD
- 0.19%
- 1Y
- 8.33%
- 3Y*
- 7.77%
- 5Y*
- 3.69%
- 10Y*
- 10.71%
GDX.L vs. MOAT.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% | 7.61% |
MOAT.L VanEck Morningstar US Sustainable Wide Moat UCITS ETF | 0.19% | 7.34% | 11.12% | 18.37% | -18.70% | 25.53% | 13.62% | 33.78% | -1.64% | 22.51% |
Correlation
The correlation between GDX.L and MOAT.L is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2015 | 0.14 |
The correlation between GDX.L and MOAT.L shifts across timeframes, from 0.14 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDX.L vs. MOAT.L — Risk / Return Rank
GDX.L
MOAT.L
GDX.L vs. MOAT.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 Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.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 | MOAT.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.11 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 0.70 | +0.43 |
| Martin ratioReturn relative to average drawdown | 2.64 | 1.75 | +0.89 |
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Drawdowns
GDX.L vs. MOAT.L - Drawdown Comparison
The maximum GDX.L drawdown since its inception was -50.37%, which is greater than MOAT.L's maximum drawdown of -32.78%. Use the drawdown chart below to compare losses from any high point for GDX.L and MOAT.L.
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Drawdown Indicators
| GDX.L | MOAT.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.37% | -32.78% | -17.59% |
Max Drawdown (1Y)Largest decline over 1 year | -37.20% | -11.86% | -25.34% |
Max Drawdown (3Y)Largest decline over 3 years | -37.20% | -21.84% | -15.36% |
Max Drawdown (5Y)Largest decline over 5 years | -45.52% | -27.06% | -18.46% |
Max Drawdown (10Y)Largest decline over 10 years | -50.37% | -32.78% | -17.59% |
Current DrawdownCurrent decline from peak | -35.87% | -2.24% | -33.63% |
Average DrawdownAverage peak-to-trough decline | -21.70% | -5.55% | -16.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.97% | 4.74% | +11.23% |
Volatility
GDX.L vs. MOAT.L - Volatility Comparison
VanEck Gold Miners UCITS ETF (GDX.L) has a higher volatility of 14.82% compared to VanEck Morningstar US Sustainable Wide Moat UCITS ETF (MOAT.L) at 5.05%. This indicates that GDX.L's price experiences larger fluctuations and is considered to be riskier than MOAT.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX.L | MOAT.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.82% | 5.05% | +9.77% |
Volatility (6M)Calculated over the trailing 6-month period | 38.73% | 10.69% | +28.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.46% | 14.07% | +33.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 16.47% | +20.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.06% | 16.84% | +18.22% |
GDX.L vs. MOAT.L - Expense Ratio Comparison
GDX.L has a 0.53% expense ratio, which is higher than MOAT.L's 0.49% expense ratio.
Dividends
GDX.L vs. MOAT.L - Dividend Comparison
Neither GDX.L nor MOAT.L has paid dividends to shareholders.
Frequently Asked Questions
GDX.L and MOAT.L have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MOAT.L is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MOAT.L is cheaper with a 0.49% expense ratio, compared with 0.53% for GDX.L.
GDX.L is categorized as Commodity Producers Equities, while MOAT.L is Large Cap Blend Equities. GDX.L tracks VanEck Gold Miners UCITS ETF, while MOAT.L tracks Russell 1000 TR USD. Their fees differ too: 0.53% for GDX.L and 0.49% for MOAT.L.
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