GDX.L vs. TDGB.L
GDX.L (VanEck Gold Miners UCITS ETF) and TDGB.L (VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF) are both exchange-traded funds - GDX.L is a Commodity Producers Equities fund tracking the VanEck Gold Miners UCITS ETF, while TDGB.L is a Global Equities fund tracking the Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. Both are passively managed. Over the past 10 years, GDX.L returned 10.47%/yr vs 10.39%/yr for TDGB.L. At a 0.22 correlation, their price movements are largely independent. GDX.L charges 0.53%/yr vs 0.38%/yr for TDGB.L.
Performance
GDX.L vs. TDGB.L - Performance Comparison
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Different Trading Currencies
GDX.L is traded in USD, while TDGB.L is traded in GBP. To make them comparable, the TDGB.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GDX.L achieves a -14.33% return, which is significantly lower than TDGB.L's 11.13% return. Both investments have delivered pretty close results over the past 10 years, with GDX.L having a 10.47% annualized return and TDGB.L not far behind at 10.39%.
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%
TDGB.L
- 1D
- 0.57%
- 1M
- 1.85%
- 6M
- 9.77%
- YTD
- 11.13%
- 1Y
- 29.45%
- 3Y*
- 22.34%
- 5Y*
- 17.71%
- 10Y*
- 10.39%
GDX.L vs. TDGB.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% |
TDGB.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF | 11.13% | 40.77% | 8.81% | 14.79% | 9.40% | 18.51% | -2.72% | 8.05% | -13.18% | 12.67% |
Correlation
The correlation between GDX.L and TDGB.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since May 23, 2016 | 0.22 |
The correlation between GDX.L and TDGB.L shifts across timeframes, from 0.22 (all time) to 0.37 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GDX.L vs. TDGB.L — Risk / Return Rank
GDX.L
TDGB.L
GDX.L vs. TDGB.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 Developed Markets Dividend Leaders UCITS ETF (TDGB.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 | TDGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.23 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.48 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 5.79 | -4.66 |
| Martin ratioReturn relative to average drawdown | 2.64 | 15.45 | -12.80 |
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Drawdowns
GDX.L vs. TDGB.L - Drawdown Comparison
The maximum GDX.L drawdown since its inception was -50.37%, which is greater than TDGB.L's maximum drawdown of -45.20%. Use the drawdown chart below to compare losses from any high point for GDX.L and TDGB.L.
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Drawdown Indicators
| GDX.L | TDGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.37% | -45.20% | -5.17% |
Max Drawdown (1Y)Largest decline over 1 year | -37.20% | -5.06% | -32.14% |
Max Drawdown (3Y)Largest decline over 3 years | -37.20% | -13.68% | -23.52% |
Max Drawdown (5Y)Largest decline over 5 years | -45.52% | -18.93% | -26.59% |
Max Drawdown (10Y)Largest decline over 10 years | -50.37% | -45.20% | -5.17% |
Current DrawdownCurrent decline from peak | -35.87% | 0.00% | -35.87% |
Average DrawdownAverage peak-to-trough decline | -21.70% | -8.11% | -13.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.97% | 1.90% | +14.07% |
Volatility
GDX.L vs. TDGB.L - Volatility Comparison
VanEck Gold Miners UCITS ETF (GDX.L) has a higher volatility of 14.82% compared to VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L) at 3.08%. This indicates that GDX.L's price experiences larger fluctuations and is considered to be riskier than TDGB.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 | TDGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.82% | 3.08% | +11.74% |
Volatility (6M)Calculated over the trailing 6-month period | 38.73% | 8.46% | +30.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.46% | 11.09% | +36.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.88% | 14.19% | +22.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.06% | 16.10% | +18.96% |
GDX.L vs. TDGB.L - Expense Ratio Comparison
GDX.L has a 0.53% expense ratio, which is higher than TDGB.L's 0.38% expense ratio.
Dividends
GDX.L vs. TDGB.L - Dividend Comparison
GDX.L has not paid dividends to shareholders, while TDGB.L's dividend yield for the trailing twelve months is around 3.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GDX.L VanEck Gold Miners UCITS ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TDGB.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF | 3.15% | 3.50% | 4.26% | 4.93% | 4.40% | 4.06% | 4.16% | 4.52% | 4.38% | 3.48% |
Frequently Asked Questions
GDX.L and TDGB.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TDGB.L is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TDGB.L is cheaper with a 0.38% expense ratio, compared with 0.53% for GDX.L.
GDX.L is categorized as Commodity Producers Equities, while TDGB.L is Global Equities. GDX.L tracks VanEck Gold Miners UCITS ETF, while TDGB.L tracks Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. Their fees differ too: 0.53% for GDX.L and 0.38% for TDGB.L.
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