GDX vs. ^XAU

Last updated Jun 4, 2026

GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while ^XAU (Philadelphia Gold and Silver Index) is an index. Over the past 10 years, GDX returned 13.98%/yr vs 14.93%/yr for ^XAU. With a 0.98 correlation, they move nearly in lockstep.

Performance

GDX vs. ^XAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Philadelphia Gold and Silver Index (^XAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -0.90% return, which is significantly lower than ^XAU's 4.63% return. Over the past 10 years, GDX has underperformed ^XAU with an annualized return of 13.98%, while ^XAU has yielded a comparatively higher 14.93% annualized return.

GDX

• 1D: -3.46%
• 1M: -0.76%
• YTD: -0.90%
• 6M: 5.62%
• 1Y: 61.27%
• 3Y*: 41.00%
• 5Y*: 18.69%
• 10Y*: 13.98%

^XAU

• 1D: -3.40%
• 1M: 2.92%
• YTD: 4.63%
• 6M: 12.61%
• 1Y: 76.24%
• 3Y*: 41.90%
• 5Y*: 17.18%
• 10Y*: 14.93%

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

GDX vs. ^XAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX VanEck Gold Miners ETF	-0.90%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%
^XAU Philadelphia Gold and Silver Index	4.63%	149.51%	9.14%	4.00%	-8.75%	-8.14%	34.86%	51.32%	-17.13%	8.13%

Correlation

The correlation between GDX and ^XAU is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 23, 2006	0.98

The correlation between GDX and ^XAU has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

GDX vs. ^XAU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

^XAU

^XAU Risk / Return Rank: 55
^XAU Sharpe Ratio Rank: 58
^XAU Sortino Ratio Rank: 50
^XAU Omega Ratio Rank: 56
^XAU Calmar Ratio Rank: 59
^XAU 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 vs. ^XAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Philadelphia Gold and Silver Index (^XAU). 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.

	GDX	^XAU	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.72	-0.37
Sortino ratio: Return per unit of downside risk	1.76	2.07	-0.31
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	2.00	2.54	-0.54
Martin ratio: Return relative to average drawdown	5.13	6.61	-1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDX vs. ^XAU - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.35, which is comparable to the ^XAU Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of GDX and ^XAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDX	^XAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.72	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.48	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.41	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.07	+0.05

Drawdowns

GDX vs. ^XAU - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, roughly equal to the maximum ^XAU drawdown of -83.04%. Use the drawdown chart below to compare losses from any high point for GDX and ^XAU.

Drawdown Indicators

	GDX	^XAU	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-83.04%	+2.70%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-30.21%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-30.84%	-30.21%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-45.52%	-0.99%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-45.52%	-4.27%
Current Drawdown Current decline from peak	-26.62%	-23.86%	-2.76%
Average Drawdown Average peak-to-trough decline	-40.43%	-39.76%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.99%	11.58%	+0.41%

Volatility

GDX vs. ^XAU - Volatility Comparison

VanEck Gold Miners ETF (GDX) and Philadelphia Gold and Silver Index (^XAU) have volatilities of 15.40% and 15.10%, 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.

Volatility by Period

	GDX	^XAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.40%	15.10%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	37.50%	36.43%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	45.49%	44.50%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	36.17%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	36.28%	+0.90%

Frequently Asked Questions

Can I hold both GDX and ^XAU in my portfolio?

With a correlation of 0.98, GDX and ^XAU 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.

Which is riskier, GDX or ^XAU?

GDX has higher volatility (15.40%) compared to ^XAU (15.10%). In terms of maximum drawdown, GDX dropped -80.34% vs ^XAU's -83.04%.

Which has better risk-adjusted returns?

^XAU currently has the higher Sharpe Ratio (1.72 vs 1.35), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.