GDX vs. AEM
GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while AEM (Agnico Eagle Mines Limited) is a stock. Over the past 10 years, GDX returned 10.07%/yr vs 11.46%/yr for AEM. Their correlation of 0.89 means they have usually moved in the same direction.
Performance
GDX vs. AEM - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with GDX having a -13.61% return and AEM slightly lower at -13.95%. Over the past 10 years, GDX has underperformed AEM with an annualized return of 10.07%, while AEM has yielded a comparatively higher 11.46% annualized return.
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
AEM
- 1D
- -3.64%
- 1M
- -5.58%
- 6M
- -23.42%
- YTD
- -13.95%
- 1Y
- 17.10%
- 3Y*
- 44.82%
- 5Y*
- 20.40%
- 10Y*
- 11.46%
- ALL TIME*
- 7.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $362.33M | $376.74M | $426.77M | |
| $1.26B | $1.34B | $1.78B |
GDX vs. AEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
AEM Agnico Eagle Mines Limited | -13.95% | 119.53% | 46.04% | 8.98% | 1.08% | -22.81% | 17.39% | 54.18% | -11.51% | 10.92% |
Correlation
The correlation between GDX and AEM is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.89 |
The correlation between GDX and AEM has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
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Return for Risk
GDX vs. AEM — Risk / Return Rank
GDX
AEM
GDX vs. AEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Agnico Eagle Mines Limited (AEM). 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 | AEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.10 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 0.39 | +0.76 |
| Martin ratioReturn relative to average drawdown | 2.48 | 0.90 | +1.59 |
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Drawdowns
GDX vs. AEM - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum AEM drawdown of -90.49%. Use the drawdown chart below to compare losses from any high point for GDX and AEM.
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Drawdown Indicators
| GDX | AEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -90.49% | +10.15% |
Max Drawdown (1Y)Largest decline over 1 year | -38.93% | -45.80% | +6.87% |
Max Drawdown (3Y)Largest decline over 3 years | -38.93% | -45.80% | +6.87% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -45.80% | -0.71% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -53.86% | +4.07% |
Current DrawdownCurrent decline from peak | -36.03% | -42.25% | +6.22% |
Average DrawdownAverage peak-to-trough decline | -40.37% | -46.63% | +6.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 20.06% | -2.09% |
Volatility
GDX vs. AEM - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 12.73% compared to Agnico Eagle Mines Limited (AEM) at 11.20%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than AEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | AEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.73% | 11.20% | +1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 36.02% | +3.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.49% | 44.77% | +3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.23% | 37.35% | -0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 37.38% | -0.04% |
Dividends
GDX vs. AEM - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.85%, less than AEM's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AEM Agnico Eagle Mines Limited | 1.17% | 0.94% | 2.05% | 2.92% | 3.08% | 2.63% | 2.36% | 0.89% | 1.09% | 0.89% | 0.86% | 1.22% |
GDX VanEck Gold Miners ETF | 0.85% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Frequently Asked Questions
With a correlation of 0.92, GDX and AEM 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.
GDX has higher volatility (12.73%) compared to AEM (11.20%). In terms of maximum drawdown, GDX dropped -80.34% vs AEM's -90.49%.
GDX currently has the higher Sharpe Ratio (0.92 vs 0.40), 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.
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