GDX vs. ATRO

Last updated Jun 13, 2026

GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while ATRO (Astronics Corporation) is a stock. Over the past 10 years, GDX returned 13.29%/yr vs 12.28%/yr for ATRO. At a 0.13 correlation, their price movements are largely independent.

Performance

GDX vs. ATRO - Performance Comparison

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

Returns By Period

In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than ATRO's 76.99% return. Over the past 10 years, GDX has outperformed ATRO with an annualized return of 13.29%, while ATRO has yielded a comparatively lower 12.28% annualized return.

GDX

• 1D: 2.97%
• 1M: -16.83%
• YTD: -6.69%
• 6M: -5.89%
• 1Y: 50.59%
• 3Y*: 38.96%
• 5Y*: 17.51%
• 10Y*: 13.29%

ATRO

• 1D: 1.27%
• 1M: 19.87%
• YTD: 76.99%
• 6M: 76.47%
• 1Y: 168.08%
• 3Y*: 74.20%
• 5Y*: 37.93%
• 10Y*: 12.28%

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

GDX vs. ATRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX VanEck Gold Miners ETF	-6.69%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%
ATRO Astronics Corporation	76.99%	239.85%	-8.38%	69.13%	-14.17%	-9.30%	-52.67%	-8.21%	-13.21%	22.55%

Correlation

The correlation between GDX and ATRO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 22, 2006	0.13

Over the past year, GDX and ATRO have become more correlated (0.35) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

GDX vs. ATRO — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 33
GDX Sharpe Ratio Rank: 34
GDX Sortino Ratio Rank: 31
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 32
GDX Martin Ratio Rank: 30

ATRO

ATRO Risk / Return Rank: 95
ATRO Sharpe Ratio Rank: 96
ATRO Sortino Ratio Rank: 93
ATRO Omega Ratio Rank: 93
ATRO Calmar Ratio Rank: 96
ATRO Martin Ratio Rank: 97

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. ATRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Astronics Corporation (ATRO). 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	ATRO	Difference
Sharpe ratio: Return per unit of total volatility	1.09	3.04	-1.95
Sortino ratio: Return per unit of downside risk	1.51	3.45	-1.94
Omega ratio: Gain probability vs. loss probability	1.21	1.46	-0.25
Calmar ratio: Return relative to maximum drawdown	1.40	7.23	-5.83
Martin ratio: Return relative to average drawdown	3.87	24.48	-20.61

GDX vs. ATRO - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is lower than the ATRO Sharpe Ratio of 3.04. The chart below compares the historical Sharpe Ratios of GDX and ATRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDX vs. ATRO - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum ATRO drawdown of -90.12%. Use the drawdown chart below to compare losses from any high point for GDX and ATRO.

Drawdown Indicators

	GDX	ATRO	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-90.12%	+9.78%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-23.39%	-12.89%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-34.89%	-1.39%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-62.90%	+16.39%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-85.52%	+35.73%
Current Drawdown Current decline from peak	-30.91%	0.00%	-30.91%
Average Drawdown Average peak-to-trough decline	-40.41%	-38.08%	-2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.11%	7.06%	+6.05%

Volatility

GDX vs. ATRO - Volatility Comparison

The current volatility for VanEck Gold Miners ETF (GDX) is 17.20%, while Astronics Corporation (ATRO) has a volatility of 20.40%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than ATRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	ATRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	20.40%	-3.20%
Volatility (6M) Calculated over the trailing 6-month period	39.15%	39.82%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	56.08%	-9.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.74%	55.27%	-18.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.34%	56.87%	-19.53%

Dividends

GDX vs. ATRO - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, while ATRO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATRO Astronics Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDX VanEck Gold Miners ETF	0.79%	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

Can I hold both GDX and ATRO in my portfolio?

GDX and ATRO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDX or ATRO?

ATRO has higher volatility (20.40%) compared to GDX (17.20%). In terms of maximum drawdown, GDX dropped -80.34% vs ATRO's -90.12%.

Which has better risk-adjusted returns?

ATRO currently has the higher Sharpe Ratio (3.04 vs 1.09), 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.