GDX vs. AUMI

Last updated Jun 13, 2026

GDX (VanEck Gold Miners ETF) and AUMI (Themes Gold Miners ETF) are both Gold funds - GDX tracks the NYSE MarketVector Global Gold Miners Index while AUMI tracks the Solactive Global Pure Gold Miners Index. Both are passively managed. Over the past year, GDX returned 48.02% vs 38.17% for AUMI. Their correlation of 0.93 suggests significant overlap in exposure. GDX charges 0.51%/yr vs 0.35%/yr for AUMI.

Performance

GDX vs. AUMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Themes Gold Miners ETF (AUMI). 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 higher than AUMI's -11.62% return.

GDX

• 1D: 2.97%
• 1M: -14.82%
• YTD: -6.69%
• 6M: -5.89%
• 1Y: 48.02%
• 3Y*: 38.96%
• 5Y*: 17.51%
• 10Y*: 13.29%

AUMI

• 1D: 2.52%
• 1M: -17.27%
• YTD: -11.62%
• 6M: -9.97%
• 1Y: 38.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDX vs. AUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDX VanEck Gold Miners ETF	-6.69%	154.77%	10.63%	9.21%
AUMI Themes Gold Miners ETF	-11.62%	164.18%	30.61%	10.23%

Correlation

The correlation between GDX and AUMI is 0.95 - 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	0.95
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.93

The correlation between GDX and AUMI has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

GDX vs. AUMI - Sectors Allocation Comparison

Sectors	GDX	AUMI
Basic Materials	100.0%	99.4%
Communication Services	-	0.1%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDX vs. AUMI — 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

AUMI

AUMI Risk / Return Rank: 25
AUMI Sharpe Ratio Rank: 25
AUMI Sortino Ratio Rank: 25
AUMI Omega Ratio Rank: 28
AUMI Calmar Ratio Rank: 24
AUMI Martin Ratio Rank: 24

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. AUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Themes Gold Miners ETF (AUMI). 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	AUMI	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.78	+0.30
Sortino ratio: Return per unit of downside risk	1.51	1.24	+0.27
Omega ratio: Gain probability vs. loss probability	1.21	1.17	+0.04
Calmar ratio: Return relative to maximum drawdown	1.40	0.98	+0.42
Martin ratio: Return relative to average drawdown	3.87	2.81	+1.06

GDX vs. AUMI - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is higher than the AUMI Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of GDX and AUMI, 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. AUMI - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than AUMI's maximum drawdown of -39.28%. Use the drawdown chart below to compare losses from any high point for GDX and AUMI.

Drawdown Indicators

	GDX	AUMI	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-39.28%	-41.06%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-39.28%	+3.00%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-30.91%	-33.51%	+2.60%
Average Drawdown Average peak-to-trough decline	-40.41%	-7.35%	-33.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.11%	13.72%	-0.61%

Volatility

GDX vs. AUMI - Volatility Comparison

VanEck Gold Miners ETF (GDX) and Themes Gold Miners ETF (AUMI) have volatilities of 17.20% and 17.47%, 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	AUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	17.47%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	39.15%	40.45%	-1.30%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	49.48%	-2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.74%	42.24%	-5.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.34%	42.24%	-4.90%

GDX vs. AUMI - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than AUMI's 0.35% expense ratio.

Dividends

GDX vs. AUMI - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than AUMI's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUMI Themes Gold Miners ETF	0.98%	0.86%	1.84%	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 AUMI in my portfolio?

With a correlation of 0.95, GDX and AUMI 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 AUMI?

AUMI has higher volatility (17.47%) compared to GDX (17.20%). In terms of maximum drawdown, GDX dropped -80.34% vs AUMI's -39.28%.

Which ETF is better, GDX or AUMI?

On 1-year performance, GDX leads with 48.02% vs 38.17% for AUMI. On fees, AUMI is cheaper at 0.35% per year. On volatility, GDX has been the lower-risk option at 17.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or AUMI?

Over the 1-year period, GDX has performed better with a 48.02% return vs 38.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or AUMI?

AUMI is cheaper with a 0.35% expense ratio, compared with 0.51% for GDX.

Which ETF pays a higher dividend yield, GDX or AUMI?

AUMI has the higher dividend yield at 0.98%, compared with 0.79% for GDX.

What is the main difference between GDX and AUMI?

GDX tracks NYSE MarketVector Global Gold Miners Index, while AUMI tracks Solactive Global Pure Gold Miners Index. They also come from different issuers: VanEck and Themes. Their fees differ too: 0.51% for GDX and 0.35% for AUMI.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.09 vs 0.78), 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.