GDX vs. BGLD
GDX (VanEck Gold Miners ETF) and BGLD (FT Vest Gold Strategy Quarterly Buffer ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while BGLD is a Defined Outcome fund actively managed by FT Vest. GDX is passively managed, while BGLD is actively managed. Over the past 5 years, GDX returned 19.30%/yr vs 10.99%/yr for BGLD. A 0.67 correlation means they provide meaningful diversification when combined. GDX charges 0.51%/yr vs 0.91%/yr for BGLD.
Performance
GDX vs. BGLD - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -9.46% return, which is significantly lower than BGLD's -3.71% return.
GDX
- 1D
- -4.64%
- 1M
- -8.66%
- YTD
- -9.46%
- 6M
- -13.97%
- 1Y
- 47.29%
- 3Y*
- 39.25%
- 5Y*
- 19.30%
- 10Y*
- 12.36%
BGLD
- 1D
- -0.57%
- 1M
- -4.77%
- YTD
- -3.71%
- 6M
- -6.89%
- 1Y
- 7.94%
- 3Y*
- 18.31%
- 5Y*
- 10.99%
- 10Y*
- —
GDX vs. BGLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -9.46% | 154.77% | 10.63% | 9.98% | -9.01% | -9.57% |
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | -3.71% | 33.03% | 21.80% | 13.24% | -2.42% | -5.53% |
Correlation
The correlation between GDX and BGLD is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2021 | 0.67 |
The correlation between GDX and BGLD has been stable across timeframes, ranging from 0.59 to 0.67 - a consistent structural relationship.
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Return for Risk
GDX vs. BGLD — Risk / Return Rank
GDX
BGLD
GDX vs. BGLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and FT Vest Gold Strategy Quarterly Buffer ETF (BGLD). 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 | BGLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.13 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 0.70 | +0.61 |
| Martin ratioReturn relative to average drawdown | 3.44 | 1.96 | +1.49 |
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Drawdowns
GDX vs. BGLD - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than BGLD's maximum drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for GDX and BGLD.
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Drawdown Indicators
| GDX | BGLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -16.19% | -64.15% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -11.42% | -24.86% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -11.42% | -24.86% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -15.42% | -31.09% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | — | — |
Current DrawdownCurrent decline from peak | -32.96% | -10.95% | -22.01% |
Average DrawdownAverage peak-to-trough decline | -40.40% | -3.69% | -36.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.78% | 4.07% | +9.71% |
Volatility
GDX vs. BGLD - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 17.61% compared to FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) at 4.56%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than BGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | BGLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.61% | 4.56% | +13.05% |
Volatility (6M)Calculated over the trailing 6-month period | 40.05% | 10.79% | +29.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.64% | 12.55% | +35.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.89% | 10.13% | +26.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.37% | 10.02% | +27.35% |
GDX vs. BGLD - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than BGLD's 0.91% expense ratio.
Dividends
GDX vs. BGLD - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.82%, less than BGLD's 46.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | 46.03% | 44.32% | 25.04% | 10.49% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.82% | 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
GDX and BGLD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.61%) compared to BGLD (4.56%). In terms of maximum drawdown, GDX dropped -80.34% vs BGLD's -16.19%.
On 5-year performance, GDX leads with 19.30% vs 10.99% for BGLD. On fees, GDX is cheaper at 0.51% per year. On volatility, BGLD has been the lower-risk option at 4.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 19.30% return vs 10.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.91% for BGLD.
BGLD has the higher dividend yield at 46.03%, compared with 0.82% for GDX.
GDX is categorized as Gold, while BGLD is Defined Outcome. They also come from different issuers: VanEck and FT Vest. Their fees differ too: 0.51% for GDX and 0.91% for BGLD.
GDX currently has the higher Sharpe Ratio (1.00 vs 0.64), 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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