GDX vs. BIZD

Last updated Jun 4, 2026

GDX (VanEck Gold Miners ETF) and BIZD (VanEck BDC Income ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while BIZD is a Financials Equities fund tracking the MVIS US Business Development Companies Index. Both are passively managed. Over the past 10 years, GDX returned 13.98%/yr vs 7.77%/yr for BIZD. At a 0.14 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.42%/yr for BIZD.

Performance

GDX vs. BIZD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and VanEck BDC Income ETF (BIZD). 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 higher than BIZD's -8.99% return. Over the past 10 years, GDX has outperformed BIZD with an annualized return of 13.98%, while BIZD has yielded a comparatively lower 7.77% 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%

BIZD

• 1D: -2.28%
• 1M: -6.62%
• YTD: -8.99%
• 6M: -10.20%
• 1Y: -12.94%
• 3Y*: 5.27%
• 5Y*: 4.03%
• 10Y*: 7.77%

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

GDX vs. BIZD - 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%
BIZD VanEck BDC Income ETF	-8.99%	-4.96%	15.63%	27.02%	-8.51%	36.25%	-7.12%	30.87%	-6.88%	0.36%

Correlation

The correlation between GDX and BIZD is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Feb 13, 2013	0.14

The correlation between GDX and BIZD shifts across timeframes, from 0.07 (1 year) to 0.22 (5 years), reflecting how their relationship changes across market environments.

GDX vs. BIZD - Sectors Allocation Comparison

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

Return for Risk

GDX vs. BIZD — 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

BIZD

BIZD Risk / Return Rank: 3
BIZD Sharpe Ratio Rank: 3
BIZD Sortino Ratio Rank: 3
BIZD Omega Ratio Rank: 3
BIZD Calmar Ratio Rank: 4
BIZD Martin Ratio Rank: 4

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. BIZD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and VanEck BDC Income ETF (BIZD). 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	BIZD	Difference
Sharpe ratio: Return per unit of total volatility	1.35	-0.72	+2.07
Sortino ratio: Return per unit of downside risk	1.76	-0.93	+2.69
Omega ratio: Gain probability vs. loss probability	1.25	0.90	+0.35
Calmar ratio: Return relative to maximum drawdown	2.00	-0.58	+2.58
Martin ratio: Return relative to average drawdown	5.13	-1.03	+6.15
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. BIZD - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.35, which is higher than the BIZD Sharpe Ratio of -0.72. The chart below compares the historical Sharpe Ratios of GDX and BIZD, 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	BIZD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	-0.72	+2.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.23	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.36	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.30	-0.18

Drawdowns

GDX vs. BIZD - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than BIZD's maximum drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for GDX and BIZD.

Drawdown Indicators

	GDX	BIZD	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-55.44%	-24.90%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-22.22%	-8.62%
Max Drawdown (3Y) Largest decline over 3 years	-30.84%	-22.56%	-8.28%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-22.91%	-23.60%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-55.44%	+5.65%
Current Drawdown Current decline from peak	-26.62%	-19.27%	-7.35%
Average Drawdown Average peak-to-trough decline	-40.43%	-6.72%	-33.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.99%	12.63%	-0.64%

Volatility

GDX vs. BIZD - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 15.40% compared to VanEck BDC Income ETF (BIZD) at 4.79%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	BIZD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.40%	4.79%	+10.61%
Volatility (6M) Calculated over the trailing 6-month period	37.50%	14.77%	+22.73%
Volatility (1Y) Calculated over the trailing 1-year period	45.49%	18.11%	+27.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	17.40%	+18.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	21.74%	+15.44%

GDX vs. BIZD - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than BIZD's 0.42% expense ratio.

Dividends

GDX vs. BIZD - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.74%, less than BIZD's 13.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BIZD VanEck BDC Income ETF	13.87%	11.78%	10.94%	10.96%	11.21%	8.14%	10.39%	9.13%	10.88%	9.13%	8.51%	9.12%
GDX VanEck Gold Miners ETF	0.74%	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 BIZD in my portfolio?

GDX and BIZD have a correlation of 0.07, 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 BIZD?

GDX has higher volatility (15.40%) compared to BIZD (4.79%). In terms of maximum drawdown, GDX dropped -80.34% vs BIZD's -55.44%.

Which ETF is better, GDX or BIZD?

On 10-year performance, GDX leads with 13.98% vs 7.77% for BIZD. On fees, BIZD is cheaper at 0.42% per year. On volatility, BIZD has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or BIZD?

Over the 10-year period, GDX has performed better with a 13.98% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or BIZD?

BIZD is cheaper with a 0.42% expense ratio, compared with 0.51% for GDX.

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

BIZD has the higher dividend yield at 13.87%, compared with 0.74% for GDX.

What is the main difference between GDX and BIZD?

GDX is categorized as Gold, while BIZD is Financials Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while BIZD tracks MVIS US Business Development Companies Index. Their fees differ too: 0.51% for GDX and 0.42% for BIZD.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.35 vs -0.72), 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.