GDX vs. BWX
GDX (VanEck Gold Miners ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, GDX returned 13.81%/yr vs -1.31%/yr for BWX. At a 0.41 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.35%/yr for BWX.
Performance
GDX vs. BWX - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -0.58% return, which is significantly higher than BWX's -1.42% return. Over the past 10 years, GDX has outperformed BWX with an annualized return of 13.81%, while BWX has yielded a comparatively lower -1.31% annualized return.
GDX
- 1D
- 6.55%
- 1M
- -2.38%
- YTD
- -0.58%
- 6M
- 1.22%
- 1Y
- 57.71%
- 3Y*
- 41.18%
- 5Y*
- 19.97%
- 10Y*
- 13.81%
BWX
- 1D
- 0.27%
- 1M
- 1.08%
- YTD
- -1.42%
- 6M
- -1.46%
- 1Y
- -2.80%
- 3Y*
- 1.02%
- 5Y*
- -4.15%
- 10Y*
- -1.31%
GDX vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -0.58% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -1.42% | 7.67% | -5.93% | 5.10% | -19.72% | -8.67% | 9.50% | 5.58% | -1.85% | 9.93% |
Correlation
The correlation between GDX and BWX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.41 |
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Return for Risk
GDX vs. BWX — Risk / Return Rank
GDX
BWX
GDX vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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 | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.60 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.95 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | -0.46 | +2.06 |
| Martin ratioReturn relative to average drawdown | 4.39 | -0.90 | +5.29 |
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Drawdowns
GDX vs. BWX - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than BWX's maximum drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for GDX and BWX.
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Drawdown Indicators
| GDX | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -34.05% | -46.29% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -6.16% | -30.12% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -10.22% | -26.06% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -30.78% | -15.73% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -34.05% | -15.74% |
Current DrawdownCurrent decline from peak | -26.39% | -23.60% | -2.79% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -10.07% | -30.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.22% | 3.13% | +10.09% |
Volatility
GDX vs. BWX - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 18.56% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 2.49%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.56% | 2.49% | +16.07% |
Volatility (6M)Calculated over the trailing 6-month period | 39.52% | 5.92% | +33.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.30% | 7.66% | +39.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.86% | 9.70% | +27.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.37% | 8.67% | +28.70% |
GDX vs. BWX - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than BWX's 0.35% expense ratio.
Dividends
GDX vs. BWX - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.74%, less than BWX's 2.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.36% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
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
GDX and BWX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (18.56%) compared to BWX (2.49%). In terms of maximum drawdown, GDX dropped -80.34% vs BWX's -34.05%.
On 10-year performance, GDX leads with 13.81% vs -1.31% for BWX. On fees, BWX is cheaper at 0.35% per year. On volatility, BWX has been the lower-risk option at 2.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 13.81% return vs -1.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BWX is cheaper with a 0.35% expense ratio, compared with 0.51% for GDX.
BWX has the higher dividend yield at 2.36%, compared with 0.74% for GDX.
GDX is categorized as Gold, while BWX is International Government Bonds. GDX tracks NYSE MarketVector Global Gold Miners Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: VanEck and State Street. Their fees differ too: 0.51% for GDX and 0.35% for BWX.
GDX currently has the higher Sharpe Ratio (1.23 vs -0.37), 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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