GDX vs. CMCL

Last updated Jun 13, 2026

GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while CMCL (Caledonia Mining Corporation Plc) is a stock. Over the past 5 years, GDX returned 17.51%/yr vs 12.13%/yr for CMCL. A 0.50 correlation means they provide meaningful diversification when combined.

Performance

GDX vs. CMCL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Caledonia Mining Corporation Plc (CMCL). 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 CMCL's -21.95% 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%

CMCL

• 1D: 3.65%
• 1M: -17.97%
• YTD: -21.95%
• 6M: -20.06%
• 1Y: 3.33%
• 3Y*: 20.06%
• 5Y*: 12.13%
• 10Y*: —

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

GDX vs. CMCL - 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%	4.45%
CMCL Caledonia Mining Corporation Plc	-21.95%	186.75%	-18.90%	2.65%	11.39%	-23.84%	93.29%	67.37%	-26.33%	20.43%

Correlation

The correlation between GDX and CMCL is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 29, 2017	0.50

The correlation between GDX and CMCL shifts across timeframes, from 0.50 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GDX vs. CMCL — 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

CMCL

CMCL Risk / Return Rank: 44
CMCL Sharpe Ratio Rank: 45
CMCL Sortino Ratio Rank: 44
CMCL Omega Ratio Rank: 44
CMCL Calmar Ratio Rank: 44
CMCL Martin Ratio Rank: 44

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. CMCL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Caledonia Mining Corporation Plc (CMCL). 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	CMCL	Difference
Sharpe ratio: Return per unit of total volatility	1.09	0.05	+1.03
Sortino ratio: Return per unit of downside risk	1.51	0.51	+1.00
Omega ratio: Gain probability vs. loss probability	1.21	1.06	+0.15
Calmar ratio: Return relative to maximum drawdown	1.40	0.07	+1.33
Martin ratio: Return relative to average drawdown	3.87	0.13	+3.74

GDX vs. CMCL - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is higher than the CMCL Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of GDX and CMCL, 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. CMCL - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than CMCL's maximum drawdown of -65.77%. Use the drawdown chart below to compare losses from any high point for GDX and CMCL.

Drawdown Indicators

	GDX	CMCL	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-65.77%	-14.57%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-49.43%	+13.15%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-49.43%	+13.15%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-50.00%	+3.49%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-30.91%	-45.57%	+14.66%
Average Drawdown Average peak-to-trough decline	-40.41%	-35.78%	-4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.11%	25.12%	-12.01%

Volatility

GDX vs. CMCL - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to Caledonia Mining Corporation Plc (CMCL) at 14.52%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than CMCL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	CMCL	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	14.52%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	39.15%	47.45%	-8.30%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	65.21%	-18.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.74%	52.74%	-16.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.34%	54.57%	-17.23%

Dividends

GDX vs. CMCL - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than CMCL's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMCL Caledonia Mining Corporation Plc	2.78%	2.14%	5.95%	4.59%	4.52%	4.29%	2.11%	3.27%	5.23%	1.86%	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 CMCL in my portfolio?

GDX and CMCL have a correlation of 0.68, 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 CMCL?

GDX has higher volatility (17.20%) compared to CMCL (14.52%). In terms of maximum drawdown, GDX dropped -80.34% vs CMCL's -65.77%.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.09 vs 0.05), 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.