GDX vs. DAPP

Last updated Jul 14, 2026

GDX (VanEck Gold Miners ETF) and DAPP (VanEck Digital Transformation ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while DAPP is a Blockchain fund tracking the MVIS Global Digital Assets Equity Index. Both are passively managed. Over the past 5 years, GDX returned 17.75%/yr vs -1.78%/yr for DAPP. At a 0.26 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.52%/yr for DAPP.

Performance

GDX vs. DAPP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and VanEck Digital Transformation ETF (DAPP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -14.46% return, which is significantly lower than DAPP's 8.11% return.

GDX

• 1D: -2.86%
• 1M: -8.32%
• 6M: -23.35%
• YTD: -14.46%
• 1Y: 40.98%
• 3Y*: 33.47%
• 5Y*: 17.75%
• 10Y*: 10.48%

DAPP

• 1D: -4.08%
• 1M: -15.23%
• 6M: -9.24%
• YTD: 8.11%
• 1Y: 1.88%
• 3Y*: 26.91%
• 5Y*: -1.78%
• 10Y*: —

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

GDX vs. DAPP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GDX VanEck Gold Miners ETF	-14.46%	154.77%	10.63%	9.98%	-9.01%	-5.70%
DAPP VanEck Digital Transformation ETF	8.11%	15.03%	44.87%	285.02%	-85.60%	-45.88%

Correlation

The correlation between GDX and DAPP is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Apr 14, 2021	0.26

Return for Risk

GDX vs. DAPP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDX

GDX Risk / Return Rank: 28
GDX Sharpe Ratio Rank: 29
GDX Sortino Ratio Rank: 28
GDX Omega Ratio Rank: 31
GDX Calmar Ratio Rank: 28
GDX Martin Ratio Rank: 25

DAPP

DAPP Risk / Return Rank: 11
DAPP Sharpe Ratio Rank: 10
DAPP Sortino Ratio Rank: 13
DAPP Omega Ratio Rank: 13
DAPP Calmar Ratio Rank: 10
DAPP Martin Ratio Rank: 10

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. DAPP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and VanEck Digital Transformation ETF (DAPP). 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	DAPP	Difference
Sharpe ratio: Return per unit of total volatility	0.86	0.03	+0.83
Sortino ratio: Return per unit of downside risk	1.31	0.49	+0.82
Omega ratio: Gain probability vs. loss probability	1.18	1.06	+0.12
Calmar ratio: Return relative to maximum drawdown	1.12	0.04	+1.08
Martin ratio: Return relative to average drawdown	2.59	0.07	+2.52

GDX vs. DAPP - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 0.86, which is higher than the DAPP Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of GDX and DAPP, 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. DAPP - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum DAPP drawdown of -92.61%. Use the drawdown chart below to compare losses from any high point for GDX and DAPP.

Drawdown Indicators

	GDX	DAPP	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-92.61%	+12.27%
Max Drawdown (1Y) Largest decline over 1 year	-36.66%	-48.21%	+11.55%
Max Drawdown (3Y) Largest decline over 3 years	-36.66%	-58.88%	+22.22%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-91.90%	+45.39%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-36.66%	-45.94%	+9.28%
Average Drawdown Average peak-to-trough decline	-40.39%	-60.95%	+20.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.85%	25.78%	-9.93%

Volatility

GDX vs. DAPP - Volatility Comparison

The current volatility for VanEck Gold Miners ETF (GDX) is 14.73%, while VanEck Digital Transformation ETF (DAPP) has a volatility of 15.54%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than DAPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	DAPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.73%	15.54%	-0.81%
Volatility (6M) Calculated over the trailing 6-month period	39.96%	45.87%	-5.91%
Volatility (1Y) Calculated over the trailing 1-year period	48.08%	62.54%	-14.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.07%	73.18%	-36.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.36%	72.61%	-35.25%

GDX vs. DAPP - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is lower than DAPP's 0.52% expense ratio.

Dividends

GDX vs. DAPP - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.86%, while DAPP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DAPP VanEck Digital Transformation ETF	0.00%	0.00%	4.04%	0.00%	0.00%	10.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDX VanEck Gold Miners ETF	0.86%	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 DAPP in my portfolio?

GDX and DAPP have a correlation of 0.36, 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 DAPP?

DAPP has higher volatility (15.54%) compared to GDX (14.73%). In terms of maximum drawdown, GDX dropped -80.34% vs DAPP's -92.61%.

Which ETF is better, GDX or DAPP?

On 5-year performance, GDX leads with 17.75% vs -1.78% for DAPP. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 14.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or DAPP?

Over the 5-year period, GDX has performed better with a 17.75% return vs -1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or DAPP?

GDX is cheaper with a 0.51% expense ratio, compared with 0.52% for DAPP.

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

GDX has the higher dividend yield at 0.86%, compared with 0.00% for DAPP.

What is the main difference between GDX and DAPP?

GDX is categorized as Gold, while DAPP is Blockchain. GDX tracks NYSE MarketVector Global Gold Miners Index, while DAPP tracks MVIS Global Digital Assets Equity Index. Their fees differ too: 0.51% for GDX and 0.52% for DAPP.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (0.86 vs 0.03), 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.