GDX vs. DXJ

Last updated Jun 13, 2026

GDX (VanEck Gold Miners ETF) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, GDX returned 13.29%/yr vs 18.72%/yr for DXJ. At a 0.11 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.48%/yr for DXJ.

Performance

GDX vs. DXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and WisdomTree Japan Hedged Equity Fund (DXJ). 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 lower than DXJ's 18.74% return. Over the past 10 years, GDX has underperformed DXJ with an annualized return of 13.29%, while DXJ has yielded a comparatively higher 18.72% annualized 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%

DXJ

• 1D: 0.74%
• 1M: -0.20%
• YTD: 18.74%
• 6M: 19.84%
• 1Y: 53.35%
• 3Y*: 30.91%
• 5Y*: 26.01%
• 10Y*: 18.72%

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

GDX vs. DXJ - 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%	11.99%
DXJ WisdomTree Japan Hedged Equity Fund	18.74%	32.78%	29.83%	42.04%	5.96%	17.99%	3.94%	18.94%	-19.78%	22.81%

Correlation

The correlation between GDX and DXJ is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006	0.11

Over the past year, GDX and DXJ have become more correlated (0.34) than their long-term average of 0.11, meaning their price movements have been converging.

GDX vs. DXJ - Sectors Allocation Comparison

Sectors	GDX	DXJ
Basic Materials	100.0%	8.5%
Communication Services	-	2.7%
Consumer Cyclical	-	15.6%
Consumer Defensive	-	4.7%
Energy	-	1.7%
Financial Services	-	18.3%
Healthcare	-	6.8%
Industrials	-	27.4%
Real Estate	-	-
Technology	-	12.9%
Utilities	-	0.1%

Return for Risk

GDX vs. DXJ — 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

DXJ

DXJ Risk / Return Rank: 92
DXJ Sharpe Ratio Rank: 93
DXJ Sortino Ratio Rank: 93
DXJ Omega Ratio Rank: 92
DXJ Calmar Ratio Rank: 90
DXJ Martin Ratio Rank: 91

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. DXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and WisdomTree Japan Hedged Equity Fund (DXJ). 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	DXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.09	3.02	-1.94
Sortino ratio: Return per unit of downside risk	1.51	4.04	-2.53
Omega ratio: Gain probability vs. loss probability	1.21	1.54	-0.33
Calmar ratio: Return relative to maximum drawdown	1.40	4.88	-3.48
Martin ratio: Return relative to average drawdown	3.87	18.93	-15.06

GDX vs. DXJ - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is lower than the DXJ Sharpe Ratio of 3.02. The chart below compares the historical Sharpe Ratios of GDX and DXJ, 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. DXJ - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than DXJ's maximum drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for GDX and DXJ.

Drawdown Indicators

	GDX	DXJ	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-49.63%	-30.71%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-10.98%	-25.30%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-22.19%	-14.09%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-22.19%	-24.32%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-39.14%	-10.65%
Current Drawdown Current decline from peak	-30.91%	-1.34%	-29.57%
Average Drawdown Average peak-to-trough decline	-40.41%	-14.32%	-26.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.11%	2.83%	+10.28%

Volatility

GDX vs. DXJ - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 4.64%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	DXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	4.64%	+12.56%
Volatility (6M) Calculated over the trailing 6-month period	39.15%	13.56%	+25.59%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	17.73%	+29.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.74%	19.02%	+17.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.34%	20.17%	+17.17%

GDX vs. DXJ - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than DXJ's 0.48% expense ratio.

Dividends

GDX vs. DXJ - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than DXJ's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DXJ WisdomTree Japan Hedged Equity Fund	1.09%	1.29%	3.48%	3.44%	3.02%	2.64%	2.53%	2.47%	2.92%	2.30%	1.98%	5.95%
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 DXJ in my portfolio?

GDX and DXJ have a correlation of 0.34, 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 DXJ?

GDX has higher volatility (17.20%) compared to DXJ (4.64%). In terms of maximum drawdown, GDX dropped -80.34% vs DXJ's -49.63%.

Which ETF is better, GDX or DXJ?

On 10-year performance, DXJ leads with 18.72% vs 13.29% for GDX. On fees, DXJ is cheaper at 0.48% per year. On volatility, DXJ has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or DXJ?

Over the 10-year period, DXJ has performed better with a 18.72% return vs 13.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or DXJ?

DXJ is cheaper with a 0.48% expense ratio, compared with 0.51% for GDX.

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

DXJ has the higher dividend yield at 1.09%, compared with 0.79% for GDX.

What is the main difference between GDX and DXJ?

GDX is categorized as Gold, while DXJ is Japan Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.51% for GDX and 0.48% for DXJ.

Which has better risk-adjusted returns?

DXJ currently has the higher Sharpe Ratio (3.02 vs 1.09), 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.