GDX vs. EWZ

Last updated Jun 9, 2026

GDX (VanEck Gold Miners ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, GDX returned 12.82%/yr vs 7.53%/yr for EWZ. At a 0.35 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.59%/yr for EWZ.

Performance

GDX vs. EWZ - Performance Comparison

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

Returns By Period

In the year-to-date period, GDX achieves a -8.28% return, which is significantly lower than EWZ's 6.04% return. Over the past 10 years, GDX has outperformed EWZ with an annualized return of 12.82%, while EWZ has yielded a comparatively lower 7.53% annualized return.

GDX

• 1D: -0.22%
• 1M: -16.83%
• YTD: -8.28%
• 6M: 0.10%
• 1Y: 53.51%
• 3Y*: 37.89%
• 5Y*: 17.28%
• 10Y*: 12.82%

EWZ

• 1D: -0.94%
• 1M: -13.88%
• YTD: 6.04%
• 6M: 6.47%
• 1Y: 28.14%
• 3Y*: 7.95%
• 5Y*: 3.87%
• 10Y*: 7.53%

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

GDX vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX VanEck Gold Miners ETF	-8.28%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%
EWZ iShares MSCI Brazil ETF	6.04%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%

Correlation

The correlation between GDX and EWZ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since May 23, 2006	0.35

The correlation between GDX and EWZ shifts across timeframes, from 0.27 (10 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

GDX vs. EWZ - Sectors Allocation Comparison

Sectors	GDX	EWZ
Basic Materials	100.0%	13.7%
Communication Services	-	2.2%
Consumer Cyclical	-	1.5%
Consumer Defensive	-	4.2%
Energy	-	18.5%
Financial Services	-	32.7%
Healthcare	-	2.4%
Industrials	-	10.9%
Real Estate	-	-
Technology	-	1.0%
Utilities	-	12.9%

Return for Risk

GDX vs. EWZ — 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: 35
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 37
GDX Calmar Ratio Rank: 37
GDX Martin Ratio Rank: 32

EWZ

EWZ Risk / Return Rank: 34
EWZ Sharpe Ratio Rank: 34
EWZ Sortino Ratio Rank: 33
EWZ Omega Ratio Rank: 33
EWZ Calmar Ratio Rank: 33
EWZ Martin Ratio Rank: 35

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. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares MSCI Brazil ETF (EWZ). 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	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.13	+0.03
Sortino ratio: Return per unit of downside risk	1.58	1.61	-0.03
Omega ratio: Gain probability vs. loss probability	1.22	1.20	+0.02
Calmar ratio: Return relative to maximum drawdown	1.68	1.47	+0.21
Martin ratio: Return relative to average drawdown	4.32	4.96	-0.64
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. EWZ - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.16, which is comparable to the EWZ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GDX and EWZ, 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	EWZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.13	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.14	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.22	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.16	-0.05

Drawdowns

GDX vs. EWZ - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, roughly equal to the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for GDX and EWZ.

Drawdown Indicators

	GDX	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-77.25%	-3.09%
Max Drawdown (1Y) Largest decline over 1 year	-32.09%	-19.27%	-12.82%
Max Drawdown (3Y) Largest decline over 3 years	-32.09%	-31.36%	-0.73%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-32.24%	-14.27%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-56.99%	+7.20%
Current Drawdown Current decline from peak	-32.09%	-26.15%	-5.94%
Average Drawdown Average peak-to-trough decline	-40.43%	-35.95%	-4.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.42%	5.68%	+6.74%

Volatility

GDX vs. EWZ - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 16.05% compared to iShares MSCI Brazil ETF (EWZ) at 7.32%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.05%	7.32%	+8.73%
Volatility (6M) Calculated over the trailing 6-month period	38.61%	20.79%	+17.82%
Volatility (1Y) Calculated over the trailing 1-year period	46.36%	25.12%	+21.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	27.68%	+8.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.27%	34.07%	+3.20%

GDX vs. EWZ - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is lower than EWZ's 0.59% expense ratio.

Dividends

GDX vs. EWZ - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.80%, less than EWZ's 4.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWZ iShares MSCI Brazil ETF	4.89%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%
GDX VanEck Gold Miners ETF	0.80%	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 EWZ in my portfolio?

GDX and EWZ have a correlation of 0.40, 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 EWZ?

GDX has higher volatility (16.05%) compared to EWZ (7.32%). In terms of maximum drawdown, GDX dropped -80.34% vs EWZ's -77.25%.

Which ETF is better, GDX or EWZ?

On 10-year performance, GDX leads with 12.82% vs 7.53% for EWZ. On fees, GDX is cheaper at 0.51% per year. On volatility, EWZ has been the lower-risk option at 7.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or EWZ?

Over the 10-year period, GDX has performed better with a 12.82% return vs 7.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or EWZ?

GDX is cheaper with a 0.51% expense ratio, compared with 0.59% for EWZ.

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

EWZ has the higher dividend yield at 4.89%, compared with 0.80% for GDX.

What is the main difference between GDX and EWZ?

GDX is categorized as Gold, while EWZ is Latin America Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.59% for EWZ.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.16 vs 1.13), 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.