GDX vs. GDE
GDX (VanEck Gold Miners ETF) and GDE (WisdomTree Efficient Gold Plus Equity Strategy Fund) are both Gold funds. GDX is passively managed, while GDE is actively managed. Over the past 3 years, GDX returned 41.00%/yr vs 46.68%/yr for GDE. A 0.71 correlation means they provide meaningful diversification when combined. GDX charges 0.51%/yr vs 0.20%/yr for GDE.
Performance
GDX vs. GDE - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -0.90% return, which is significantly lower than GDE's 9.79% return.
GDX
- 1D
- -3.46%
- 1M
- -0.76%
- YTD
- -0.90%
- 6M
- 5.62%
- 1Y
- 61.27%
- 3Y*
- 41.00%
- 5Y*
- 18.69%
- 10Y*
- 13.98%
GDE
- 1D
- -1.35%
- 1M
- 1.88%
- YTD
- 9.79%
- 6M
- 11.87%
- 1Y
- 53.13%
- 3Y*
- 46.68%
- 5Y*
- —
- 10Y*
- —
GDX vs. GDE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -0.90% | 154.77% | 10.63% | 9.98% | -22.69% |
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund | 9.79% | 73.76% | 44.79% | 33.85% | -18.67% |
Correlation
The correlation between GDX and GDE is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022 | 0.71 |
The correlation between GDX and GDE has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
GDX vs. GDE — Risk / Return Rank
GDX
GDE
GDX vs. GDE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE). 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 | GDE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.34 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 2.36 | -0.36 |
| Martin ratioReturn relative to average drawdown | 5.13 | 7.34 | -2.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GDX | GDE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 1.88 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.52 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 1.15 | -1.02 |
Drawdowns
GDX vs. GDE - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than GDE's maximum drawdown of -32.01%. Use the drawdown chart below to compare losses from any high point for GDX and GDE.
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Drawdown Indicators
| GDX | GDE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -32.01% | -48.33% |
Max Drawdown (1Y)Largest decline over 1 year | -30.84% | -22.66% | -8.18% |
Max Drawdown (3Y)Largest decline over 3 years | -30.84% | -22.66% | -8.18% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | — | — |
Current DrawdownCurrent decline from peak | -26.62% | -11.17% | -15.45% |
Average DrawdownAverage peak-to-trough decline | -40.43% | -7.88% | -32.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.99% | 7.26% | +4.73% |
Volatility
GDX vs. GDE - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 15.40% compared to WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) at 6.65%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than GDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | GDE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.40% | 6.65% | +8.75% |
Volatility (6M)Calculated over the trailing 6-month period | 37.50% | 24.24% | +13.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.49% | 28.39% | +17.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.39% | 26.12% | +10.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.18% | 26.12% | +11.06% |
GDX vs. GDE - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than GDE's 0.20% expense ratio.
Dividends
GDX vs. GDE - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.74%, less than GDE's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund | 3.94% | 4.32% | 7.14% | 2.22% | 0.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 GDE have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (15.40%) compared to GDE (6.65%). In terms of maximum drawdown, GDX dropped -80.34% vs GDE's -32.01%.
On 3-year performance, GDE leads with 46.68% vs 41.00% for GDX. On fees, GDE is cheaper at 0.20% per year. On volatility, GDE has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDE has performed better with a 46.68% return vs 41.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDE is cheaper with a 0.20% expense ratio, compared with 0.51% for GDX.
GDE has the higher dividend yield at 3.94%, compared with 0.74% for GDX.
They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.51% for GDX and 0.20% for GDE.
GDE currently has the higher Sharpe Ratio (1.88 vs 1.35), 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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