GDX vs. GDXJ
GDX (VanEck Gold Miners ETF) and GDXJ (VanEck Junior Gold Miners ETF) are both Gold funds from VanEck - GDX tracks the NYSE MarketVector Global Gold Miners Index while GDXJ tracks the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, GDX returned 10.07%/yr vs 8.17%/yr for GDXJ. Their 0.95 correlation means they have historically moved very closely together. GDX charges 0.51%/yr vs 0.52%/yr for GDXJ.
Performance
GDX vs. GDXJ - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -13.61% return, which is significantly higher than GDXJ's -16.16% return. Over the past 10 years, GDX has outperformed GDXJ with an annualized return of 10.07%, while GDXJ has yielded a comparatively lower 8.17% annualized return.
GDX
- 1D
- -3.49%
- 1M
- -1.29%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 44.54%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
GDXJ
- 1D
- -3.69%
- 1M
- -2.71%
- 6M
- -23.13%
- YTD
- -16.16%
- 1Y
- 51.96%
- 3Y*
- 40.59%
- 5Y*
- 17.64%
- 10Y*
- 8.17%
- ALL TIME*
- 1.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $446.17M | $451.03M | $619.88M |
GDX vs. GDXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
GDXJ VanEck Junior Gold Miners ETF | -16.16% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
Correlation
The correlation between GDX and GDXJ is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2009 | 0.95 |
The correlation between GDX and GDXJ has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
GDX vs. GDXJ — Risk / Return Rank
GDX
GDXJ
GDX vs. GDXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and VanEck Junior Gold Miners ETF (GDXJ). 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 | GDXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.19 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.26 | -0.11 |
| Martin ratioReturn relative to average drawdown | 2.48 | 2.68 | -0.20 |
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Drawdowns
GDX vs. GDXJ - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for GDX and GDXJ.
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Drawdown Indicators
| GDX | GDXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -88.66% | +8.32% |
Max Drawdown (1Y)Largest decline over 1 year | -38.93% | -41.32% | +2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -38.93% | -41.32% | +2.39% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -48.79% | +2.28% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -57.77% | +7.98% |
Current DrawdownCurrent decline from peak | -36.03% | -38.93% | +2.90% |
Average DrawdownAverage peak-to-trough decline | -40.37% | -60.26% | +19.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 19.42% | -1.45% |
Volatility
GDX vs. GDXJ - Volatility Comparison
The current volatility for VanEck Gold Miners ETF (GDX) is 12.73%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 14.90%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | GDXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.73% | 14.90% | -2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 44.56% | -4.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.49% | 53.86% | -5.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.23% | 42.07% | -4.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 44.18% | -6.84% |
GDX vs. GDXJ - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than GDXJ's 0.52% expense ratio.
Dividends
GDX vs. GDXJ - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.85%, less than GDXJ's 2.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.85% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
GDXJ VanEck Junior Gold Miners ETF | 2.78% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
Frequently Asked Questions
With a correlation of 0.99, GDX and GDXJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GDXJ has higher volatility (14.90%) compared to GDX (12.73%). In terms of maximum drawdown, GDX dropped -80.34% vs GDXJ's -88.66%.
On 10-year performance, GDX leads with 10.07% vs 8.17% for GDXJ. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 12.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 10.07% return vs 8.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.52% for GDXJ.
GDXJ has the higher dividend yield at 2.78%, compared with 0.85% for GDX.
GDX tracks NYSE MarketVector Global Gold Miners Index, while GDXJ tracks MVIS Global Junior Gold Miners Index. Their fees differ too: 0.51% for GDX and 0.52% for GDXJ.
GDXJ currently has the higher Sharpe Ratio (0.97 vs 0.92), 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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