GDX vs. GDXY
GDX (VanEck Gold Miners ETF) and GDXY (YieldMax Gold Miners Option Income Strategy ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while GDXY is a Derivative Income fund managed by YieldMax. Over the past year, GDX returned 61.27% vs 30.32% for GDXY. With a 0.97 correlation, they move nearly in lockstep. GDX charges 0.51%/yr vs 0.99%/yr for GDXY.
Performance
GDX vs. GDXY - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -0.90% return, which is significantly higher than GDXY's -6.82% 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%
GDXY
- 1D
- -2.47%
- 1M
- -2.37%
- YTD
- -6.82%
- 6M
- -3.09%
- 1Y
- 30.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GDX vs. GDXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
GDX VanEck Gold Miners ETF | -0.90% | 154.77% | -7.10% |
GDXY YieldMax Gold Miners Option Income Strategy ETF | -6.82% | 88.08% | -11.63% |
Correlation
The correlation between GDX and GDXY is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since May 22, 2024 | 0.97 |
The correlation between GDX and GDXY has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.
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Return for Risk
GDX vs. GDXY — Risk / Return Rank
GDX
GDXY
GDX vs. GDXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and YieldMax Gold Miners Option Income Strategy ETF (GDXY). 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 | GDXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.17 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 1.09 | +0.91 |
| Martin ratioReturn relative to average drawdown | 5.13 | 2.77 | +2.35 |
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 | GDXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 0.83 | +0.52 |
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 | 0.76 | -0.64 |
Drawdowns
GDX vs. GDXY - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than GDXY's maximum drawdown of -28.03%. Use the drawdown chart below to compare losses from any high point for GDX and GDXY.
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Drawdown Indicators
| GDX | GDXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -28.03% | -52.31% |
Max Drawdown (1Y)Largest decline over 1 year | -30.84% | -28.03% | -2.81% |
Max Drawdown (3Y)Largest decline over 3 years | -30.84% | — | — |
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% | -25.20% | -1.42% |
Average DrawdownAverage peak-to-trough decline | -40.43% | -6.40% | -34.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.99% | 10.96% | +1.03% |
Volatility
GDX vs. GDXY - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 15.40% compared to YieldMax Gold Miners Option Income Strategy ETF (GDXY) at 11.75%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than GDXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | GDXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.40% | 11.75% | +3.65% |
Volatility (6M)Calculated over the trailing 6-month period | 37.50% | 30.92% | +6.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.49% | 36.57% | +8.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.39% | 31.73% | +4.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.18% | 31.73% | +5.45% |
GDX vs. GDXY - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than GDXY's 0.99% expense ratio.
Dividends
GDX vs. GDXY - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.74%, less than GDXY's 74.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GDXY YieldMax Gold Miners Option Income Strategy ETF | 74.25% | 52.13% | 23.91% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, GDX and GDXY 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.
GDX has higher volatility (15.40%) compared to GDXY (11.75%). In terms of maximum drawdown, GDX dropped -80.34% vs GDXY's -28.03%.
On 1-year performance, GDX leads with 61.27% vs 30.32% for GDXY. On fees, GDX is cheaper at 0.51% per year. On volatility, GDXY has been the lower-risk option at 11.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GDX has performed better with a 61.27% return vs 30.32%. 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 0.99% for GDXY.
GDXY has the higher dividend yield at 74.25%, compared with 0.74% for GDX.
GDX is categorized as Gold, while GDXY is Derivative Income. They also come from different issuers: VanEck and YieldMax. Their fees differ too: 0.51% for GDX and 0.99% for GDXY.
GDX currently has the higher Sharpe Ratio (1.35 vs 0.83), 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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