GDX vs. GLD
Compare and contrast key facts about VanEck Vectors Gold Miners ETF (GDX) and SPDR Gold Trust (GLD).
GDX and GLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE Arca Gold Miners Index. It was launched on May 22, 2006. GLD is a passively managed fund by State Street that tracks the performance of the Gold Bullion. It was launched on Nov 18, 2004. Both GDX and GLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: GDX or GLD.
Performance
GDX vs. GLD - Performance Comparison
Returns By Period
In the year-to-date period, GDX achieves a 21.64% return, which is significantly lower than GLD's 27.96% return. Both investments have delivered pretty close results over the past 10 years, with GDX having a 7.64% annualized return and GLD not far ahead at 7.82%.
GDX
21.64%
-12.73%
6.40%
31.25%
8.49%
7.64%
GLD
27.96%
-2.63%
11.14%
31.98%
12.21%
7.82%
Key characteristics
| GDX | GLD | |
|---|---|---|
| Sharpe Ratio | 1.07 | 2.25 |
| Sortino Ratio | 1.59 | 2.99 |
| Omega Ratio | 1.19 | 1.39 |
| Calmar Ratio | 0.61 | 4.11 |
| Martin Ratio | 4.32 | 13.32 |
| Ulcer Index | 7.97% | 2.51% |
| Daily Std Dev | 32.18% | 14.87% |
| Max Drawdown | -80.57% | -45.56% |
| Current Drawdown | -36.40% | -5.00% |
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GDX vs. GLD - Expense Ratio Comparison
GDX has a 0.53% expense ratio, which is higher than GLD's 0.40% expense ratio.
Correlation
The correlation between GDX and GLD is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Risk-Adjusted Performance
GDX vs. GLD - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Gold Miners ETF (GDX) and SPDR Gold Trust (GLD). 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.
Dividends
GDX vs. GLD - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 1.33%, while GLD has not paid dividends to shareholders.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Vectors Gold Miners ETF | 1.33% | 1.61% | 1.66% | 1.67% | 0.53% | 0.65% | 0.50% | 0.76% | 0.26% | 0.85% | 0.66% | 0.90% |
GLD SPDR Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
GDX vs. GLD - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.57%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for GDX and GLD. For additional features, visit the drawdowns tool.
Volatility
GDX vs. GLD - Volatility Comparison
VanEck Vectors Gold Miners ETF (GDX) has a higher volatility of 10.34% compared to SPDR Gold Trust (GLD) at 5.64%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.