GDX vs. GOAU
GDX (VanEck Gold Miners ETF) and GOAU (US Global GO GOLD and Precious Metal Miners ETF) are both Gold funds - GDX tracks the NYSE MarketVector Global Gold Miners Index while GOAU tracks the U.S. Global GO GOLD and Precious Metal Miners Index. Both are passively managed. Over the past 5 years, GDX returned 17.75%/yr vs 14.50%/yr for GOAU. Their correlation of 0.93 suggests significant overlap in exposure. GDX charges 0.51%/yr vs 0.60%/yr for GOAU.
Performance
GDX vs. GOAU - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -14.46% return, which is significantly higher than GOAU's -15.51% return.
GDX
- 1D
- -2.86%
- 1M
- -8.32%
- 6M
- -23.35%
- YTD
- -14.46%
- 1Y
- 40.98%
- 3Y*
- 33.47%
- 5Y*
- 17.75%
- 10Y*
- 10.48%
GOAU
- 1D
- -3.57%
- 1M
- -6.89%
- 6M
- -23.97%
- YTD
- -15.51%
- 1Y
- 21.84%
- 3Y*
- 28.30%
- 5Y*
- 14.50%
- 10Y*
- —
GDX vs. GOAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -14.46% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 5.24% |
GOAU US Global GO GOLD and Precious Metal Miners ETF | -15.51% | 126.68% | 13.78% | 10.67% | -11.66% | -9.23% | 14.13% | 54.17% | -11.88% | 7.81% |
Correlation
The correlation between GDX and GOAU is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2017 | 0.93 |
The correlation between GDX and GOAU has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
GDX vs. GOAU — Risk / Return Rank
GDX
GOAU
GDX vs. GOAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and US Global GO GOLD and Precious Metal Miners ETF (GOAU). 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 | GOAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.12 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | 0.61 | +0.51 |
| Martin ratioReturn relative to average drawdown | 2.59 | 1.36 | +1.23 |
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Drawdowns
GDX vs. GOAU - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than GOAU's maximum drawdown of -55.41%. Use the drawdown chart below to compare losses from any high point for GDX and GOAU.
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Drawdown Indicators
| GDX | GOAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -55.41% | -24.93% |
Max Drawdown (1Y)Largest decline over 1 year | -36.66% | -36.04% | -0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -36.66% | -36.04% | -0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -48.52% | +2.01% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | — | — |
Current DrawdownCurrent decline from peak | -36.66% | -36.04% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -40.39% | -18.95% | -21.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.85% | 16.12% | -0.27% |
Volatility
GDX vs. GOAU - Volatility Comparison
VanEck Gold Miners ETF (GDX) and US Global GO GOLD and Precious Metal Miners ETF (GOAU) have volatilities of 14.73% and 15.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | GOAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.73% | 15.09% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 39.96% | 39.64% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.08% | 48.12% | -0.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.07% | 37.11% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.36% | 35.79% | +1.57% |
GDX vs. GOAU - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than GOAU's 0.60% expense ratio.
Dividends
GDX vs. GOAU - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.86%, less than GOAU's 1.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.86% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
GOAU US Global GO GOLD and Precious Metal Miners ETF | 1.11% | 0.94% | 2.11% | 0.99% | 1.55% | 1.28% | 0.74% | 0.16% | 0.47% | 0.27% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, GDX and GOAU 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.
GOAU has higher volatility (15.09%) compared to GDX (14.73%). In terms of maximum drawdown, GDX dropped -80.34% vs GOAU's -55.41%.
On 5-year performance, GDX leads with 17.75% vs 14.50% for GOAU. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 14.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 17.75% return vs 14.50%. 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 0.60% for GOAU.
GOAU has the higher dividend yield at 1.11%, compared with 0.86% for GDX.
GDX tracks NYSE MarketVector Global Gold Miners Index, while GOAU tracks U.S. Global GO GOLD and Precious Metal Miners Index. They also come from different issuers: VanEck and US Global. Their fees differ too: 0.51% for GDX and 0.60% for GOAU.
GDX currently has the higher Sharpe Ratio (0.86 vs 0.46), 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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