GDX vs. GOEX
GDX (VanEck Gold Miners ETF) and GOEX (Global X Gold Explorers ETF) are both Gold funds - GDX tracks the NYSE MarketVector Global Gold Miners Index while GOEX tracks the Solactive Global Gold Explorers & Developers Total Return. Both are passively managed. Over the past 10 years, GDX returned 10.07%/yr vs 9.57%/yr for GOEX. Their correlation of 0.90 means they have usually moved in the same direction. GDX charges 0.51%/yr vs 0.65%/yr for GOEX.
Performance
GDX vs. GOEX - 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 GOEX's -14.85% return. Both investments have delivered pretty close results over the past 10 years, with GDX having a 10.07% annualized return and GOEX not far behind at 9.57%.
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
GOEX
- 1D
- -3.78%
- 1M
- -5.18%
- 6M
- -20.91%
- YTD
- -14.85%
- 1Y
- 60.99%
- 3Y*
- 42.10%
- 5Y*
- 19.04%
- 10Y*
- 9.57%
- ALL TIME*
- 0.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $302.55K | $389.74K | $635.93K |
GDX vs. GOEX - 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% |
GOEX Global X Gold Explorers ETF | -14.85% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 12.61% |
Correlation
The correlation between GDX and GOEX is 0.96 - 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. | 0.96 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.95 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.92 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010 | 0.90 |
The correlation between GDX and GOEX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.
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Return for Risk
GDX vs. GOEX — Risk / Return Rank
GDX
GOEX
GDX vs. GOEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Global X Gold Explorers ETF (GOEX). 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 | GOEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.22 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 1.56 | -0.41 |
| Martin ratioReturn relative to average drawdown | 2.48 | 3.27 | -0.78 |
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Drawdowns
GDX vs. GOEX - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum GOEX drawdown of -88.83%. Use the drawdown chart below to compare losses from any high point for GDX and GOEX.
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Drawdown Indicators
| GDX | GOEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -88.83% | +8.49% |
Max Drawdown (1Y)Largest decline over 1 year | -38.93% | -39.87% | +0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -38.93% | -39.87% | +0.94% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -47.16% | +0.65% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -53.66% | +3.87% |
Current DrawdownCurrent decline from peak | -36.03% | -37.16% | +1.13% |
Average DrawdownAverage peak-to-trough decline | -40.37% | -63.28% | +22.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 19.02% | -1.05% |
Volatility
GDX vs. GOEX - Volatility Comparison
The current volatility for VanEck Gold Miners ETF (GDX) is 12.73%, while Global X Gold Explorers ETF (GOEX) has a volatility of 14.97%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than GOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | GOEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.73% | 14.97% | -2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 42.64% | -2.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.49% | 52.89% | -4.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.23% | 40.03% | -2.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 40.14% | -2.80% |
GDX vs. GOEX - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than GOEX's 0.65% expense ratio.
Dividends
GDX vs. GOEX - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.85%, less than GOEX's 2.58% 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% |
GOEX Global X Gold Explorers ETF | 2.58% | 2.08% | 2.46% | 0.05% | 1.04% | 2.35% | 2.62% | 1.60% | 0.00% | 0.00% | 38.91% | 11.70% |
Frequently Asked Questions
With a correlation of 0.96, GDX and GOEX 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.
GOEX has higher volatility (14.97%) compared to GDX (12.73%). In terms of maximum drawdown, GDX dropped -80.34% vs GOEX's -88.83%.
On 10-year performance, GDX leads with 10.07% vs 9.57% for GOEX. 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 9.57%. 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 0.65% for GOEX.
GOEX has the higher dividend yield at 2.58%, compared with 0.85% for GDX.
GDX tracks NYSE MarketVector Global Gold Miners Index, while GOEX tracks Solactive Global Gold Explorers & Developers Total Return. They also come from different issuers: VanEck and Global X. Their fees differ too: 0.51% for GDX and 0.65% for GOEX.
GOEX currently has the higher Sharpe Ratio (1.18 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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