GDX vs. GPIQ

Last updated Jun 9, 2026

GDX (VanEck Gold Miners ETF) and GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs. GDX is passively managed, while GPIQ is actively managed. Over the past year, GDX returned 53.51% vs 33.04% for GPIQ. At a 0.23 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.29%/yr for GPIQ.

Performance

GDX vs. GPIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -8.28% return, which is significantly lower than GPIQ's 14.88% return.

GDX

• 1D: -0.22%
• 1M: -16.83%
• YTD: -8.28%
• 6M: 0.10%
• 1Y: 53.51%
• 3Y*: 37.89%
• 5Y*: 17.28%
• 10Y*: 12.82%

GPIQ

• 1D: 1.46%
• 1M: 0.97%
• YTD: 14.88%
• 6M: 14.06%
• 1Y: 33.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX vs. GPIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDX VanEck Gold Miners ETF	-8.28%	154.77%	10.63%	9.52%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	14.88%	19.77%	23.22%	15.17%

Correlation

The correlation between GDX and GPIQ is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.23

The correlation between GDX and GPIQ shifts across timeframes, from 0.23 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.

GDX vs. GPIQ - Sectors Allocation Comparison

Sectors	GDX	GPIQ
Basic Materials	100.0%	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Financial Services	-	0.2%
Healthcare	-	4.2%
Industrials	-	2.9%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

GDX vs. GPIQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 35
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 37
GDX Calmar Ratio Rank: 37
GDX Martin Ratio Rank: 32

GPIQ

GPIQ Risk / Return Rank: 79
GPIQ Sharpe Ratio Rank: 81
GPIQ Sortino Ratio Rank: 76
GPIQ Omega Ratio Rank: 80
GPIQ Calmar Ratio Rank: 75
GPIQ Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GDX vs. GPIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ). 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	GPIQ	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.36	-1.20
Sortino ratio: Return per unit of downside risk	1.58	3.06	-1.48
Omega ratio: Gain probability vs. loss probability	1.22	1.43	-0.21
Calmar ratio: Return relative to maximum drawdown	1.68	3.49	-1.81
Martin ratio: Return relative to average drawdown	4.32	15.21	-10.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDX vs. GPIQ - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.16, which is lower than the GPIQ Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of GDX and GPIQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDX	GPIQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	2.36	-1.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	1.67	-1.56

Drawdowns

GDX vs. GPIQ - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than GPIQ's maximum drawdown of -21.06%. Use the drawdown chart below to compare losses from any high point for GDX and GPIQ.

Drawdown Indicators

	GDX	GPIQ	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-21.06%	-59.28%
Max Drawdown (1Y) Largest decline over 1 year	-32.09%	-9.51%	-22.58%
Max Drawdown (3Y) Largest decline over 3 years	-32.09%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-32.09%	-3.08%	-29.01%
Average Drawdown Average peak-to-trough decline	-40.43%	-2.27%	-38.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.42%	2.18%	+10.24%

Volatility

GDX vs. GPIQ - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 16.05% compared to Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) at 5.54%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than GPIQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	GPIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.05%	5.54%	+10.51%
Volatility (6M) Calculated over the trailing 6-month period	38.61%	11.32%	+27.29%
Volatility (1Y) Calculated over the trailing 1-year period	46.36%	14.07%	+32.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	17.63%	+18.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.27%	17.63%	+19.64%

GDX vs. GPIQ - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than GPIQ's 0.29% expense ratio.

Dividends

GDX vs. GPIQ - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.80%, less than GPIQ's 9.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.80%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.60%	9.81%	9.18%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDX and GPIQ in my portfolio?

GDX and GPIQ have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDX or GPIQ?

GDX has higher volatility (16.05%) compared to GPIQ (5.54%). In terms of maximum drawdown, GDX dropped -80.34% vs GPIQ's -21.06%.

Which ETF is better, GDX or GPIQ?

On 1-year performance, GDX leads with 53.51% vs 33.04% for GPIQ. On fees, GPIQ is cheaper at 0.29% per year. On volatility, GPIQ has been the lower-risk option at 5.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or GPIQ?

Over the 1-year period, GDX has performed better with a 53.51% return vs 33.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or GPIQ?

GPIQ is cheaper with a 0.29% expense ratio, compared with 0.51% for GDX.

Which ETF pays a higher dividend yield, GDX or GPIQ?

GPIQ has the higher dividend yield at 9.60%, compared with 0.80% for GDX.

What is the main difference between GDX and GPIQ?

GDX is categorized as Gold, while GPIQ is Nasdaq-100. They also come from different issuers: VanEck and Goldman Sachs. Their fees differ too: 0.51% for GDX and 0.29% for GPIQ.

Which has better risk-adjusted returns?

GPIQ currently has the higher Sharpe Ratio (2.36 vs 1.16), 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.