GDX vs. HDV
GDX (VanEck Gold Miners ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. Both are passively managed. Over the past 10 years, GDX returned 13.81%/yr vs 9.36%/yr for HDV. At a 0.18 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.08%/yr for HDV.
Performance
GDX vs. HDV - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -0.58% return, which is significantly lower than HDV's 14.11% return. Over the past 10 years, GDX has outperformed HDV with an annualized return of 13.81%, while HDV has yielded a comparatively lower 9.36% annualized return.
GDX
- 1D
- 6.55%
- 1M
- -2.38%
- YTD
- -0.58%
- 6M
- 1.22%
- 1Y
- 57.71%
- 3Y*
- 41.18%
- 5Y*
- 19.97%
- 10Y*
- 13.81%
HDV
- 1D
- -1.03%
- 1M
- 1.04%
- YTD
- 14.11%
- 6M
- 13.57%
- 1Y
- 20.60%
- 3Y*
- 14.34%
- 5Y*
- 10.83%
- 10Y*
- 9.36%
GDX vs. HDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -0.58% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
HDV iShares Core High Dividend ETF | 14.11% | 11.90% | 14.16% | 1.72% | 7.05% | 19.45% | -6.48% | 20.22% | -3.01% | 13.40% |
Correlation
The correlation between GDX and HDV is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2011 | 0.18 |
The correlation between GDX and HDV shifts across timeframes, from 0.10 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. HDV — Risk / Return Rank
GDX
HDV
GDX vs. HDV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares Core High Dividend ETF (HDV). 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 | HDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.89 | ||
| Sortino ratioReturn per unit of downside risk | -1.47 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.36 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 4.00 | -2.40 |
| Martin ratioReturn relative to average drawdown | 4.39 | 11.07 | -6.68 |
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Drawdowns
GDX vs. HDV - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than HDV's maximum drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for GDX and HDV.
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Drawdown Indicators
| GDX | HDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -37.04% | -43.30% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -5.18% | -31.10% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -10.49% | -25.79% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -15.42% | -31.09% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -37.04% | -12.75% |
Current DrawdownCurrent decline from peak | -26.39% | -1.31% | -25.08% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -3.08% | -37.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.22% | 1.87% | +11.35% |
Volatility
GDX vs. HDV - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 18.56% compared to iShares Core High Dividend ETF (HDV) at 3.28%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | HDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.56% | 3.28% | +15.28% |
Volatility (6M)Calculated over the trailing 6-month period | 39.52% | 7.53% | +31.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.30% | 9.79% | +37.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.86% | 12.84% | +24.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.37% | 15.74% | +21.63% |
GDX vs. HDV - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than HDV's 0.08% expense ratio.
Dividends
GDX vs. HDV - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.74%, less than HDV's 3.56% 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% |
HDV iShares Core High Dividend ETF | 3.56% | 3.22% | 3.67% | 3.82% | 3.56% | 3.47% | 4.07% | 3.27% | 3.67% | 3.27% | 3.28% | 3.92% |
Frequently Asked Questions
GDX and HDV have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (18.56%) compared to HDV (3.28%). In terms of maximum drawdown, GDX dropped -80.34% vs HDV's -37.04%.
On 10-year performance, GDX leads with 13.81% vs 9.36% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.28%. 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 13.81% return vs 9.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDV is cheaper with a 0.08% expense ratio, compared with 0.51% for GDX.
HDV has the higher dividend yield at 3.56%, compared with 0.74% for GDX.
GDX is categorized as Gold, while HDV is Dividend. GDX tracks NYSE MarketVector Global Gold Miners Index, while HDV tracks Morningstar Dividend Yield Focus Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.08% for HDV.
HDV currently has the higher Sharpe Ratio (2.12 vs 1.23), 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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