GDX vs. HODL

Last updated Jul 14, 2026

GDX (VanEck Gold Miners ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, GDX returned 40.98% vs -47.40% for HODL. At a 0.19 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.25%/yr for HODL.

Performance

GDX vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and VanEck Bitcoin Trust (HODL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -14.46% return, which is significantly higher than HODL's -28.87% 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%

HODL

• 1D: -2.71%
• 1M: -2.11%
• 6M: -31.95%
• YTD: -28.87%
• 1Y: -47.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDX vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GDX VanEck Gold Miners ETF	-14.46%	154.77%	17.86%
HODL VanEck Bitcoin Trust	-28.87%	-6.42%	91.50%

Correlation

The correlation between GDX and HODL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.19

Return for Risk

GDX vs. HODL — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 28
GDX Sharpe Ratio Rank: 29
GDX Sortino Ratio Rank: 28
GDX Omega Ratio Rank: 31
GDX Calmar Ratio Rank: 28
GDX Martin Ratio Rank: 25

HODL

HODL Risk / Return Rank: 1
HODL Sharpe Ratio Rank: 1
HODL Sortino Ratio Rank: 1
HODL Omega Ratio Rank: 1
HODL Calmar Ratio Rank: 1
HODL Martin Ratio Rank: 1

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. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and VanEck Bitcoin Trust (HODL). 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	HODL	Difference
Sharpe ratio: Return per unit of total volatility	0.86	-1.08	+1.94
Sortino ratio: Return per unit of downside risk	1.31	-1.65	+2.97
Omega ratio: Gain probability vs. loss probability	1.18	0.82	+0.36
Calmar ratio: Return relative to maximum drawdown	1.12	-0.89	+2.02
Martin ratio: Return relative to average drawdown	2.59	-1.45	+4.05

GDX vs. HODL - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 0.86, which is higher than the HODL Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of GDX and HODL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDX vs. HODL - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than HODL's maximum drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for GDX and HODL.

Drawdown Indicators

	GDX	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-53.20%	-27.14%
Max Drawdown (1Y) Largest decline over 1 year	-36.66%	-53.20%	+16.54%
Max Drawdown (3Y) Largest decline over 3 years	-36.66%	—	—
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	-36.66%	-50.44%	+13.78%
Average Drawdown Average peak-to-trough decline	-40.39%	-17.49%	-22.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.85%	32.62%	-16.77%

Volatility

GDX vs. HODL - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 14.73% compared to VanEck Bitcoin Trust (HODL) at 11.45%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than HODL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.73%	11.45%	+3.28%
Volatility (6M) Calculated over the trailing 6-month period	39.96%	34.72%	+5.24%
Volatility (1Y) Calculated over the trailing 1-year period	48.08%	44.22%	+3.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.07%	49.65%	-12.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.36%	49.65%	-12.29%

GDX vs. HODL - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

GDX vs. HODL - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.86%, while HODL has not paid dividends to shareholders.

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%
HODL VanEck Bitcoin 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%

Frequently Asked Questions

Can I hold both GDX and HODL in my portfolio?

GDX and HODL have a correlation of 0.29, 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 HODL?

GDX has higher volatility (14.73%) compared to HODL (11.45%). In terms of maximum drawdown, GDX dropped -80.34% vs HODL's -53.20%.

Which ETF is better, GDX or HODL?

On 1-year performance, GDX leads with 40.98% vs -47.40% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 11.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or HODL?

Over the 1-year period, GDX has performed better with a 40.98% return vs -47.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.51% for GDX.

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

GDX has the higher dividend yield at 0.86%, compared with 0.00% for HODL.

What is the main difference between GDX and HODL?

GDX is categorized as Gold, while HODL is Cryptocurrency. GDX tracks NYSE MarketVector Global Gold Miners Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.51% for GDX and 0.25% for HODL.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (0.86 vs -1.08), 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.