PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
GDX vs. HYG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDX vs. HYG

Last updated Jun 13, 2026

GDX (VanEck Gold Miners ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, GDX returned 13.29%/yr vs 5.04%/yr for HYG. At a 0.22 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.49%/yr for HYG.

Performance

GDX vs. HYG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than HYG's 1.65% return. Over the past 10 years, GDX has outperformed HYG with an annualized return of 13.29%, while HYG has yielded a comparatively lower 5.04% annualized return.

GDX

1D
2.97%
1M
-16.83%
YTD
-6.69%
6M
-5.89%
1Y
50.59%
3Y*
38.96%
5Y*
17.51%
10Y*
13.29%

HYG

1D
0.00%
1M
0.55%
YTD
1.65%
6M
2.21%
1Y
6.49%
3Y*
8.52%
5Y*
3.75%
10Y*
5.04%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX vs. HYG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GDX
VanEck Gold Miners ETF		-6.69%154.77%10.63%9.98%-9.01%-9.52%23.66%39.84%-8.77%11.99%
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		1.65%8.59%7.97%11.54%-10.98%3.76%4.47%14.09%-2.02%6.07%

Correlation

The correlation between GDX and HYG is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.33

Correlation (5Y)
Calculated over the trailing 5-year period

0.33

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2007

0.22

The correlation between GDX and HYG shifts across timeframes, from 0.22 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

GDX vs. HYG - Sectors Allocation Comparison

Sectors
GDX
HYG

Basic Materials

100.0%

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

0.4%

Technology

-

-

Utilities

-

99.6%

Basic Materials

GDX
100.0%
HYG

-

Communication Services

GDX

-

HYG

-

Consumer Cyclical

GDX

-

HYG

-

Consumer Defensive

GDX

-

HYG

-

Energy

GDX

-

HYG

-

Financial Services

GDX

-

HYG

-

Healthcare

GDX

-

HYG

-

Industrials

GDX

-

HYG

-

Real Estate

GDX

-

HYG
0.4%

Technology

GDX

-

HYG

-

Utilities

GDX

-

HYG
99.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Gold Miners ETF

iShares iBoxx $ High Yield Corporate Bond ETF

Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV
Often compared with HYG:
HYG vs. LQDHYG vs. JNKHYG vs. SPHYHYG vs. AGGHYG vs. USHYHYG vs. HYGHHYG vs. SHYG

Return for Risk

GDX vs. HYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDX
GDX Risk / Return Rank: 3333
Overall Rank
GDX Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3131
Sortino Ratio Rank
GDX Omega Ratio Rank: 3636
Omega Ratio Rank
GDX Calmar Ratio Rank: 3232
Calmar Ratio Rank
GDX Martin Ratio Rank: 3030
Martin Ratio Rank
HYG
HYG Risk / Return Rank: 6464
Overall Rank
HYG Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
HYG Sortino Ratio Rank: 6363
Sortino Ratio Rank
HYG Omega Ratio Rank: 6060
Omega Ratio Rank
HYG Calmar Ratio Rank: 6464
Calmar Ratio Rank
HYG Martin Ratio Rank: 7575
Martin Ratio Rank
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. HYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.

GDXHYGDifference
Sharpe ratioReturn per unit of total volatility
1.09
1.68

-0.60

Sortino ratioReturn per unit of downside risk
1.51
2.54

-1.03

Omega ratioGain probability vs. loss probability

1.21

1.32

-0.11

Calmar ratioReturn relative to maximum drawdown

1.40

2.79

-1.39

Martin ratioReturn relative to average drawdown

3.87

12.25

-8.38

GDX vs. HYG - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is lower than the HYG Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of GDX and HYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

GDX vs. HYG - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for GDX and HYG.

Loading charts...

Drawdown Indicators

GDXHYGDifference

Max Drawdown

Largest peak-to-trough decline

-80.34%

-34.25%

-46.09%

Max Drawdown (1Y)

Largest decline over 1 year

-36.28%

-2.34%

-33.94%

Max Drawdown (3Y)

Largest decline over 3 years

-36.28%

-4.56%

-31.72%

Max Drawdown (5Y)

Largest decline over 5 years

-46.51%

-15.79%

-30.72%

Max Drawdown (10Y)

Largest decline over 10 years

-49.79%

-22.03%

-27.76%

Current Drawdown

Current decline from peak

-30.91%

0.00%

-30.91%

Average Drawdown

Average peak-to-trough decline

-40.41%

-3.24%

-37.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.11%

0.53%

+12.58%

Volatility

GDX vs. HYG - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.31%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

GDXHYGDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.20%

1.31%

+15.89%

Volatility (6M)

Calculated over the trailing 6-month period

39.15%

3.08%

+36.07%

Volatility (1Y)

Calculated over the trailing 1-year period

46.89%

3.87%

+43.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.74%

7.53%

+29.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.34%

8.29%

+29.05%

GDX vs. HYG - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than HYG's 0.49% expense ratio.

Dividends

GDX vs. HYG - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than HYG's 5.90% yield.

PositionTTM20252024202320222021202020192018201720162015
GDX
VanEck Gold Miners ETF		0.79%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		5.90%5.71%6.01%5.74%5.30%4.02%4.88%4.99%5.54%5.12%5.27%5.90%

Frequently Asked Questions

GDX and HYG have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDX has higher volatility (17.20%) compared to HYG (1.31%). In terms of maximum drawdown, GDX dropped -80.34% vs HYG's -34.25%.

On 10-year performance, GDX leads with 13.29% vs 5.04% for HYG. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 1.31%. 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 13.29% return vs 5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HYG is cheaper with a 0.49% expense ratio, compared with 0.51% for GDX.

HYG has the higher dividend yield at 5.90%, compared with 0.79% for GDX.

GDX is categorized as Gold, while HYG is High Yield Bonds. GDX tracks NYSE MarketVector Global Gold Miners Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.49% for HYG.

HYG currently has the higher Sharpe Ratio (1.68 vs 1.09), 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.

Portfolio Optimizer

Find the right allocation for GDX and HYG

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer