GDX vs. IAUI

Last updated Jun 4, 2026

GDX (VanEck Gold Miners ETF) and IAUI (NEOS Gold High Income ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while IAUI is a Derivative Income fund actively managed by Neos. GDX is passively managed, while IAUI is actively managed. A 0.78 correlation means they provide meaningful diversification when combined. GDX charges 0.51%/yr vs 0.78%/yr for IAUI.

Performance

GDX vs. IAUI - Performance Comparison

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

Returns By Period

In the year-to-date period, GDX achieves a -0.90% return, which is significantly lower than IAUI's 1.64% return.

GDX

• 1D: -3.46%
• 1M: -0.76%
• YTD: -0.90%
• 6M: 5.62%
• 1Y: 61.27%
• 3Y*: 41.00%
• 5Y*: 18.69%
• 10Y*: 13.98%

IAUI

• 1D: -0.88%
• 1M: -1.01%
• YTD: 1.64%
• 6M: 4.00%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDX vs. IAUI - Yearly Performance Comparison

	2026 (YTD)	2025
GDX VanEck Gold Miners ETF	-0.90%	62.55%
IAUI NEOS Gold High Income ETF	1.64%	20.56%

Correlation

The correlation between GDX and IAUI is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 6, 2025	0.78

Return for Risk

GDX vs. IAUI — 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: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

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. IAUI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and NEOS Gold High Income ETF (IAUI). 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	IAUI	Difference
Sharpe ratio: Return per unit of total volatility	1.35	—	—
Sortino ratio: Return per unit of downside risk	1.76	—	—
Omega ratio: Gain probability vs. loss probability	1.25	—	—
Calmar ratio: Return relative to maximum drawdown	2.00	—	—
Martin ratio: Return relative to average drawdown	5.13	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GDX	IAUI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	1.13	-1.00

Drawdowns

GDX vs. IAUI - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than IAUI's maximum drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for GDX and IAUI.

Drawdown Indicators

	GDX	IAUI	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-16.88%	-63.46%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-30.84%	—	—
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	-26.62%	-13.80%	-12.82%
Average Drawdown Average peak-to-trough decline	-40.43%	-3.45%	-36.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.99%	—	—

Volatility

Volatility by Period

	GDX	IAUI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	37.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	45.49%	20.31%	+25.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	20.31%	+16.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	20.31%	+16.87%

GDX vs. IAUI - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is lower than IAUI's 0.78% expense ratio.

Dividends

GDX vs. IAUI - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.74%, less than IAUI's 12.65% 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%
IAUI NEOS Gold High Income ETF	12.65%	6.88%	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 IAUI in my portfolio?

GDX and IAUI have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDX or IAUI?

On fees, GDX is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDX or IAUI?

GDX is cheaper with a 0.51% expense ratio, compared with 0.78% for IAUI.

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

IAUI has the higher dividend yield at 12.65%, compared with 0.74% for GDX.

What is the main difference between GDX and IAUI?

GDX is categorized as Gold, while IAUI is Derivative Income. They also come from different issuers: VanEck and Neos. Their fees differ too: 0.51% for GDX and 0.78% for IAUI.