GDX vs. IHI
GDX (VanEck Gold Miners ETF) and IHI (iShares U.S. Medical Devices ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while IHI is a Health & Biotech Equities fund tracking the Dow Jones U.S. Select Medical Equipment Index. Both are passively managed. Over the past 10 years, GDX returned 10.49%/yr vs 8.42%/yr for IHI. At a 0.20 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.38%/yr for IHI.
Performance
GDX vs. IHI - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -17.52% return, which is significantly higher than IHI's -18.43% return. Over the past 10 years, GDX has outperformed IHI with an annualized return of 10.49%, while IHI has yielded a comparatively lower 8.42% annualized return.
GDX
- 1D
- -0.81%
- 1M
- -14.26%
- 6M
- -27.25%
- YTD
- -17.52%
- 1Y
- 39.36%
- 3Y*
- 32.51%
- 5Y*
- 17.66%
- 10Y*
- 10.49%
- ALL TIME*
- 4.33%
IHI
- 1D
- 0.14%
- 1M
- 3.08%
- 6M
- -18.01%
- YTD
- -18.43%
- 1Y
- -15.42%
- 3Y*
- -3.77%
- 5Y*
- -3.32%
- 10Y*
- 8.42%
- ALL TIME*
- 9.83%
GDX vs. IHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -17.52% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
IHI iShares U.S. Medical Devices ETF | -18.43% | 6.88% | 8.62% | 3.24% | -19.80% | 21.03% | 24.17% | 32.75% | 15.45% | 30.81% |
Correlation
The correlation between GDX and IHI is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.20 |
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Return for Risk
GDX vs. IHI — Risk / Return Rank
GDX
IHI
GDX vs. IHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares U.S. Medical Devices ETF (IHI). 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 | IHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.88 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.02 | -0.59 | +1.61 |
| Martin ratioReturn relative to average drawdown | 2.36 | -1.22 | +3.58 |
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Drawdowns
GDX vs. IHI - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than IHI's maximum drawdown of -49.65%. Use the drawdown chart below to compare losses from any high point for GDX and IHI.
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Drawdown Indicators
| GDX | IHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -49.65% | -30.69% |
Max Drawdown (1Y)Largest decline over 1 year | -38.93% | -26.11% | -12.82% |
Max Drawdown (3Y)Largest decline over 3 years | -38.93% | -26.64% | -12.29% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -33.12% | -13.39% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -33.25% | -16.54% |
Current DrawdownCurrent decline from peak | -38.93% | -22.98% | -15.95% |
Average DrawdownAverage peak-to-trough decline | -40.38% | -8.41% | -31.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.71% | 12.70% | +4.01% |
Volatility
GDX vs. IHI - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 11.17% compared to iShares U.S. Medical Devices ETF (IHI) at 9.63%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than IHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | IHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.17% | 9.63% | +1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 39.98% | 16.15% | +23.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.23% | 19.55% | +28.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.08% | 19.48% | +17.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.32% | 19.98% | +17.34% |
GDX vs. IHI - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than IHI's 0.38% expense ratio.
Dividends
GDX vs. IHI - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.89%, more than IHI's 0.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.89% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
IHI iShares U.S. Medical Devices ETF | 0.48% | 0.34% | 0.46% | 0.53% | 0.45% | 0.25% | 0.25% | 0.33% | 0.26% | 0.37% | 0.55% | 1.28% |
Frequently Asked Questions
GDX and IHI have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (11.17%) compared to IHI (9.63%). In terms of maximum drawdown, GDX dropped -80.34% vs IHI's -49.65%.
On 10-year performance, GDX leads with 10.49% vs 8.42% for IHI. On fees, IHI is cheaper at 0.38% per year. On volatility, IHI has been the lower-risk option at 9.63%. 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 10.49% return vs 8.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IHI is cheaper with a 0.38% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.89%, compared with 0.48% for IHI.
GDX is categorized as Gold, while IHI is Health & Biotech Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while IHI tracks Dow Jones U.S. Select Medical Equipment Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.38% for IHI.
GDX currently has the higher Sharpe Ratio (0.82 vs -0.79), 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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