GDX vs. IWM
GDX (VanEck Gold Miners ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, GDX returned 13.29%/yr vs 11.27%/yr for IWM. At a 0.25 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.19%/yr for IWM.
Performance
GDX vs. IWM - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than IWM's 19.22% return. Over the past 10 years, GDX has outperformed IWM with an annualized return of 13.29%, while IWM has yielded a comparatively lower 11.27% annualized return.
GDX
- 1D
- 2.97%
- 1M
- -8.38%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 48.02%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
IWM
- 1D
- 0.87%
- 1M
- 5.53%
- YTD
- 19.22%
- 6M
- 16.00%
- 1Y
- 41.75%
- 3Y*
- 17.23%
- 5Y*
- 6.07%
- 10Y*
- 11.27%
GDX vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IWM iShares Russell 2000 ETF | 19.22% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
Correlation
The correlation between GDX and IWM is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
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 | 0.25 |
The correlation between GDX and IWM shifts across timeframes, from 0.19 (10 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. IWM — Risk / Return Rank
GDX
IWM
GDX vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares Russell 2000 ETF (IWM). 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 | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.33 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 3.57 | -2.17 |
| Martin ratioReturn relative to average drawdown | 3.87 | 12.63 | -8.76 |
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Drawdowns
GDX vs. IWM - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than IWM's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for GDX and IWM.
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Drawdown Indicators
| GDX | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -59.05% | -21.29% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -11.03% | -25.25% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -27.50% | -8.78% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -31.91% | -14.60% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -41.13% | -8.66% |
Current DrawdownCurrent decline from peak | -30.91% | 0.00% | -30.91% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -10.76% | -29.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 3.12% | +9.99% |
Volatility
GDX vs. IWM - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to iShares Russell 2000 ETF (IWM) at 7.16%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 7.16% | +10.04% |
Volatility (6M)Calculated over the trailing 6-month period | 39.15% | 14.29% | +24.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.89% | 19.73% | +27.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 22.61% | +14.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 23.08% | +14.26% |
GDX vs. IWM - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
GDX vs. IWM - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.79%, less than IWM's 0.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IWM iShares Russell 2000 ETF | 0.87% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
Frequently Asked Questions
GDX and IWM have a correlation of 0.40, 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 IWM (7.16%). In terms of maximum drawdown, GDX dropped -80.34% vs IWM's -59.05%.
On 10-year performance, GDX leads with 13.29% vs 11.27% for IWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 7.16%. 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 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWM is cheaper with a 0.19% expense ratio, compared with 0.51% for GDX.
IWM has the higher dividend yield at 0.87%, compared with 0.79% for GDX.
GDX is categorized as Gold, while IWM is Small Cap Blend Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while IWM tracks Russell 2000 Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.19% for IWM.
IWM currently has the higher Sharpe Ratio (1.99 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.
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