GDX vs. IWY
GDX (VanEck Gold Miners ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. Both are passively managed. Over the past 10 years, GDX returned 13.81%/yr vs 19.59%/yr for IWY. At a 0.19 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.20%/yr for IWY.
Performance
GDX vs. IWY - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -0.58% return, which is significantly lower than IWY's 5.40% return. Over the past 10 years, GDX has underperformed IWY with an annualized return of 13.81%, while IWY has yielded a comparatively higher 19.59% annualized return.
GDX
- 1D
- 6.55%
- 1M
- -2.38%
- YTD
- -0.58%
- 6M
- 1.22%
- 1Y
- 57.71%
- 3Y*
- 41.18%
- 5Y*
- 19.97%
- 10Y*
- 13.81%
IWY
- 1D
- 2.34%
- 1M
- -0.22%
- YTD
- 5.40%
- 6M
- 6.65%
- 1Y
- 24.23%
- 3Y*
- 23.50%
- 5Y*
- 15.67%
- 10Y*
- 19.59%
GDX vs. IWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -0.58% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
IWY iShares Russell Top 200 Growth ETF | 5.40% | 18.19% | 34.89% | 46.49% | -29.91% | 31.05% | 39.01% | 36.20% | -0.72% | 31.69% |
Correlation
The correlation between GDX and IWY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 28, 2009 | 0.19 |
The correlation between GDX and IWY shifts across timeframes, from 0.18 (10 years) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. IWY — Risk / Return Rank
GDX
IWY
GDX vs. IWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares Russell Top 200 Growth ETF (IWY). 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 | IWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 1.46 | +0.13 |
| Martin ratioReturn relative to average drawdown | 4.39 | 4.70 | -0.31 |
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Drawdowns
GDX vs. IWY - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than IWY's maximum drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for GDX and IWY.
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Drawdown Indicators
| GDX | IWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -32.68% | -47.66% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -16.63% | -19.65% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -23.22% | -13.06% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -32.68% | -13.83% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -32.68% | -17.11% |
Current DrawdownCurrent decline from peak | -26.39% | -3.47% | -22.92% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -4.75% | -35.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.22% | 5.17% | +8.05% |
Volatility
GDX vs. IWY - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 18.56% compared to iShares Russell Top 200 Growth ETF (IWY) at 5.68%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | IWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.56% | 5.68% | +12.88% |
Volatility (6M)Calculated over the trailing 6-month period | 39.52% | 12.59% | +26.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.30% | 16.14% | +31.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.86% | 21.57% | +15.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.37% | 21.03% | +16.34% |
GDX vs. IWY - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than IWY's 0.20% expense ratio.
Dividends
GDX vs. IWY - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.74%, more than IWY's 0.43% 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% |
IWY iShares Russell Top 200 Growth ETF | 0.43% | 0.36% | 0.42% | 0.68% | 0.88% | 0.50% | 0.71% | 1.06% | 1.32% | 1.26% | 1.51% | 1.58% |
Frequently Asked Questions
GDX and IWY have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (18.56%) compared to IWY (5.68%). In terms of maximum drawdown, GDX dropped -80.34% vs IWY's -32.68%.
On 10-year performance, IWY leads with 19.59% vs 13.81% for GDX. On fees, IWY is cheaper at 0.20% per year. On volatility, IWY has been the lower-risk option at 5.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IWY has performed better with a 19.59% return vs 13.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWY is cheaper with a 0.20% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.74%, compared with 0.43% for IWY.
GDX is categorized as Gold, while IWY is Large Cap Growth Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while IWY tracks Russell Top 200 Growth Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.20% for IWY.
IWY currently has the higher Sharpe Ratio (1.51 vs 1.23), 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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