GDX vs. KGC
GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while KGC (Kinross Gold Corporation) is a stock. Over the past 10 years, GDX returned 13.29%/yr vs 18.81%/yr for KGC. Their correlation of 0.87 suggests significant overlap in exposure.
Performance
GDX vs. KGC - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -6.69% return, which is significantly higher than KGC's -8.92% return. Over the past 10 years, GDX has underperformed KGC with an annualized return of 13.29%, while KGC has yielded a comparatively higher 18.81% 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%
KGC
- 1D
- 2.90%
- 1M
- -18.08%
- YTD
- -8.92%
- 6M
- -8.14%
- 1Y
- 65.63%
- 3Y*
- 76.13%
- 5Y*
- 29.09%
- 10Y*
- 18.81%
GDX vs. KGC - 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% |
KGC Kinross Gold Corporation | -8.92% | 206.11% | 55.63% | 51.83% | -27.59% | -19.00% | 56.04% | 46.30% | -25.00% | 38.91% |
Correlation
The correlation between GDX and KGC is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.87 |
The correlation between GDX and KGC has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.
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Return for Risk
GDX vs. KGC — Risk / Return Rank
GDX
KGC
GDX vs. KGC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Kinross Gold Corporation (KGC). 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 | KGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.24 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 1.75 | -0.35 |
| Martin ratioReturn relative to average drawdown | 3.87 | 5.20 | -1.33 |
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Drawdowns
GDX vs. KGC - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum KGC drawdown of -96.00%. Use the drawdown chart below to compare losses from any high point for GDX and KGC.
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Drawdown Indicators
| GDX | KGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -96.00% | +15.66% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -37.69% | +1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -37.69% | +1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -59.29% | +12.78% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -67.75% | +17.96% |
Current DrawdownCurrent decline from peak | -30.91% | -32.63% | +1.72% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -57.60% | +17.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 12.66% | +0.45% |
Volatility
GDX vs. KGC - Volatility Comparison
The current volatility for VanEck Gold Miners ETF (GDX) is 17.20%, while Kinross Gold Corporation (KGC) has a volatility of 18.21%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than KGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | KGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 18.21% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 39.15% | 40.59% | -1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.89% | 51.35% | -4.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 44.22% | -7.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 47.01% | -9.67% |
Dividends
GDX vs. KGC - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.79%, more than KGC's 0.57% 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% |
KGC Kinross Gold Corporation | 0.57% | 0.44% | 1.29% | 1.98% | 2.93% | 2.69% | 0.82% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, GDX and KGC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
KGC has higher volatility (18.21%) compared to GDX (17.20%). In terms of maximum drawdown, GDX dropped -80.34% vs KGC's -96.00%.
KGC currently has the higher Sharpe Ratio (1.29 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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