GDX vs. LOUP
GDX (VanEck Gold Miners ETF) and LOUP (Innovator Deepwater Frontier Tech ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index. Both are passively managed. Over the past 5 years, GDX returned 17.51%/yr vs 11.27%/yr for LOUP. At a 0.21 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.70%/yr for LOUP.
Performance
GDX vs. LOUP - 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 LOUP's 20.89% return.
GDX
- 1D
- 2.97%
- 1M
- -14.82%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 48.02%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
LOUP
- 1D
- -0.93%
- 1M
- 5.80%
- YTD
- 20.89%
- 6M
- 21.07%
- 1Y
- 63.99%
- 3Y*
- 32.56%
- 5Y*
- 11.27%
- 10Y*
- —
GDX vs. LOUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -6.69% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -1.94% |
LOUP Innovator Deepwater Frontier Tech ETF | 20.89% | 43.24% | 21.80% | 51.31% | -46.00% | 7.54% | 86.25% | 31.76% | -18.86% |
Correlation
The correlation between GDX and LOUP is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018 | 0.21 |
The correlation between GDX and LOUP shifts across timeframes, from 0.21 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. LOUP — Risk / Return Rank
GDX
LOUP
GDX vs. LOUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Innovator Deepwater Frontier Tech ETF (LOUP). 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 | LOUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.33 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.91 | -1.50 |
| Martin ratioReturn relative to average drawdown | 3.87 | 9.66 | -5.79 |
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Drawdowns
GDX vs. LOUP - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than LOUP's maximum drawdown of -58.68%. Use the drawdown chart below to compare losses from any high point for GDX and LOUP.
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Drawdown Indicators
| GDX | LOUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -58.68% | -21.66% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -21.00% | -15.28% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -35.23% | -1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -55.63% | +9.12% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | — | — |
Current DrawdownCurrent decline from peak | -30.91% | -7.47% | -23.44% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -19.99% | -20.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 6.31% | +6.80% |
Volatility
GDX vs. LOUP - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to Innovator Deepwater Frontier Tech ETF (LOUP) at 11.16%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than LOUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | LOUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 11.16% | +6.04% |
Volatility (6M)Calculated over the trailing 6-month period | 39.15% | 23.42% | +15.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.89% | 29.60% | +17.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 32.56% | +4.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 32.03% | +5.31% |
GDX vs. LOUP - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than LOUP's 0.70% expense ratio.
Dividends
GDX vs. LOUP - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.79%, while LOUP has not paid dividends to shareholders.
| 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% |
LOUP Innovator Deepwater Frontier Tech ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDX and LOUP have a correlation of 0.37, 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 LOUP (11.16%). In terms of maximum drawdown, GDX dropped -80.34% vs LOUP's -58.68%.
On 5-year performance, GDX leads with 17.51% vs 11.27% for LOUP. On fees, GDX is cheaper at 0.51% per year. On volatility, LOUP has been the lower-risk option at 11.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 17.51% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.70% for LOUP.
GDX has the higher dividend yield at 0.79%, compared with 0.00% for LOUP.
GDX is categorized as Gold, while LOUP is Technology Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while LOUP tracks Deepwater Frontier Tech Index. They also come from different issuers: VanEck and Innovator. Their fees differ too: 0.51% for GDX and 0.70% for LOUP.
LOUP currently has the higher Sharpe Ratio (2.06 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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