GDX vs. MKA.L
GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while MKA.L (Mkango Resources Ltd) is a stock. Over the past 5 years, GDX returned 17.51%/yr vs 5.78%/yr for MKA.L. At a 0.10 correlation, their price movements are largely independent.
Performance
GDX vs. MKA.L - Performance Comparison
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Different Trading Currencies
GDX is traded in USD, while MKA.L is traded in GBp. To make them comparable, the MKA.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GDX achieves a -6.69% return, which is significantly higher than MKA.L's -8.16% 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%
MKA.L
- 1D
- 1.98%
- 1M
- -5.57%
- YTD
- -8.16%
- 6M
- -17.32%
- 1Y
- 155.84%
- 3Y*
- 60.60%
- 5Y*
- 5.78%
- 10Y*
- —
GDX vs. MKA.L - 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% |
MKA.L Mkango Resources Ltd | -8.16% | 529.04% | -32.02% | -1.17% | -64.71% | 75.54% | 109.72% | 4.01% | 11.91% | 144.31% |
Correlation
The correlation between GDX and MKA.L is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2016 | 0.10 |
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Return for Risk
GDX vs. MKA.L — Risk / Return Rank
GDX
MKA.L
GDX vs. MKA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Mkango Resources Ltd (MKA.L). 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 | MKA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.29 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 3.00 | -1.60 |
| Martin ratioReturn relative to average drawdown | 3.87 | 6.16 | -2.29 |
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Drawdowns
GDX vs. MKA.L - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum MKA.L drawdown of -89.22%. Use the drawdown chart below to compare losses from any high point for GDX and MKA.L.
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Drawdown Indicators
| GDX | MKA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -89.22% | +8.88% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -51.55% | +15.27% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -66.46% | +30.18% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -89.22% | +42.71% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -89.22% | +39.43% |
Current DrawdownCurrent decline from peak | -30.91% | -37.46% | +6.55% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -45.43% | +5.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 25.19% | -12.08% |
Volatility
GDX vs. MKA.L - Volatility Comparison
The current volatility for VanEck Gold Miners ETF (GDX) is 17.20%, while Mkango Resources Ltd (MKA.L) has a volatility of 22.41%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than MKA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | MKA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 22.41% | -5.21% |
Volatility (6M)Calculated over the trailing 6-month period | 39.15% | 48.66% | -9.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.89% | 94.99% | -48.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 77.90% | -41.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 96.82% | -59.48% |
Dividends
GDX vs. MKA.L - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.79%, while MKA.L 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% |
MKA.L Mkango Resources Ltd | 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 MKA.L have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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