GDX vs. NEM

Last updated Jun 24, 2026

GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while NEM (Newmont Corporation) is a stock. Over the past 10 years, GDX returned 12.36%/yr vs 12.89%/yr for NEM. Their correlation of 0.87 suggests significant overlap in exposure.

Performance

GDX vs. NEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Newmont Corporation (NEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -9.46% return, which is significantly lower than NEM's -1.59% return. Both investments have delivered pretty close results over the past 10 years, with GDX having a 12.36% annualized return and NEM not far ahead at 12.89%.

GDX

• 1D: -4.64%
• 1M: -8.66%
• YTD: -9.46%
• 6M: -13.97%
• 1Y: 47.29%
• 3Y*: 39.25%
• 5Y*: 19.30%
• 10Y*: 12.36%

NEM

• 1D: -3.89%
• 1M: -8.89%
• YTD: -1.59%
• 6M: -6.63%
• 1Y: 66.30%
• 3Y*: 35.97%
• 5Y*: 12.67%
• 10Y*: 12.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX vs. NEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX VanEck Gold Miners ETF	-9.46%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%
NEM Newmont Corporation	-1.59%	172.82%	-7.83%	-8.76%	-20.77%	7.40%	40.28%	30.52%	-6.15%	10.91%

Correlation

The correlation between GDX and NEM 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	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 22, 2006	0.87

The correlation between GDX and NEM has been stable across timeframes, ranging from 0.86 to 0.91 - a consistent structural relationship.

Return for Risk

GDX vs. NEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDX

GDX Risk / Return Rank: 28
GDX Sharpe Ratio Rank: 28
GDX Sortino Ratio Rank: 27
GDX Omega Ratio Rank: 30
GDX Calmar Ratio Rank: 27
GDX Martin Ratio Rank: 26

NEM

NEM Risk / Return Rank: 77
NEM Sharpe Ratio Rank: 80
NEM Sortino Ratio Rank: 73
NEM Omega Ratio Rank: 74
NEM Calmar Ratio Rank: 78
NEM Martin Ratio Rank: 79

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GDX vs. NEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Newmont Corporation (NEM). 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	NEM	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.40	-0.40
Sortino ratio: Return per unit of downside risk	1.44	1.81	-0.37
Omega ratio: Gain probability vs. loss probability	1.20	1.25	-0.05
Calmar ratio: Return relative to maximum drawdown	1.31	2.27	-0.96
Martin ratio: Return relative to average drawdown	3.44	5.93	-2.49

GDX vs. NEM - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.00, which is comparable to the NEM Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of GDX and NEM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDX vs. NEM - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, roughly equal to the maximum NEM drawdown of -81.30%. Use the drawdown chart below to compare losses from any high point for GDX and NEM.

Drawdown Indicators

	GDX	NEM	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-81.30%	+0.96%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-29.39%	-6.89%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-36.57%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-62.40%	+15.89%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-62.40%	+12.61%
Current Drawdown Current decline from peak	-32.96%	-25.53%	-7.43%
Average Drawdown Average peak-to-trough decline	-40.40%	-41.36%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.78%	11.22%	+2.56%

Volatility

GDX vs. NEM - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.61% compared to Newmont Corporation (NEM) at 15.78%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than NEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	NEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.61%	15.78%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	40.05%	37.82%	+2.23%
Volatility (1Y) Calculated over the trailing 1-year period	47.64%	47.80%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.89%	38.04%	-1.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.37%	35.71%	+1.66%

Dividends

GDX vs. NEM - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.82%, less than NEM's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.82%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
NEM Newmont Corporation	1.04%	1.00%	2.69%	3.87%	4.66%	3.55%	1.74%	3.31%	1.62%	0.67%	0.37%	0.56%

Frequently Asked Questions

Can I hold both GDX and NEM in my portfolio?

With a correlation of 0.91, GDX and NEM 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.

Which is riskier, GDX or NEM?

GDX has higher volatility (17.61%) compared to NEM (15.78%). In terms of maximum drawdown, GDX dropped -80.34% vs NEM's -81.30%.

Which has better risk-adjusted returns?

NEM currently has the higher Sharpe Ratio (1.40 vs 1.00), 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.