GDX vs. PL

Last updated Jun 9, 2026

GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while PL (Planet Labs PBC) is a stock. Over the past 5 years, GDX returned 17.28%/yr vs 26.90%/yr for PL. At a 0.23 correlation, their price movements are largely independent.

Performance

GDX vs. PL - Performance Comparison

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

Returns By Period

In the year-to-date period, GDX achieves a -8.28% return, which is significantly lower than PL's 66.02% return.

GDX

• 1D: -0.22%
• 1M: -16.83%
• YTD: -8.28%
• 6M: 0.10%
• 1Y: 53.51%
• 3Y*: 37.89%
• 5Y*: 17.28%
• 10Y*: 12.82%

PL

• 1D: 1.61%
• 1M: -16.14%
• YTD: 66.02%
• 6M: 152.82%
• 1Y: 460.62%
• 3Y*: 112.54%
• 5Y*: 26.90%
• 10Y*: —

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

GDX vs. PL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GDX VanEck Gold Miners ETF	-8.28%	154.77%	10.63%	9.98%	-9.01%	-9.42%
PL Planet Labs PBC	66.02%	388.12%	63.56%	-43.22%	-29.27%	-37.88%

Correlation

The correlation between GDX and PL is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Apr 27, 2021	0.23

Return for Risk

GDX vs. PL — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 35
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 37
GDX Calmar Ratio Rank: 37
GDX Martin Ratio Rank: 32

PL

PL Risk / Return Rank: 97
PL Sharpe Ratio Rank: 98
PL Sortino Ratio Rank: 96
PL Omega Ratio Rank: 95
PL Calmar Ratio Rank: 98
PL Martin Ratio Rank: 99

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. PL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Planet Labs PBC (PL). 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.

	GDX	PL	Difference
Sharpe ratio: Return per unit of total volatility	1.16	4.57	-3.41
Sortino ratio: Return per unit of downside risk	1.58	4.17	-2.59
Omega ratio: Gain probability vs. loss probability	1.22	1.55	-0.33
Calmar ratio: Return relative to maximum drawdown	1.68	12.45	-10.77
Martin ratio: Return relative to average drawdown	4.32	38.43	-34.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDX vs. PL - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.16, which is lower than the PL Sharpe Ratio of 4.57. The chart below compares the historical Sharpe Ratios of GDX and PL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDX	PL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	4.57	-3.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.34	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.33	-0.21

Drawdowns

GDX vs. PL - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum PL drawdown of -85.73%. Use the drawdown chart below to compare losses from any high point for GDX and PL.

Drawdown Indicators

	GDX	PL	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-85.73%	+5.39%
Max Drawdown (1Y) Largest decline over 1 year	-32.09%	-37.32%	+5.23%
Max Drawdown (3Y) Largest decline over 3 years	-32.09%	-55.17%	+23.08%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-85.73%	+39.22%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-32.09%	-36.30%	+4.21%
Average Drawdown Average peak-to-trough decline	-40.43%	-49.97%	+9.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.42%	12.07%	+0.35%

Volatility

GDX vs. PL - Volatility Comparison

The current volatility for VanEck Gold Miners ETF (GDX) is 16.05%, while Planet Labs PBC (PL) has a volatility of 39.05%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than PL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	PL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.05%	39.05%	-23.00%
Volatility (6M) Calculated over the trailing 6-month period	38.61%	77.24%	-38.63%
Volatility (1Y) Calculated over the trailing 1-year period	46.36%	101.84%	-55.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	80.73%	-44.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.27%	79.79%	-42.52%

Dividends

GDX vs. PL - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.80%, while PL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.80%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
PL Planet Labs PBC	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

Can I hold both GDX and PL in my portfolio?

GDX and PL have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDX or PL?

PL has higher volatility (39.05%) compared to GDX (16.05%). In terms of maximum drawdown, GDX dropped -80.34% vs PL's -85.73%.

Which has better risk-adjusted returns?

PL currently has the higher Sharpe Ratio (4.57 vs 1.16), 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.