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GDX vs. RGLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDX vs. RGLD

Last updated Jun 13, 2026

GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while RGLD (Royal Gold, Inc.) is a stock. Over the past 10 years, GDX returned 13.29%/yr vs 13.61%/yr for RGLD. Their correlation of 0.83 suggests significant overlap in exposure.

Performance

GDX vs. RGLD - Performance Comparison

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

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Returns By Period

In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than RGLD's -6.25% return. Both investments have delivered pretty close results over the past 10 years, with GDX having a 13.29% annualized return and RGLD not far ahead at 13.61%.

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%

RGLD

1D
1.47%
1M
-15.27%
YTD
-6.25%
6M
-4.74%
1Y
16.96%
3Y*
21.73%
5Y*
12.37%
10Y*
13.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX vs. RGLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
RGLD
Royal Gold, Inc.		-6.25%70.43%10.39%8.70%8.51%0.04%-12.13%44.27%5.53%31.32%

Correlation

The correlation between GDX and RGLD is 0.84, 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

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (10Y)
Calculated over the trailing 10-year period

0.83

Correlation (All Time)
Calculated using the full available price history since May 22, 2006

0.83

The correlation between GDX and RGLD has been stable across timeframes, ranging from 0.83 to 0.85 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Gold Miners ETF

Royal Gold, Inc.

Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV
Often compared with RGLD:
RGLD vs. FNVRGLD vs. SPYRGLD vs. GLDRGLD vs. GOLDRGLD vs. NEMRGLD vs. SANDRGLD vs. GLDM

Return for Risk

GDX vs. RGLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDX
GDX Risk / Return Rank: 3333
Overall Rank
GDX Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3131
Sortino Ratio Rank
GDX Omega Ratio Rank: 3636
Omega Ratio Rank
GDX Calmar Ratio Rank: 3232
Calmar Ratio Rank
GDX Martin Ratio Rank: 3030
Martin Ratio Rank
RGLD
RGLD Risk / Return Rank: 5454
Overall Rank
RGLD Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
RGLD Sortino Ratio Rank: 5252
Sortino Ratio Rank
RGLD Omega Ratio Rank: 5252
Omega Ratio Rank
RGLD Calmar Ratio Rank: 5454
Calmar Ratio Rank
RGLD Martin Ratio Rank: 5656
Martin Ratio Rank
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. RGLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Royal Gold, Inc. (RGLD). 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.

GDXRGLDDifference
Sharpe ratioReturn per unit of total volatility
1.09
0.43

+0.65

Sortino ratioReturn per unit of downside risk
1.51
0.81

+0.70

Omega ratioGain probability vs. loss probability

1.21

1.11

+0.10

Calmar ratioReturn relative to maximum drawdown

1.40

0.48

+0.92

Martin ratioReturn relative to average drawdown

3.87

1.27

+2.60

GDX vs. RGLD - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is higher than the RGLD Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of GDX and RGLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GDX vs. RGLD - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum RGLD drawdown of -98.29%. Use the drawdown chart below to compare losses from any high point for GDX and RGLD.

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Drawdown Indicators

GDXRGLDDifference

Max Drawdown

Largest peak-to-trough decline

-80.34%

-98.29%

+17.95%

Max Drawdown (1Y)

Largest decline over 1 year

-36.28%

-35.12%

-1.16%

Max Drawdown (3Y)

Largest decline over 3 years

-36.28%

-35.12%

-1.16%

Max Drawdown (5Y)

Largest decline over 5 years

-46.51%

-40.73%

-5.78%

Max Drawdown (10Y)

Largest decline over 10 years

-49.79%

-49.55%

-0.24%

Current Drawdown

Current decline from peak

-30.91%

-31.66%

+0.75%

Average Drawdown

Average peak-to-trough decline

-40.41%

-29.82%

-10.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.11%

13.34%

-0.23%

Volatility

GDX vs. RGLD - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to Royal Gold, Inc. (RGLD) at 12.33%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than RGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GDXRGLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.20%

12.33%

+4.87%

Volatility (6M)

Calculated over the trailing 6-month period

39.15%

32.22%

+6.93%

Volatility (1Y)

Calculated over the trailing 1-year period

46.89%

39.34%

+7.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.74%

31.58%

+5.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.34%

33.66%

+3.68%

Dividends

GDX vs. RGLD - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than RGLD's 0.89% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
RGLD
Royal Gold, Inc.		0.89%0.81%1.21%1.24%1.24%1.14%1.05%0.87%1.17%1.17%1.45%1.81%

Frequently Asked Questions

GDX and RGLD have a correlation of 0.84, 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 RGLD (12.33%). In terms of maximum drawdown, GDX dropped -80.34% vs RGLD's -98.29%.

GDX currently has the higher Sharpe Ratio (1.09 vs 0.43), 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.

Portfolio Optimizer

Find the right allocation for GDX and RGLD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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