GDX vs. SHLD

Last updated Jul 22, 2026

GDX (VanEck Gold Miners ETF) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, GDX returned 40.94% vs -1.36% for SHLD. At a 0.31 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.50%/yr for SHLD.

Performance

GDX vs. SHLD - Performance Comparison

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

Returns By Period

In the year-to-date period, GDX achieves a -13.50% return, which is significantly lower than SHLD's -6.71% return.

GDX

• 1D: 4.88%
• 1M: -10.08%
• 6M: -27.82%
• YTD: -13.50%
• 1Y: 40.94%
• 3Y*: 34.63%
• 5Y*: 18.94%
• 10Y*: 11.01%
• ALL TIME*: 4.57%

SHLD

• 1D: 0.37%
• 1M: -2.98%
• 6M: -21.51%
• YTD: -6.71%
• 1Y: -1.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 37.43%

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

GDX vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDX VanEck Gold Miners ETF	-13.50%	154.77%	10.63%	9.48%
SHLD Global X Defense Tech ETF	-6.71%	74.16%	35.03%	12.89%

Correlation

The correlation between GDX and SHLD is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.31

Return for Risk

GDX vs. SHLD — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 30
GDX Sharpe Ratio Rank: 32
GDX Sortino Ratio Rank: 31
GDX Omega Ratio Rank: 33
GDX Calmar Ratio Rank: 29
GDX Martin Ratio Rank: 26

SHLD

SHLD Risk / Return Rank: 10
SHLD Sharpe Ratio Rank: 10
SHLD Sortino Ratio Rank: 10
SHLD Omega Ratio Rank: 10
SHLD Calmar Ratio Rank: 10
SHLD Martin Ratio Rank: 10

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.85	-0.05	+0.91
Sortino ratio: Return per unit of downside risk	1.31	0.10	+1.21
Omega ratio: Gain probability vs. loss probability	1.17	1.01	+0.16
Calmar ratio: Return relative to maximum drawdown	1.06	-0.05	+1.11
Martin ratio: Return relative to average drawdown	2.44	-0.13	+2.56

GDX vs. SHLD - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 0.85, which is higher than the SHLD Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of GDX and SHLD, 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. SHLD - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than SHLD's maximum drawdown of -25.40%. Use the drawdown chart below to compare losses from any high point for GDX and SHLD.

Drawdown Indicators

	GDX	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-25.40%	-54.94%
Max Drawdown (1Y) Largest decline over 1 year	-38.93%	-25.40%	-13.53%
Max Drawdown (3Y) Largest decline over 3 years	-38.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-35.95%	-22.53%	-13.42%
Average Drawdown Average peak-to-trough decline	-40.38%	-3.98%	-36.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.86%	10.59%	+6.27%

Volatility

GDX vs. SHLD - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 12.38% compared to Global X Defense Tech ETF (SHLD) at 7.92%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.38%	7.92%	+4.46%
Volatility (6M) Calculated over the trailing 6-month period	40.29%	19.75%	+20.54%
Volatility (1Y) Calculated over the trailing 1-year period	48.37%	25.08%	+23.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.14%	21.49%	+15.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.35%	21.49%	+15.86%

GDX vs. SHLD - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

GDX vs. SHLD - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.85%, more than SHLD's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.85%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
SHLD Global X Defense Tech ETF	0.70%	0.55%	0.53%	0.26%	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 SHLD in my portfolio?

GDX and SHLD have a correlation of 0.35, 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 SHLD?

GDX has higher volatility (12.38%) compared to SHLD (7.92%). In terms of maximum drawdown, GDX dropped -80.34% vs SHLD's -25.40%.

Which ETF is better, GDX or SHLD?

On 1-year performance, GDX leads with 40.94% vs -1.36% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 7.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or SHLD?

Over the 1-year period, GDX has performed better with a 40.94% return vs -1.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.51% for GDX.

Which ETF pays a higher dividend yield, GDX or SHLD?

GDX has the higher dividend yield at 0.85%, compared with 0.70% for SHLD.

What is the main difference between GDX and SHLD?

GDX is categorized as Gold, while SHLD is Aerospace & Defense. GDX tracks NYSE MarketVector Global Gold Miners Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: VanEck and Global X. Their fees differ too: 0.51% for GDX and 0.50% for SHLD.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (0.85 vs -0.05), 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.