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GDX vs. SPDN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDX vs. SPDN

Last updated Jun 9, 2026

GDX (VanEck Gold Miners ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while SPDN is a Inverse Equities fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GDX returned 12.82%/yr vs -12.43%/yr for SPDN. At a correlation of -0.20, they often move in opposite directions. GDX charges 0.51%/yr vs 0.50%/yr for SPDN.

Performance

GDX vs. SPDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 -8.28% return, which is significantly lower than SPDN's -5.89% return. Over the past 10 years, GDX has outperformed SPDN with an annualized return of 12.82%, while SPDN has yielded a comparatively lower -12.43% annualized 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%

SPDN

1D
-0.11%
1M
0.11%
YTD
-5.89%
6M
-5.63%
1Y
-14.82%
3Y*
-12.12%
5Y*
-8.55%
10Y*
-12.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX vs. SPDN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GDX
VanEck Gold Miners ETF		-8.28%154.77%10.63%9.98%-9.01%-9.52%23.66%39.84%-8.77%11.99%
SPDN
Direxion Daily S&P 500 Bear 1x Shares		-5.89%-11.09%-12.88%-15.04%18.63%-23.72%-24.56%-21.94%5.41%-17.16%

Correlation

The correlation between GDX and SPDN is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.35

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

-0.29

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

-0.28

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

-0.20

Correlation (All Time)
Calculated using the full available price history since Jun 8, 2016

-0.20

The correlation between GDX and SPDN shifts across timeframes, from -0.35 (1 year) to -0.20 (10 years), reflecting how their relationship changes across market environments.

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

Direxion Daily S&P 500 Bear 1x Shares

Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV
Often compared with SPDN:
SPDN vs. SHSPDN vs. SPYSPDN vs. SPXUSPDN vs. SDSSPDN vs. VXZSPDN vs. QQQSPDN vs. SQQQ

Return for Risk

GDX vs. SPDN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDX
GDX Risk / Return Rank: 3535
Overall Rank
GDX Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3232
Sortino Ratio Rank
GDX Omega Ratio Rank: 3737
Omega Ratio Rank
GDX Calmar Ratio Rank: 3737
Calmar Ratio Rank
GDX Martin Ratio Rank: 3232
Martin Ratio Rank
SPDN
SPDN Risk / Return Rank: 11
Overall Rank
SPDN Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPDN Sortino Ratio Rank: 11
Sortino Ratio Rank
SPDN Omega Ratio Rank: 11
Omega Ratio Rank
SPDN Calmar Ratio Rank: 22
Calmar Ratio Rank
SPDN Martin Ratio Rank: 11
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. SPDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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.

GDXSPDNDifference
Sharpe ratioReturn per unit of total volatility
1.16
-1.21

+2.37

Sortino ratioReturn per unit of downside risk
1.58
-1.74

+3.32

Omega ratioGain probability vs. loss probability

1.22

0.81

+0.41

Calmar ratioReturn relative to maximum drawdown

1.68

-0.84

+2.51

Martin ratioReturn relative to average drawdown

4.32

-1.53

+5.85

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. SPDN - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.16, which is higher than the SPDN Sharpe Ratio of -1.21. The chart below compares the historical Sharpe Ratios of GDX and SPDN, 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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Sharpe Ratios by Period

GDXSPDNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

-1.21

+2.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.47

-0.51

+0.98

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

-0.69

+1.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

-0.69

+0.80

Drawdowns

GDX vs. SPDN - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for GDX and SPDN.

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Drawdown Indicators

GDXSPDNDifference

Max Drawdown

Largest peak-to-trough decline

-80.34%

-75.31%

-5.03%

Max Drawdown (1Y)

Largest decline over 1 year

-32.09%

-17.73%

-14.36%

Max Drawdown (3Y)

Largest decline over 3 years

-32.09%

-38.24%

+6.15%

Max Drawdown (5Y)

Largest decline over 5 years

-46.51%

-43.85%

-2.66%

Max Drawdown (10Y)

Largest decline over 10 years

-49.79%

-75.31%

+25.52%

Current Drawdown

Current decline from peak

-32.09%

-74.65%

+42.56%

Average Drawdown

Average peak-to-trough decline

-40.43%

-48.57%

+8.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.42%

9.71%

+2.71%

Volatility

GDX vs. SPDN - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 16.05% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GDXSPDNDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.05%

3.55%

+12.50%

Volatility (6M)

Calculated over the trailing 6-month period

38.61%

9.44%

+29.17%

Volatility (1Y)

Calculated over the trailing 1-year period

46.36%

12.33%

+34.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.61%

16.90%

+19.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.27%

18.05%

+19.22%

GDX vs. SPDN - Expense Ratio Comparison

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

Dividends

GDX vs. SPDN - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.80%, less than SPDN's 4.01% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
SPDN
Direxion Daily S&P 500 Bear 1x Shares		4.01%4.06%5.32%5.84%0.96%0.00%0.10%1.89%1.24%0.42%0.00%0.00%

Frequently Asked Questions

GDX and SPDN 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.

GDX has higher volatility (16.05%) compared to SPDN (3.55%). In terms of maximum drawdown, GDX dropped -80.34% vs SPDN's -75.31%.

On 10-year performance, GDX leads with 12.82% vs -12.43% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GDX has performed better with a 12.82% return vs -12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SPDN has the higher dividend yield at 4.01%, compared with 0.80% for GDX.

GDX is categorized as Gold, while SPDN is Inverse Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while SPDN tracks S&P 500 Index. They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.51% for GDX and 0.50% for SPDN.

GDX currently has the higher Sharpe Ratio (1.16 vs -1.21), 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

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