GDX vs. SPGP.L

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Gold Miners ETF (GDX) and iShares Gold Producers UCITS ETF (SPGP.L).

GDX and SPGP.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. SPGP.L is a passively managed fund by iShares that tracks the performance of the EMIX Global Mining Global Gold TR USD. It was launched on Sep 16, 2011. Both GDX and SPGP.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GDX vs. SPGP.L - Performance Comparison

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

GDX vs. SPGP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX VanEck Gold Miners ETF	7.00%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%
SPGP.L iShares Gold Producers UCITS ETF	5.73%	155.33%	10.93%	9.19%	-11.09%	-9.98%	23.09%	46.66%	-9.78%	6.45%

Different Trading Currencies

GDX is traded in USD, while SPGP.L is traded in GBp. To make them comparable, the SPGP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GDX achieves a 7.00% return, which is significantly higher than SPGP.L's 5.73% return. Both investments have delivered pretty close results over the past 10 years, with GDX having a 17.53% annualized return and SPGP.L not far behind at 17.45%.

GDX

• 1D: 6.97%
• 1M: -20.78%
• YTD: 7.00%
• 6M: 20.99%
• 1Y: 101.08%
• 3Y*: 43.23%
• 5Y*: 23.96%
• 10Y*: 17.53%

SPGP.L

• 1D: 2.98%
• 1M: -20.97%
• YTD: 5.73%
• 6M: 19.23%
• 1Y: 99.17%
• 3Y*: 43.10%
• 5Y*: 23.41%
• 10Y*: 17.45%

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

GDX vs. SPGP.L - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is lower than SPGP.L's 0.55% expense ratio.

SPGP.L

iShares Gold Producers UCITS ETF

GDX

VanEck Gold Miners ETF

Return for Risk

GDX vs. SPGP.L — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 92
GDX Sharpe Ratio Rank: 94
GDX Sortino Ratio Rank: 90
GDX Omega Ratio Rank: 89
GDX Calmar Ratio Rank: 93
GDX Martin Ratio Rank: 92

SPGP.L

SPGP.L Risk / Return Rank: 92
SPGP.L Sharpe Ratio Rank: 95
SPGP.L Sortino Ratio Rank: 91
SPGP.L Omega Ratio Rank: 89
SPGP.L Calmar Ratio Rank: 92
SPGP.L Martin Ratio Rank: 91

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. SPGP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares Gold Producers UCITS ETF (SPGP.L). 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	SPGP.L	Difference
Sharpe ratio Return per unit of total volatility	2.21	2.31	-0.10
Sortino ratio Return per unit of downside risk	2.45	2.61	-0.16
Omega ratio Gain probability vs. loss probability	1.36	1.35	0.00
Calmar ratio Return relative to maximum drawdown	3.34	3.40	-0.06
Martin ratio Return relative to average drawdown	12.07	11.95	+0.12
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. SPGP.L - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 2.21, which is comparable to the SPGP.L Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of GDX and SPGP.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GDX	SPGP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.31	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.69	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.51	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.09	+0.04

Correlation

The correlation between GDX and SPGP.L is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GDX vs. SPGP.L - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.69%, while SPGP.L has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.69%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
SPGP.L iShares Gold Producers UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

GDX vs. SPGP.L - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, roughly equal to the maximum SPGP.L drawdown of -79.86%. Use the drawdown chart below to compare losses from any high point for GDX and SPGP.L.

Drawdown Indicators

	GDX	SPGP.L	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-79.54%	-0.80%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-27.66%	-3.18%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-34.81%	-11.70%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-43.71%	-6.08%
Current Drawdown Current decline from peak	-20.78%	-19.49%	-1.29%
Average Drawdown Average peak-to-trough decline	-40.61%	-42.58%	+1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.52%	7.59%	+0.93%

Volatility

GDX vs. SPGP.L - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 18.51% compared to iShares Gold Producers UCITS ETF (SPGP.L) at 16.46%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than SPGP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	SPGP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.51%	16.46%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	38.19%	34.50%	+3.69%
Volatility (1Y) Calculated over the trailing 1-year period	46.00%	42.79%	+3.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.73%	33.83%	+1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.44%	34.08%	+3.36%