GDX vs. TFPM

Last updated Jun 9, 2026

GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while TFPM (Triple Flag Precious Metals Corp) is a stock. Over the past 3 years, GDX returned 37.89%/yr vs 27.53%/yr for TFPM. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

GDX vs. TFPM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Triple Flag Precious Metals Corp (TFPM). 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 higher than TFPM's -14.02% 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%

TFPM

• 1D: 0.71%
• 1M: -14.55%
• YTD: -14.02%
• 6M: -11.74%
• 1Y: 19.81%
• 3Y*: 27.53%
• 5Y*: —
• 10Y*: —

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

GDX vs. TFPM - 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%	12.73%
TFPM Triple Flag Precious Metals Corp	-14.02%	123.03%	14.60%	-1.81%	14.71%	32.61%

Correlation

The correlation between GDX and TFPM is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.62

Over the past year, GDX and TFPM have become more correlated (0.87) than their long-term average of 0.62, meaning their price movements have been converging.

Return for Risk

GDX vs. TFPM — 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

TFPM

TFPM Risk / Return Rank: 56
TFPM Sharpe Ratio Rank: 59
TFPM Sortino Ratio Rank: 52
TFPM Omega Ratio Rank: 53
TFPM Calmar Ratio Rank: 56
TFPM Martin Ratio Rank: 59

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. TFPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Triple Flag Precious Metals Corp (TFPM). 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	TFPM	Difference
Sharpe ratio: Return per unit of total volatility	1.16	0.46	+0.70
Sortino ratio: Return per unit of downside risk	1.58	0.86	+0.72
Omega ratio: Gain probability vs. loss probability	1.22	1.11	+0.11
Calmar ratio: Return relative to maximum drawdown	1.68	0.63	+1.04
Martin ratio: Return relative to average drawdown	4.32	1.73	+2.59
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. TFPM - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.16, which is higher than the TFPM Sharpe Ratio of 0.46. The chart below compares the historical Sharpe Ratios of GDX and TFPM, 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	TFPM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	0.46	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	—	—
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	0.78	-0.67

Drawdowns

GDX vs. TFPM - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than TFPM's maximum drawdown of -36.48%. Use the drawdown chart below to compare losses from any high point for GDX and TFPM.

Drawdown Indicators

	GDX	TFPM	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-36.48%	-43.86%
Max Drawdown (1Y) Largest decline over 1 year	-32.09%	-31.43%	-0.66%
Max Drawdown (3Y) Largest decline over 3 years	-32.09%	-31.43%	-0.66%
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	-32.09%	-30.94%	-1.15%
Average Drawdown Average peak-to-trough decline	-40.43%	-13.36%	-27.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.42%	11.48%	+0.94%

Volatility

GDX vs. TFPM - Volatility Comparison

VanEck Gold Miners ETF (GDX) and Triple Flag Precious Metals Corp (TFPM) have volatilities of 16.05% and 16.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	TFPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.05%	16.15%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	38.61%	33.77%	+4.84%
Volatility (1Y) Calculated over the trailing 1-year period	46.36%	43.06%	+3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.61%	37.37%	-0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.27%	37.37%	-0.10%

Dividends

GDX vs. TFPM - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.80%, less than TFPM's 0.81% yield.

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%
TFPM Triple Flag Precious Metals Corp	0.81%	0.68%	1.43%	1.54%	1.07%	0.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDX and TFPM in my portfolio?

GDX and TFPM have a correlation of 0.87, 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 TFPM?

TFPM has higher volatility (16.15%) compared to GDX (16.05%). In terms of maximum drawdown, GDX dropped -80.34% vs TFPM's -36.48%.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.16 vs 0.46), 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.