GDX vs. TLTW
GDX (VanEck Gold Miners ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). Both are passively managed. Over the past 3 years, GDX returned 41.18%/yr vs 0.63%/yr for TLTW. At a 0.22 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.35%/yr for TLTW.
Performance
GDX vs. TLTW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GDX achieves a -0.58% return, which is significantly lower than TLTW's 1.94% return.
GDX
- 1D
- 6.55%
- 1M
- -2.38%
- YTD
- -0.58%
- 6M
- 1.22%
- 1Y
- 57.71%
- 3Y*
- 41.18%
- 5Y*
- 19.97%
- 10Y*
- 13.81%
TLTW
- 1D
- 0.05%
- 1M
- 2.89%
- YTD
- 1.94%
- 6M
- 2.24%
- 1Y
- 9.50%
- 3Y*
- 0.63%
- 5Y*
- —
- 10Y*
- —
GDX vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -0.58% | 154.77% | 10.63% | 9.98% | 15.43% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.94% | 11.36% | -2.18% | 0.73% | -11.14% |
Correlation
The correlation between GDX and TLTW is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.22 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GDX vs. TLTW — Risk / Return Rank
GDX
TLTW
GDX vs. TLTW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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 | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.22 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 1.60 | 0.00 |
| Martin ratioReturn relative to average drawdown | 4.39 | 4.63 | -0.24 |
Loading charts...
Drawdowns
GDX vs. TLTW - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than TLTW's maximum drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for GDX and TLTW.
Loading charts...
Drawdown Indicators
| GDX | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -18.61% | -61.73% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -5.97% | -30.31% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -17.19% | -19.09% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | — | — |
Current DrawdownCurrent decline from peak | -26.39% | -2.50% | -23.89% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -8.20% | -32.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.22% | 2.06% | +11.16% |
Volatility
GDX vs. TLTW - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 18.56% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GDX | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.56% | 2.31% | +16.25% |
Volatility (6M)Calculated over the trailing 6-month period | 39.52% | 5.84% | +33.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.30% | 7.66% | +39.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.86% | 11.35% | +25.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.37% | 11.35% | +26.02% |
GDX vs. TLTW - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
GDX vs. TLTW - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.74%, less than TLTW's 11.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.74% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.67% | 14.82% | 14.47% | 19.59% | 8.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDX and TLTW have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (18.56%) compared to TLTW (2.31%). In terms of maximum drawdown, GDX dropped -80.34% vs TLTW's -18.61%.
On 3-year performance, GDX leads with 41.18% vs 0.63% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, TLTW has been the lower-risk option at 2.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDX has performed better with a 41.18% return vs 0.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 0.51% for GDX.
TLTW has the higher dividend yield at 11.67%, compared with 0.74% for GDX.
GDX is categorized as Gold, while TLTW is Derivative Income. GDX tracks NYSE MarketVector Global Gold Miners Index, while TLTW tracks CBOE TLT 2% OTM Buywrite Index (USD). They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.25 vs 1.23), 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.
Find the right allocation for GDX and TLTW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer