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GDX vs. TRP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDX vs. TRP.TO

Last updated Jun 14, 2026

GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while TRP.TO (TC Energy Corporation) is a stock. Over the past 10 years, GDX returned 13.29%/yr vs 10.58%/yr for TRP.TO. At a 0.16 correlation, their price movements are largely independent.

Performance

GDX vs. TRP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and TC Energy Corporation (TRP.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GDX is traded in USD, while TRP.TO is traded in CAD. To make them comparable, the TRP.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than TRP.TO's 27.11% return. Over the past 10 years, GDX has outperformed TRP.TO with an annualized return of 13.29%, while TRP.TO has yielded a comparatively lower 10.58% annualized return.

GDX

1D
2.97%
1M
-8.38%
YTD
-6.69%
6M
-5.89%
1Y
48.02%
3Y*
38.96%
5Y*
17.51%
10Y*
13.29%

TRP.TO

1D
0.01%
1M
1.70%
YTD
27.11%
6M
29.83%
1Y
46.72%
3Y*
26.43%
5Y*
11.58%
10Y*
10.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX vs. TRP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GDX
VanEck Gold Miners ETF		-6.69%154.77%10.63%9.98%-9.01%-9.52%23.66%39.84%-8.77%11.99%
TRP.TO
TC Energy Corporation		27.11%24.01%26.92%5.02%-8.57%20.40%-18.81%54.87%-22.52%12.87%

Correlation

The correlation between GDX and TRP.TO is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.09

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

0.17

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

0.19

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

0.12

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.16

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

TC Energy Corporation

Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV
Often compared with TRP.TO:
TRP.TO vs. ENB.TOTRP.TO vs. CNQ.TOTRP.TO vs. CNR.TOTRP.TO vs. FTS.TOTRP.TO vs. PEY.TOTRP.TO vs. CLS.TOTRP.TO vs. ATD.TO

Return for Risk

GDX vs. TRP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDX
GDX Risk / Return Rank: 3333
Overall Rank
GDX Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3131
Sortino Ratio Rank
GDX Omega Ratio Rank: 3636
Omega Ratio Rank
GDX Calmar Ratio Rank: 3232
Calmar Ratio Rank
GDX Martin Ratio Rank: 3030
Martin Ratio Rank
TRP.TO
TRP.TO Risk / Return Rank: 9595
Overall Rank
TRP.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
TRP.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
TRP.TO Omega Ratio Rank: 9393
Omega Ratio Rank
TRP.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
TRP.TO Martin Ratio Rank: 9494
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. TRP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and TC Energy Corporation (TRP.TO). 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.

GDXTRP.TODifference
Sharpe ratioReturn per unit of total volatility
1.09
2.64

-1.55

Sortino ratioReturn per unit of downside risk
1.51
3.81

-2.30

Omega ratioGain probability vs. loss probability

1.21

1.43

-0.22

Calmar ratioReturn relative to maximum drawdown

1.40

4.92

-3.52

Martin ratioReturn relative to average drawdown

3.87

14.74

-10.87

GDX vs. TRP.TO - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is lower than the TRP.TO Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of GDX and TRP.TO, 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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Drawdowns

GDX vs. TRP.TO - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than TRP.TO's maximum drawdown of -45.94%. Use the drawdown chart below to compare losses from any high point for GDX and TRP.TO.

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Drawdown Indicators

GDXTRP.TODifference

Max Drawdown

Largest peak-to-trough decline

-80.34%

-45.94%

-34.40%

Max Drawdown (1Y)

Largest decline over 1 year

-36.28%

-9.37%

-26.91%

Max Drawdown (3Y)

Largest decline over 3 years

-36.28%

-16.90%

-19.38%

Max Drawdown (5Y)

Largest decline over 5 years

-46.51%

-38.51%

-8.00%

Max Drawdown (10Y)

Largest decline over 10 years

-49.79%

-41.76%

-8.03%

Current Drawdown

Current decline from peak

-30.91%

-2.27%

-28.64%

Average Drawdown

Average peak-to-trough decline

-40.41%

-12.29%

-28.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.11%

3.19%

+9.92%

Volatility

GDX vs. TRP.TO - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to TC Energy Corporation (TRP.TO) at 5.23%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than TRP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GDXTRP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

17.20%

5.23%

+11.97%

Volatility (6M)

Calculated over the trailing 6-month period

39.15%

12.92%

+26.23%

Volatility (1Y)

Calculated over the trailing 1-year period

46.89%

17.48%

+29.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.74%

20.80%

+15.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

37.34%

24.25%

+13.09%

Dividends

GDX vs. TRP.TO - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than TRP.TO's 3.53% yield.

PositionTTM20252024202320222021202020192018201720162015
GDX
VanEck Gold Miners ETF		0.79%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%
TRP.TO
TC Energy Corporation		3.53%4.50%5.40%6.71%6.67%5.92%6.26%4.34%5.66%4.09%3.73%4.60%

Frequently Asked Questions

GDX and TRP.TO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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