GDX vs. UTWO

Last updated Jun 14, 2026

GDX (VanEck Gold Miners ETF) and UTWO (US Treasury 2 Year Note ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while UTWO is a Government Bonds fund tracking the ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, GDX returned 38.96%/yr vs 3.89%/yr for UTWO. At a 0.31 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.15%/yr for UTWO.

Performance

GDX vs. UTWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and US Treasury 2 Year Note ETF (UTWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than UTWO's 0.43% 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%

UTWO

• 1D: -0.04%
• 1M: 0.18%
• YTD: 0.43%
• 6M: 0.68%
• 1Y: 3.13%
• 3Y*: 3.89%
• 5Y*: —
• 10Y*: —

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

GDX vs. UTWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GDX VanEck Gold Miners ETF	-6.69%	154.77%	10.63%	9.98%	7.95%
UTWO US Treasury 2 Year Note ETF	0.43%	4.79%	3.71%	3.45%	-0.84%

Correlation

The correlation between GDX and UTWO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.31

Return for Risk

GDX vs. UTWO — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 33
GDX Sharpe Ratio Rank: 34
GDX Sortino Ratio Rank: 31
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 32
GDX Martin Ratio Rank: 30

UTWO

UTWO Risk / Return Rank: 82
UTWO Sharpe Ratio Rank: 82
UTWO Sortino Ratio Rank: 91
UTWO Omega Ratio Rank: 87
UTWO Calmar Ratio Rank: 76
UTWO Martin Ratio Rank: 74

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. UTWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and US Treasury 2 Year Note ETF (UTWO). 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	UTWO	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.31	-1.22
Sortino ratio: Return per unit of downside risk	1.51	3.80	-2.29
Omega ratio: Gain probability vs. loss probability	1.21	1.47	-0.26
Calmar ratio: Return relative to maximum drawdown	1.40	3.43	-2.03
Martin ratio: Return relative to average drawdown	3.87	12.29	-8.42

GDX vs. UTWO - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is lower than the UTWO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of GDX and UTWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDX vs. UTWO - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than UTWO's maximum drawdown of -2.04%. Use the drawdown chart below to compare losses from any high point for GDX and UTWO.

Drawdown Indicators

	GDX	UTWO	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-2.04%	-78.30%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-0.90%	-35.38%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-1.08%	-35.20%
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	-30.91%	-0.28%	-30.63%
Average Drawdown Average peak-to-trough decline	-40.41%	-0.48%	-39.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.11%	0.25%	+12.86%

Volatility

GDX vs. UTWO - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to US Treasury 2 Year Note ETF (UTWO) at 0.40%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than UTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	UTWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	0.40%	+16.80%
Volatility (6M) Calculated over the trailing 6-month period	39.15%	0.94%	+38.21%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	1.33%	+45.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.74%	2.07%	+34.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.34%	2.07%	+35.27%

GDX vs. UTWO - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than UTWO's 0.15% expense ratio.

Dividends

GDX vs. UTWO - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than UTWO's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UTWO US Treasury 2 Year Note ETF	3.49%	3.63%	4.22%	4.39%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDX and UTWO in my portfolio?

GDX and UTWO have a correlation of 0.26, 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 UTWO?

GDX has higher volatility (17.20%) compared to UTWO (0.40%). In terms of maximum drawdown, GDX dropped -80.34% vs UTWO's -2.04%.

Which ETF is better, GDX or UTWO?

On 3-year performance, GDX leads with 38.96% vs 3.89% for UTWO. On fees, UTWO is cheaper at 0.15% per year. On volatility, UTWO has been the lower-risk option at 0.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or UTWO?

Over the 3-year period, GDX has performed better with a 38.96% return vs 3.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or UTWO?

UTWO is cheaper with a 0.15% expense ratio, compared with 0.51% for GDX.

Which ETF pays a higher dividend yield, GDX or UTWO?

UTWO has the higher dividend yield at 3.49%, compared with 0.79% for GDX.

What is the main difference between GDX and UTWO?

GDX is categorized as Gold, while UTWO is Government Bonds. GDX tracks NYSE MarketVector Global Gold Miners Index, while UTWO tracks ICE BofA Current 2 Year US Treasury Index - Benchmark TR Gross. They also come from different issuers: VanEck and US Benchmark Series. Their fees differ too: 0.51% for GDX and 0.15% for UTWO.

Which has better risk-adjusted returns?

UTWO currently has the higher Sharpe Ratio (2.31 vs 1.09), 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.