GDX vs. VDY.TO

Last updated Jun 14, 2026

GDX (VanEck Gold Miners ETF) and VDY.TO (Vanguard FTSE Canadian High Dividend Yield Index ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while VDY.TO is a Dividend fund tracking the FTSE Canada High Dividend Yield Index. Both are passively managed. Over the past 10 years, GDX returned 13.29%/yr vs 13.61%/yr for VDY.TO. At a 0.10 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.22%/yr for VDY.TO.

Performance

GDX vs. VDY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GDX is traded in USD, while VDY.TO is traded in CAD. To make them comparable, the VDY.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 VDY.TO's 21.35% return. Both investments have delivered pretty close results over the past 10 years, with GDX having a 13.29% annualized return and VDY.TO not far ahead at 13.61%.

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%

VDY.TO

• 1D: 0.47%
• 1M: 3.28%
• YTD: 21.35%
• 6M: 21.69%
• 1Y: 45.54%
• 3Y*: 25.54%
• 5Y*: 14.55%
• 10Y*: 13.61%

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

GDX vs. VDY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	21.35%	35.39%	11.96%	11.05%	-6.18%	36.67%	1.03%	26.64%	-17.06%	16.18%

Correlation

The correlation between GDX and VDY.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Nov 8, 2012	0.10

The correlation between GDX and VDY.TO shifts across timeframes, from 0.10 (all time) to 0.27 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GDX vs. VDY.TO — 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

VDY.TO

VDY.TO Risk / Return Rank: 98
VDY.TO Sharpe Ratio Rank: 99
VDY.TO Sortino Ratio Rank: 98
VDY.TO Omega Ratio Rank: 98
VDY.TO Calmar Ratio Rank: 98
VDY.TO Martin Ratio Rank: 98

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. VDY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.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.

	GDX	VDY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.09	4.99	-3.91
Sortino ratio: Return per unit of downside risk	1.51	6.89	-5.38
Omega ratio: Gain probability vs. loss probability	1.21	1.94	-0.73
Calmar ratio: Return relative to maximum drawdown	1.40	12.92	-11.52
Martin ratio: Return relative to average drawdown	3.87	44.56	-40.69

GDX vs. VDY.TO - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.09, which is lower than the VDY.TO Sharpe Ratio of 4.99. The chart below compares the historical Sharpe Ratios of GDX and VDY.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.

Drawdowns

GDX vs. VDY.TO - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than VDY.TO's maximum drawdown of -44.42%. Use the drawdown chart below to compare losses from any high point for GDX and VDY.TO.

Drawdown Indicators

	GDX	VDY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-44.42%	-35.92%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-3.59%	-32.69%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-12.92%	-23.36%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-23.69%	-22.82%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-44.42%	-5.37%
Current Drawdown Current decline from peak	-30.91%	0.00%	-30.91%
Average Drawdown Average peak-to-trough decline	-40.41%	-8.79%	-31.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.11%	1.04%	+12.07%

Volatility

GDX vs. VDY.TO - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to Vanguard FTSE Canadian High Dividend Yield Index ETF (VDY.TO) at 3.14%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than VDY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	VDY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.20%	3.14%	+14.06%
Volatility (6M) Calculated over the trailing 6-month period	39.15%	7.41%	+31.74%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	9.31%	+37.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.74%	13.44%	+23.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.34%	17.45%	+19.89%

GDX vs. VDY.TO - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than VDY.TO's 0.22% expense ratio.

Dividends

GDX vs. VDY.TO - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.79%, less than VDY.TO's 2.83% 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%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	2.83%	3.59%	4.37%	4.64%	4.42%	3.46%	4.59%	4.25%	4.44%	3.42%	3.25%	4.11%

Frequently Asked Questions

Can I hold both GDX and VDY.TO in my portfolio?

GDX and VDY.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDX or VDY.TO?

On fees, VDY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDX or VDY.TO?

VDY.TO is cheaper with a 0.22% expense ratio, compared with 0.51% for GDX.

What is the main difference between GDX and VDY.TO?

GDX is categorized as Gold, while VDY.TO is Dividend. GDX tracks NYSE MarketVector Global Gold Miners Index, while VDY.TO tracks FTSE Canada High Dividend Yield Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.51% for GDX and 0.22% for VDY.TO.