GDX vs. WMT
GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while WMT (Walmart Inc.) is a stock. Over the past 10 years, GDX returned 13.29%/yr vs 19.77%/yr for WMT. At a 0.09 correlation, their price movements are largely independent.
Performance
GDX vs. WMT - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -6.69% return, which is significantly lower than WMT's 9.07% return. Over the past 10 years, GDX has underperformed WMT with an annualized return of 13.29%, while WMT has yielded a comparatively higher 19.77% annualized return.
GDX
- 1D
- 2.97%
- 1M
- -14.82%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 48.02%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
WMT
- 1D
- 0.45%
- 1M
- -7.92%
- YTD
- 9.07%
- 6M
- 4.13%
- 1Y
- 29.24%
- 3Y*
- 34.18%
- 5Y*
- 22.42%
- 10Y*
- 19.77%
GDX vs. WMT - 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% |
WMT Walmart Inc. | 9.07% | 24.49% | 73.99% | 12.88% | -0.46% | 1.97% | 23.32% | 30.16% | -3.43% | 46.56% |
Correlation
The correlation between GDX and WMT is 0.00, 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 | 0.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.09 |
The correlation between GDX and WMT shifts across timeframes, from 0.00 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. WMT — Risk / Return Rank
GDX
WMT
GDX vs. WMT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Walmart Inc. (WMT). 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 | WMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.23 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 1.83 | -0.43 |
| Martin ratioReturn relative to average drawdown | 3.87 | 5.82 | -1.95 |
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Drawdowns
GDX vs. WMT - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, roughly equal to the maximum WMT drawdown of -77.14%. Use the drawdown chart below to compare losses from any high point for GDX and WMT.
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Drawdown Indicators
| GDX | WMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -77.14% | -3.20% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -15.75% | -20.53% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -21.93% | -14.35% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -25.74% | -20.77% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -25.74% | -24.05% |
Current DrawdownCurrent decline from peak | -30.91% | -9.81% | -21.10% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -14.63% | -25.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 4.94% | +8.17% |
Volatility
GDX vs. WMT - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to Walmart Inc. (WMT) at 9.86%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than WMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | WMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 9.86% | +7.34% |
Volatility (6M)Calculated over the trailing 6-month period | 39.15% | 18.49% | +20.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.89% | 23.67% | +23.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 21.68% | +15.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 21.73% | +15.61% |
Dividends
GDX vs. WMT - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.79%, less than WMT's 0.80% 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% |
WMT Walmart Inc. | 0.80% | 0.84% | 0.92% | 1.45% | 1.58% | 1.52% | 1.50% | 1.78% | 2.23% | 2.07% | 2.89% | 3.20% |
Frequently Asked Questions
GDX and WMT have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.20%) compared to WMT (9.86%). In terms of maximum drawdown, GDX dropped -80.34% vs WMT's -77.14%.
WMT currently has the higher Sharpe Ratio (1.22 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.
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