GDX vs. XAR
GDX (VanEck Gold Miners ETF) and XAR (SPDR S&P Aerospace & Defense ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while XAR is a Aerospace & Defense fund tracking the S&P Aerospace & Defense Select Industry Index. Both are passively managed. Over the past 10 years, GDX returned 13.29%/yr vs 18.45%/yr for XAR. At a 0.16 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.35%/yr for XAR.
Performance
GDX vs. XAR - 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 XAR's 16.10% return. Over the past 10 years, GDX has underperformed XAR with an annualized return of 13.29%, while XAR has yielded a comparatively higher 18.45% 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%
XAR
- 1D
- -1.55%
- 1M
- 3.18%
- YTD
- 16.10%
- 6M
- 18.39%
- 1Y
- 42.07%
- 3Y*
- 33.32%
- 5Y*
- 16.58%
- 10Y*
- 18.45%
GDX vs. XAR - 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% |
XAR SPDR S&P Aerospace & Defense ETF | 16.10% | 46.15% | 23.32% | 23.79% | -5.02% | 2.31% | 6.18% | 39.33% | -4.58% | 33.00% |
Correlation
The correlation between GDX and XAR is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2011 | 0.16 |
Over the past year, GDX and XAR have become more correlated (0.39) than their long-term average of 0.16, meaning their price movements have been converging.
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Return for Risk
GDX vs. XAR — Risk / Return Rank
GDX
XAR
GDX vs. XAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and SPDR S&P Aerospace & Defense ETF (XAR). 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 | XAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.25 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 2.43 | -1.03 |
| Martin ratioReturn relative to average drawdown | 3.87 | 6.81 | -2.94 |
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Drawdowns
GDX vs. XAR - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, which is greater than XAR's maximum drawdown of -46.37%. Use the drawdown chart below to compare losses from any high point for GDX and XAR.
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Drawdown Indicators
| GDX | XAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -46.37% | -33.97% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -17.22% | -19.06% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -19.73% | -16.55% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -32.40% | -14.11% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -46.37% | -3.42% |
Current DrawdownCurrent decline from peak | -30.91% | -4.32% | -26.59% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -6.78% | -33.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 6.13% | +6.98% |
Volatility
GDX vs. XAR - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to SPDR S&P Aerospace & Defense ETF (XAR) at 11.46%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than XAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | XAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 11.46% | +5.74% |
Volatility (6M)Calculated over the trailing 6-month period | 39.15% | 23.56% | +15.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.89% | 27.85% | +19.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 23.66% | +13.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 24.74% | +12.60% |
GDX vs. XAR - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is higher than XAR's 0.35% expense ratio.
Dividends
GDX vs. XAR - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.79%, more than XAR's 0.31% 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% |
XAR SPDR S&P Aerospace & Defense ETF | 0.31% | 0.40% | 0.66% | 0.54% | 0.50% | 0.83% | 0.63% | 0.75% | 1.19% | 0.76% | 1.09% | 2.31% |
Frequently Asked Questions
GDX and XAR have a correlation of 0.39, 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 XAR (11.46%). In terms of maximum drawdown, GDX dropped -80.34% vs XAR's -46.37%.
On 10-year performance, XAR leads with 18.45% vs 13.29% for GDX. On fees, XAR is cheaper at 0.35% per year. On volatility, XAR has been the lower-risk option at 11.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XAR has performed better with a 18.45% return vs 13.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XAR is cheaper with a 0.35% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.79%, compared with 0.31% for XAR.
GDX is categorized as Gold, while XAR is Aerospace & Defense. GDX tracks NYSE MarketVector Global Gold Miners Index, while XAR tracks S&P Aerospace & Defense Select Industry Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.51% for GDX and 0.35% for XAR.
XAR currently has the higher Sharpe Ratio (1.50 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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