GDX vs. XAUUSD=X

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Gold Miners ETF (GDX) and Gold Spot Price US Dollar (XAUUSD=X).

GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006.

Performance

GDX vs. XAUUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and Gold Spot Price US Dollar (XAUUSD=X). The values are adjusted to include any dividend payments, if applicable.

GDX vs. XAUUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDX VanEck Gold Miners ETF	11.94%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%
XAUUSD=X Gold Spot Price US Dollar	10.64%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%

Returns By Period

In the year-to-date period, GDX achieves a 11.94% return, which is significantly higher than XAUUSD=X's 10.64% return. Over the past 10 years, GDX has outperformed XAUUSD=X with an annualized return of 18.07%, while XAUUSD=X has yielded a comparatively lower 14.62% annualized return.

GDX

• 1D: 4.62%
• 1M: -16.76%
• YTD: 11.94%
• 6M: 25.38%
• 1Y: 111.15%
• 3Y*: 45.40%
• 5Y*: 25.09%
• 10Y*: 18.07%

XAUUSD=X

• 1D: 2.46%
• 1M: -10.14%
• YTD: 10.64%
• 6M: 23.72%
• 1Y: 53.55%
• 3Y*: 34.43%
• 5Y*: 22.48%
• 10Y*: 14.62%

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

Return for Risk

GDX vs. XAUUSD=X — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 92
GDX Sharpe Ratio Rank: 95
GDX Sortino Ratio Rank: 90
GDX Omega Ratio Rank: 89
GDX Calmar Ratio Rank: 93
GDX Martin Ratio Rank: 91

XAUUSD=X

XAUUSD=X Risk / Return Rank: 93
XAUUSD=X Sharpe Ratio Rank: 100
XAUUSD=X Sortino Ratio Rank: 93
XAUUSD=X Omega Ratio Rank: 94
XAUUSD=X Calmar Ratio Rank: 87
XAUUSD=X Martin Ratio Rank: 90

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. XAUUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and Gold Spot Price US Dollar (XAUUSD=X). 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.

	GDX	XAUUSD=X	Difference
Sharpe ratio Return per unit of total volatility	2.42	1.75	+0.67
Sortino ratio Return per unit of downside risk	2.60	2.22	+0.38
Omega ratio Gain probability vs. loss probability	1.38	1.33	+0.05
Calmar ratio Return relative to maximum drawdown	3.58	2.16	+1.42
Martin ratio Return relative to average drawdown	12.86	7.60	+5.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDX vs. XAUUSD=X - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 2.42, which is higher than the XAUUSD=X Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of GDX and XAUUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GDX	XAUUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	1.75	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	1.23	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.91	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.60	-0.46

Correlation

The correlation between GDX and XAUUSD=X is 0.75, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

GDX vs. XAUUSD=X - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than XAUUSD=X's maximum drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for GDX and XAUUSD=X.

Drawdown Indicators

	GDX	XAUUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-44.69%	-35.65%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-19.70%	-11.14%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-20.81%	-25.70%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	-21.35%	-28.44%
Current Drawdown Current decline from peak	-17.12%	-11.74%	-5.38%
Average Drawdown Average peak-to-trough decline	-40.60%	-16.32%	-24.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.58%	5.60%	+2.98%

Volatility

GDX vs. XAUUSD=X - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 17.26% compared to Gold Spot Price US Dollar (XAUUSD=X) at 9.82%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than XAUUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	XAUUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.26%	9.82%	+7.44%
Volatility (6M) Calculated over the trailing 6-month period	38.43%	21.22%	+17.21%
Volatility (1Y) Calculated over the trailing 1-year period	46.20%	23.71%	+22.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.76%	16.36%	+19.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.46%	15.04%	+22.42%