GDX vs. XEG.TO
GDX (VanEck Gold Miners ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, GDX returned 13.29%/yr vs 10.74%/yr for XEG.TO. At a 0.28 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.60%/yr for XEG.TO.
Performance
GDX vs. XEG.TO - Performance Comparison
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Different Trading Currencies
GDX is traded in USD, while XEG.TO is traded in CAD. To make them comparable, the XEG.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 XEG.TO's 35.78% return. Over the past 10 years, GDX has outperformed XEG.TO with an annualized return of 13.29%, while XEG.TO has yielded a comparatively lower 10.74% annualized 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%
XEG.TO
- 1D
- -0.60%
- 1M
- -5.73%
- YTD
- 35.78%
- 6M
- 35.60%
- 1Y
- 47.05%
- 3Y*
- 24.51%
- 5Y*
- 24.38%
- 10Y*
- 10.74%
GDX vs. XEG.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% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 35.78% | 22.31% | 5.14% | 6.07% | 44.12% | 83.80% | -32.85% | 13.73% | -32.71% | -4.72% |
Correlation
The correlation between GDX and XEG.TO is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.28 |
The correlation between GDX and XEG.TO shifts across timeframes, from -0.07 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GDX vs. XEG.TO — Risk / Return Rank
GDX
XEG.TO
GDX vs. XEG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and iShares S&P/TSX Capped Energy Index ETF (XEG.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 | XEG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.35 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 5.17 | -3.76 |
| Martin ratioReturn relative to average drawdown | 3.87 | 12.56 | -8.69 |
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Drawdowns
GDX vs. XEG.TO - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum XEG.TO drawdown of -91.23%. Use the drawdown chart below to compare losses from any high point for GDX and XEG.TO.
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Drawdown Indicators
| GDX | XEG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -91.23% | +10.89% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -10.20% | -26.08% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -29.14% | -7.14% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -33.93% | -12.58% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -81.25% | +31.46% |
Current DrawdownCurrent decline from peak | -30.91% | -9.41% | -21.50% |
Average DrawdownAverage peak-to-trough decline | -40.41% | -43.49% | +3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.11% | 4.19% | +8.92% |
Volatility
GDX vs. XEG.TO - Volatility Comparison
VanEck Gold Miners ETF (GDX) has a higher volatility of 17.20% compared to iShares S&P/TSX Capped Energy Index ETF (XEG.TO) at 8.99%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than XEG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDX | XEG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.20% | 8.99% | +8.21% |
Volatility (6M)Calculated over the trailing 6-month period | 39.15% | 19.69% | +19.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.89% | 23.91% | +22.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.74% | 29.53% | +7.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 34.27% | +3.07% |
GDX vs. XEG.TO - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than XEG.TO's 0.60% expense ratio.
Dividends
GDX vs. XEG.TO - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.79%, less than XEG.TO's 2.76% 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% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 2.76% | 3.63% | 3.46% | 4.26% | 3.31% | 1.64% | 2.96% | 2.70% | 2.25% | 1.41% | 1.40% | 3.58% |
Frequently Asked Questions
GDX and XEG.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GDX is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GDX is cheaper with a 0.51% expense ratio, compared with 0.60% for XEG.TO.
GDX is categorized as Gold, while XEG.TO is Energy Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while XEG.TO tracks S&P/TSX Capped Energy Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.51% for GDX and 0.60% for XEG.TO.
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