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GDXJ vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDXJ vs. EWZ

Last updated Jun 13, 2026

GDXJ (VanEck Junior Gold Miners ETF) and EWZ (iShares MSCI Brazil ETF) are both exchange-traded funds - GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index, while EWZ is a Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, GDXJ returned 12.00%/yr vs 8.29%/yr for EWZ. At a 0.32 correlation, their price movements are largely independent. GDXJ charges 0.52%/yr vs 0.59%/yr for EWZ.

Performance

GDXJ vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Junior Gold Miners ETF (GDXJ) and iShares MSCI Brazil ETF (EWZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GDXJ achieves a -8.37% return, which is significantly lower than EWZ's 10.48% return. Over the past 10 years, GDXJ has outperformed EWZ with an annualized return of 12.00%, while EWZ has yielded a comparatively lower 8.29% annualized return.

GDXJ

1D
3.15%
1M
-19.14%
YTD
-8.37%
6M
-6.68%
1Y
51.06%
3Y*
44.17%
5Y*
16.23%
10Y*
12.00%

EWZ

1D
0.83%
1M
-4.57%
YTD
10.48%
6M
9.03%
1Y
31.47%
3Y*
9.47%
5Y*
4.96%
10Y*
8.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDXJ vs. EWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GDXJ
VanEck Junior Gold Miners ETF		-8.37%172.28%15.67%7.12%-14.53%-21.25%30.40%40.44%-11.02%8.22%
EWZ
iShares MSCI Brazil ETF		10.48%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%

Correlation

The correlation between GDXJ and EWZ is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.41

Correlation (3Y)
Calculated over the trailing 3-year period

0.38

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (10Y)
Calculated over the trailing 10-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Nov 11, 2009

0.32

The correlation between GDXJ and EWZ shifts across timeframes, from 0.29 (10 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.

GDXJ vs. EWZ - Sectors Allocation Comparison

Sectors
GDXJ
EWZ

Basic Materials

100.0%
13.7%

Communication Services

-

2.2%

Consumer Cyclical

-

1.5%

Consumer Defensive

-

4.2%

Energy

-

18.5%

Financial Services

-

32.7%

Healthcare

-

2.4%

Industrials

-

10.9%

Real Estate

-

-

Technology

-

1.0%

Utilities

-

12.9%

Basic Materials

GDXJ
100.0%
EWZ
13.7%

Communication Services

GDXJ

-

EWZ
2.2%

Consumer Cyclical

GDXJ

-

EWZ
1.5%

Consumer Defensive

GDXJ

-

EWZ
4.2%

Energy

GDXJ

-

EWZ
18.5%

Financial Services

GDXJ

-

EWZ
32.7%

Healthcare

GDXJ

-

EWZ
2.4%

Industrials

GDXJ

-

EWZ
10.9%

Real Estate

GDXJ

-

EWZ

-

Technology

GDXJ

-

EWZ
1.0%

Utilities

GDXJ

-

EWZ
12.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Junior Gold Miners ETF

iShares MSCI Brazil ETF

Often compared with GDXJ:
GDXJ vs. GDXGDXJ vs. GLDGDXJ vs. SILJGDXJ vs. GOLDGDXJ vs. SPYGDXJ vs. GLDMGDXJ vs. IAU
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT

Return for Risk

GDXJ vs. EWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDXJ
GDXJ Risk / Return Rank: 3131
Overall Rank
GDXJ Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
GDXJ Sortino Ratio Rank: 3030
Sortino Ratio Rank
GDXJ Omega Ratio Rank: 3333
Omega Ratio Rank
GDXJ Calmar Ratio Rank: 3030
Calmar Ratio Rank
GDXJ Martin Ratio Rank: 2828
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 3838
Overall Rank
EWZ Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 3838
Sortino Ratio Rank
EWZ Omega Ratio Rank: 3838
Omega Ratio Rank
EWZ Calmar Ratio Rank: 3737
Calmar Ratio Rank
EWZ Martin Ratio Rank: 3737
Martin Ratio Rank
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.

GDXJ vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) and iShares MSCI Brazil ETF (EWZ). 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.

GDXJEWZDifference
Sharpe ratioReturn per unit of total volatility
1.00
1.25

-0.26

Sortino ratioReturn per unit of downside risk
1.45
1.76

-0.30

Omega ratioGain probability vs. loss probability

1.20

1.22

-0.02

Calmar ratioReturn relative to maximum drawdown

1.30

1.64

-0.34

Martin ratioReturn relative to average drawdown

3.55

5.17

-1.62

GDXJ vs. EWZ - Sharpe Ratio Comparison

The current GDXJ Sharpe Ratio is 1.00, which is comparable to the EWZ Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of GDXJ and EWZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GDXJ vs. EWZ - Drawdown Comparison

The maximum GDXJ drawdown since its inception was -88.66%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for GDXJ and EWZ.

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Drawdown Indicators

GDXJEWZDifference

Max Drawdown

Largest peak-to-trough decline

-88.66%

-77.25%

-11.41%

Max Drawdown (1Y)

Largest decline over 1 year

-39.47%

-19.27%

-20.20%

Max Drawdown (3Y)

Largest decline over 3 years

-39.47%

-31.36%

-8.11%

Max Drawdown (5Y)

Largest decline over 5 years

-49.76%

-32.24%

-17.52%

Max Drawdown (10Y)

Largest decline over 10 years

-57.77%

-56.99%

-0.78%

Current Drawdown

Current decline from peak

-33.25%

-23.06%

-10.19%

Average Drawdown

Average peak-to-trough decline

-60.45%

-35.93%

-24.52%

Ulcer Index

Depth and duration of drawdowns from previous peaks

14.41%

6.10%

+8.31%

Volatility

GDXJ vs. EWZ - Volatility Comparison

VanEck Junior Gold Miners ETF (GDXJ) has a higher volatility of 19.46% compared to iShares MSCI Brazil ETF (EWZ) at 7.35%. This indicates that GDXJ's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GDXJEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

19.46%

7.35%

+12.11%

Volatility (6M)

Calculated over the trailing 6-month period

43.41%

19.97%

+23.44%

Volatility (1Y)

Calculated over the trailing 1-year period

51.54%

25.20%

+26.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

41.50%

27.70%

+13.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.23%

34.04%

+10.19%

GDXJ vs. EWZ - Expense Ratio Comparison

GDXJ has a 0.52% expense ratio, which is lower than EWZ's 0.59% expense ratio.

Dividends

GDXJ vs. EWZ - Dividend Comparison

GDXJ's dividend yield for the trailing twelve months is around 2.54%, less than EWZ's 4.70% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZ
iShares MSCI Brazil ETF		4.70%5.19%8.91%5.66%12.59%9.87%1.71%2.54%2.89%1.71%1.81%4.08%
GDXJ
VanEck Junior Gold Miners ETF		2.54%2.33%2.61%0.72%0.51%1.78%1.58%0.39%0.45%0.03%4.78%0.72%

Frequently Asked Questions

GDXJ and EWZ have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDXJ has higher volatility (19.46%) compared to EWZ (7.35%). In terms of maximum drawdown, GDXJ dropped -88.66% vs EWZ's -77.25%.

On 10-year performance, GDXJ leads with 12.00% vs 8.29% for EWZ. On fees, GDXJ is cheaper at 0.52% per year. On volatility, EWZ has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GDXJ has performed better with a 12.00% return vs 8.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GDXJ is cheaper with a 0.52% expense ratio, compared with 0.59% for EWZ.

EWZ has the higher dividend yield at 4.70%, compared with 2.54% for GDXJ.

GDXJ is categorized as Gold, while EWZ is Latin America Equities. GDXJ tracks MVIS Global Junior Gold Miners Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.52% for GDXJ and 0.59% for EWZ.

EWZ currently has the higher Sharpe Ratio (1.25 vs 1.00), 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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