GDXJ vs. GLD
GDXJ (VanEck Junior Gold Miners ETF) and GLD (SPDR Gold Shares) are both Gold funds - GDXJ tracks the MVIS Global Junior Gold Miners Index while GLD tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, GDXJ returned 11.90%/yr vs 12.13%/yr for GLD. A 0.76 correlation means they provide meaningful diversification when combined. GDXJ charges 0.52%/yr vs 0.40%/yr for GLD.
Performance
GDXJ vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, GDXJ achieves a -5.77% return, which is significantly lower than GLD's -2.32% return. Both investments have delivered pretty close results over the past 10 years, with GDXJ having a 11.90% annualized return and GLD not far ahead at 12.13%.
GDXJ
- 1D
- -2.34%
- 1M
- -5.42%
- YTD
- -5.77%
- 6M
- -6.75%
- 1Y
- 59.34%
- 3Y*
- 45.00%
- 5Y*
- 19.45%
- 10Y*
- 11.90%
GLD
- 1D
- -0.38%
- 1M
- -7.25%
- YTD
- -2.32%
- 6M
- -2.98%
- 1Y
- 24.77%
- 3Y*
- 28.69%
- 5Y*
- 18.61%
- 10Y*
- 12.13%
GDXJ vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | -5.77% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
GLD SPDR Gold Shares | -2.32% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between GDXJ and GLD is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 11, 2009 | 0.76 |
The correlation between GDXJ and GLD has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.
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Return for Risk
GDXJ vs. GLD — Risk / Return Rank
GDXJ
GLD
GDXJ vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) and SPDR Gold Shares (GLD). 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.
| GDXJ | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.19 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | 1.02 | +0.49 |
| Martin ratioReturn relative to average drawdown | 4.03 | 2.80 | +1.22 |
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Drawdowns
GDXJ vs. GLD - Drawdown Comparison
The maximum GDXJ drawdown since its inception was -88.66%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for GDXJ and GLD.
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Drawdown Indicators
| GDXJ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.66% | -45.56% | -43.10% |
Max Drawdown (1Y)Largest decline over 1 year | -39.47% | -24.46% | -15.01% |
Max Drawdown (3Y)Largest decline over 3 years | -39.47% | -24.46% | -15.01% |
Max Drawdown (5Y)Largest decline over 5 years | -48.79% | -24.46% | -24.33% |
Max Drawdown (10Y)Largest decline over 10 years | -57.77% | -24.46% | -33.31% |
Current DrawdownCurrent decline from peak | -31.35% | -21.94% | -9.41% |
Average DrawdownAverage peak-to-trough decline | -60.42% | -16.16% | -44.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.78% | 8.86% | +5.92% |
Volatility
GDXJ vs. GLD - Volatility Comparison
VanEck Junior Gold Miners ETF (GDXJ) has a higher volatility of 19.77% compared to SPDR Gold Shares (GLD) at 8.24%. This indicates that GDXJ's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXJ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.77% | 8.24% | +11.53% |
Volatility (6M)Calculated over the trailing 6-month period | 44.13% | 24.32% | +19.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.20% | 27.50% | +24.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.63% | 18.22% | +23.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.29% | 16.11% | +28.18% |
GDXJ vs. GLD - Expense Ratio Comparison
GDXJ has a 0.52% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
GDXJ vs. GLD - Dividend Comparison
GDXJ's dividend yield for the trailing twelve months is around 2.47%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | 2.47% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDXJ and GLD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXJ has higher volatility (19.77%) compared to GLD (8.24%). In terms of maximum drawdown, GDXJ dropped -88.66% vs GLD's -45.56%.
On 10-year performance, GLD leads with 12.13% vs 11.90% for GDXJ. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.13% return vs 11.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.52% for GDXJ.
GDXJ has the higher dividend yield at 2.47%, compared with 0.00% for GLD.
GDXJ tracks MVIS Global Junior Gold Miners Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.52% for GDXJ and 0.40% for GLD.
GDXJ currently has the higher Sharpe Ratio (1.14 vs 0.91), 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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