GDXJ vs. MSTR

Last updated Jun 4, 2026

GDXJ (VanEck Junior Gold Miners ETF) is Gold fund tracking the MVIS Global Junior Gold Miners Index, while MSTR (Strategy Inc) is a stock. Over the past 10 years, GDXJ returned 13.07%/yr vs 20.96%/yr for MSTR. At a 0.16 correlation, their price movements are largely independent.

Performance

GDXJ vs. MSTR - Performance Comparison

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

Returns By Period

In the year-to-date period, GDXJ achieves a -2.55% return, which is significantly higher than MSTR's -16.72% return. Over the past 10 years, GDXJ has underperformed MSTR with an annualized return of 13.07%, while MSTR has yielded a comparatively higher 20.96% annualized return.

GDXJ

• 1D: -4.40%
• 1M: -1.95%
• YTD: -2.55%
• 6M: 6.26%
• 1Y: 65.12%
• 3Y*: 46.12%
• 5Y*: 17.46%
• 10Y*: 13.07%

MSTR

• 1D: -7.01%
• 1M: -31.15%
• YTD: -16.72%
• 6M: -32.83%
• 1Y: -67.34%
• 3Y*: 61.19%
• 5Y*: 21.16%
• 10Y*: 20.96%

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

GDXJ vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDXJ VanEck Junior Gold Miners ETF	-2.55%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%
MSTR Strategy Inc	-16.72%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	11.65%	-2.70%	-33.49%

Correlation

The correlation between GDXJ and MSTR is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Nov 12, 2009	0.16

Return for Risk

GDXJ vs. MSTR — Risk / Return Rank

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

GDXJ

GDXJ Risk / Return Rank: 35
GDXJ Sharpe Ratio Rank: 36
GDXJ Sortino Ratio Rank: 32
GDXJ Omega Ratio Rank: 35
GDXJ Calmar Ratio Rank: 39
GDXJ Martin Ratio Rank: 32

MSTR

MSTR Risk / Return Rank: 6
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 3
MSTR Omega Ratio Rank: 6
MSTR Calmar Ratio Rank: 7
MSTR Martin Ratio Rank: 10

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. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) and Strategy Inc (MSTR). 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.

	GDXJ	MSTR	Difference
Sharpe ratio: Return per unit of total volatility	1.32	-0.96	+2.28
Sortino ratio: Return per unit of downside risk	1.74	-1.75	+3.50
Omega ratio: Gain probability vs. loss probability	1.24	0.81	+0.43
Calmar ratio: Return relative to maximum drawdown	1.99	-0.88	+2.87
Martin ratio: Return relative to average drawdown	4.95	-1.31	+6.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDXJ vs. MSTR - Sharpe Ratio Comparison

The current GDXJ Sharpe Ratio is 1.32, which is higher than the MSTR Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of GDXJ and MSTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDXJ	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	-0.96	+2.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.23	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.30	0.29	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.12	-0.07

Drawdowns

GDXJ vs. MSTR - Drawdown Comparison

The maximum GDXJ drawdown since its inception was -88.66%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for GDXJ and MSTR.

Drawdown Indicators

	GDXJ	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-88.66%	-99.86%	+11.20%
Max Drawdown (1Y) Largest decline over 1 year	-32.92%	-76.53%	+43.61%
Max Drawdown (3Y) Largest decline over 3 years	-32.92%	-77.42%	+44.50%
Max Drawdown (5Y) Largest decline over 5 years	-50.99%	-84.11%	+33.12%
Max Drawdown (10Y) Largest decline over 10 years	-57.77%	-89.27%	+31.50%
Current Drawdown Current decline from peak	-29.01%	-73.29%	+44.28%
Average Drawdown Average peak-to-trough decline	-60.50%	-86.48%	+25.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.19%	51.59%	-38.40%

Volatility

GDXJ vs. MSTR - Volatility Comparison

The current volatility for VanEck Junior Gold Miners ETF (GDXJ) is 16.66%, while Strategy Inc (MSTR) has a volatility of 19.43%. This indicates that GDXJ experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXJ	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.66%	19.43%	-2.77%
Volatility (6M) Calculated over the trailing 6-month period	41.34%	56.49%	-15.15%
Volatility (1Y) Calculated over the trailing 1-year period	49.79%	70.30%	-20.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.10%	90.79%	-49.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.06%	73.70%	-29.64%

Dividends

GDXJ vs. MSTR - Dividend Comparison

GDXJ's dividend yield for the trailing twelve months is around 2.39%, while MSTR 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	2.39%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
MSTR Strategy Inc	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

Can I hold both GDXJ and MSTR in my portfolio?

GDXJ and MSTR have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXJ or MSTR?

MSTR has higher volatility (19.43%) compared to GDXJ (16.66%). In terms of maximum drawdown, GDXJ dropped -88.66% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

GDXJ currently has the higher Sharpe Ratio (1.31 vs -0.96), 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.