GDXJ vs. VCMDX

Last updated Jun 9, 2026

GDXJ (VanEck Junior Gold Miners ETF) and VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) are both funds - GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index, while VCMDX is a Commodities fund managed by Vanguard. Over the past 5 years, GDXJ returned 15.86%/yr vs 11.09%/yr for VCMDX. At a 0.39 correlation, their price movements are largely independent. GDXJ charges 0.52%/yr vs 0.20%/yr for VCMDX.

Performance

GDXJ vs. VCMDX - Performance Comparison

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

Returns By Period

In the year-to-date period, GDXJ achieves a -10.70% return, which is significantly lower than VCMDX's 18.92% return.

GDXJ

• 1D: 1.01%
• 1M: -19.25%
• YTD: -10.70%
• 6M: -0.52%
• 1Y: 50.65%
• 3Y*: 42.13%
• 5Y*: 15.86%
• 10Y*: 11.53%

VCMDX

• 1D: -2.09%
• 1M: -3.55%
• YTD: 18.92%
• 6M: 19.63%
• 1Y: 29.79%
• 3Y*: 14.31%
• 5Y*: 11.09%
• 10Y*: —

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

GDXJ vs. VCMDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GDXJ VanEck Junior Gold Miners ETF	-10.70%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	21.82%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	18.92%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%

Correlation

The correlation between GDXJ and VCMDX 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	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 27, 2019	0.39

The correlation between GDXJ and VCMDX shifts across timeframes, from 0.25 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

GDXJ vs. VCMDX — Risk / Return Rank

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

GDXJ

GDXJ Risk / Return Rank: 31
GDXJ Sharpe Ratio Rank: 30
GDXJ Sortino Ratio Rank: 29
GDXJ Omega Ratio Rank: 33
GDXJ Calmar Ratio Rank: 32
GDXJ Martin Ratio Rank: 29

VCMDX

VCMDX Risk / Return Rank: 59
VCMDX Sharpe Ratio Rank: 50
VCMDX Sortino Ratio Rank: 41
VCMDX Omega Ratio Rank: 47
VCMDX Calmar Ratio Rank: 87
VCMDX Martin Ratio Rank: 67

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. VCMDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners ETF (GDXJ) and Vanguard Commodity Strategy Fund Admiral Shares (VCMDX). 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	VCMDX	Difference
Sharpe ratio: Return per unit of total volatility	1.00	2.01	-1.01
Sortino ratio: Return per unit of downside risk	1.45	2.60	-1.15
Omega ratio: Gain probability vs. loss probability	1.20	1.36	-0.16
Calmar ratio: Return relative to maximum drawdown	1.43	4.17	-2.74
Martin ratio: Return relative to average drawdown	3.72	12.39	-8.67
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. VCMDX - Sharpe Ratio Comparison

The current GDXJ Sharpe Ratio is 1.00, which is lower than the VCMDX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of GDXJ and VCMDX, 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	VCMDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	2.01	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.70	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.82	-0.77

Drawdowns

GDXJ vs. VCMDX - Drawdown Comparison

The maximum GDXJ drawdown since its inception was -88.66%, which is greater than VCMDX's maximum drawdown of -26.67%. Use the drawdown chart below to compare losses from any high point for GDXJ and VCMDX.

Drawdown Indicators

	GDXJ	VCMDX	Difference
Max Drawdown Largest peak-to-trough decline	-88.66%	-26.67%	-61.99%
Max Drawdown (1Y) Largest decline over 1 year	-35.60%	-7.25%	-28.35%
Max Drawdown (3Y) Largest decline over 3 years	-35.60%	-9.90%	-25.70%
Max Drawdown (5Y) Largest decline over 5 years	-50.99%	-25.45%	-25.54%
Max Drawdown (10Y) Largest decline over 10 years	-57.77%	—	—
Current Drawdown Current decline from peak	-34.94%	-6.53%	-28.41%
Average Drawdown Average peak-to-trough decline	-60.48%	-10.85%	-49.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.67%	2.43%	+11.24%

Volatility

GDXJ vs. VCMDX - Volatility Comparison

VanEck Junior Gold Miners ETF (GDXJ) has a higher volatility of 17.66% compared to Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) at 4.98%. This indicates that GDXJ's price experiences larger fluctuations and is considered to be riskier than VCMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXJ	VCMDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.66%	4.98%	+12.68%
Volatility (6M) Calculated over the trailing 6-month period	42.71%	12.92%	+29.79%
Volatility (1Y) Calculated over the trailing 1-year period	50.84%	15.01%	+35.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.34%	15.86%	+25.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.15%	15.40%	+28.75%

GDXJ vs. VCMDX - Expense Ratio Comparison

GDXJ has a 0.52% expense ratio, which is higher than VCMDX's 0.20% expense ratio.

Dividends

GDXJ vs. VCMDX - Dividend Comparison

GDXJ's dividend yield for the trailing twelve months is around 2.61%, less than VCMDX's 12.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.61%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.79%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDXJ and VCMDX in my portfolio?

GDXJ and VCMDX 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 VCMDX?

GDXJ has higher volatility (17.66%) compared to VCMDX (4.98%). In terms of maximum drawdown, GDXJ dropped -88.66% vs VCMDX's -26.67%.

Which has better risk-adjusted returns?

VCMDX currently has the higher Sharpe Ratio (2.01 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.