GHAAX vs. INIVX

Last updated Jun 4, 2026

GHAAX (VanEck Global Resources Fund) and INIVX (VanEck International Investors Gold Fund) are both mutual funds - GHAAX is a Energy Equities fund managed by VanEck, while INIVX is a Precious Metals fund managed by VanEck. Over the past 10 years, GHAAX returned 7.33%/yr vs 15.45%/yr for INIVX. A 0.54 correlation means they provide meaningful diversification when combined. GHAAX charges 1.38%/yr vs 1.42%/yr for INIVX.

Performance

GHAAX vs. INIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Global Resources Fund (GHAAX) and VanEck International Investors Gold Fund (INIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GHAAX achieves a 19.30% return, which is significantly higher than INIVX's 7.71% return. Over the past 10 years, GHAAX has underperformed INIVX with an annualized return of 7.33%, while INIVX has yielded a comparatively higher 15.45% annualized return.

GHAAX

• 1D: 1.53%
• 1M: 2.84%
• YTD: 19.30%
• 6M: 21.47%
• 1Y: 48.08%
• 3Y*: 17.98%
• 5Y*: 9.81%
• 10Y*: 7.33%

INIVX

• 1D: 1.30%
• 1M: 2.41%
• YTD: 7.71%
• 6M: 16.89%
• 1Y: 78.67%
• 3Y*: 48.46%
• 5Y*: 21.66%
• 10Y*: 15.45%

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

GHAAX vs. INIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GHAAX VanEck Global Resources Fund	19.30%	36.12%	-3.15%	-3.93%	7.79%	18.63%	18.68%	11.65%	-29.35%	-1.49%
INIVX VanEck International Investors Gold Fund	7.71%	165.88%	14.37%	9.67%	-13.77%	-14.23%	40.91%	38.15%	-16.01%	13.06%

Correlation

The correlation between GHAAX and INIVX is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.67
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 4, 1995	0.54

The correlation between GHAAX and INIVX shifts across timeframes, from 0.49 (10 years) to 0.73 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GHAAX vs. INIVX — Risk / Return Rank

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

GHAAX

GHAAX Risk / Return Rank: 71
GHAAX Sharpe Ratio Rank: 69
GHAAX Sortino Ratio Rank: 48
GHAAX Omega Ratio Rank: 63
GHAAX Calmar Ratio Rank: 88
GHAAX Martin Ratio Rank: 85

INIVX

INIVX Risk / Return Rank: 36
INIVX Sharpe Ratio Rank: 37
INIVX Sortino Ratio Rank: 25
INIVX Omega Ratio Rank: 35
INIVX Calmar Ratio Rank: 49
INIVX Martin Ratio Rank: 32

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.

GHAAX vs. INIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Global Resources Fund (GHAAX) and VanEck International Investors Gold Fund (INIVX). 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.

	GHAAX	INIVX	Difference
Sharpe ratio: Return per unit of total volatility	2.42	1.75	+0.67
Sortino ratio: Return per unit of downside risk	2.93	2.10	+0.83
Omega ratio: Gain probability vs. loss probability	1.44	1.31	+0.13
Calmar ratio: Return relative to maximum drawdown	4.38	2.65	+1.73
Martin ratio: Return relative to average drawdown	16.05	7.36	+8.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GHAAX vs. INIVX - Sharpe Ratio Comparison

The current GHAAX Sharpe Ratio is 2.42, which is higher than the INIVX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of GHAAX and INIVX, 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

	GHAAX	INIVX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	1.75	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.64	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.46	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.26	+0.06

Drawdowns

GHAAX vs. INIVX - Drawdown Comparison

The maximum GHAAX drawdown since its inception was -74.68%, smaller than the maximum INIVX drawdown of -78.96%. Use the drawdown chart below to compare losses from any high point for GHAAX and INIVX.

Drawdown Indicators

	GHAAX	INIVX	Difference
Max Drawdown Largest peak-to-trough decline	-74.68%	-78.96%	+4.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.04%	-29.60%	+18.56%
Max Drawdown (3Y) Largest decline over 3 years	-18.65%	-29.60%	+10.95%
Max Drawdown (5Y) Largest decline over 5 years	-27.74%	-44.66%	+16.92%
Max Drawdown (10Y) Largest decline over 10 years	-62.93%	-51.20%	-11.73%
Current Drawdown Current decline from peak	-2.13%	-20.95%	+18.82%
Average Drawdown Average peak-to-trough decline	-24.69%	-37.77%	+13.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	10.62%	-7.62%

Volatility

GHAAX vs. INIVX - Volatility Comparison

The current volatility for VanEck Global Resources Fund (GHAAX) is 4.57%, while VanEck International Investors Gold Fund (INIVX) has a volatility of 14.11%. This indicates that GHAAX experiences smaller price fluctuations and is considered to be less risky than INIVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GHAAX	INIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	14.11%	-9.54%
Volatility (6M) Calculated over the trailing 6-month period	16.72%	37.74%	-21.02%
Volatility (1Y) Calculated over the trailing 1-year period	20.00%	44.95%	-24.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.06%	34.18%	-11.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.39%	33.99%	-8.60%

GHAAX vs. INIVX - Expense Ratio Comparison

GHAAX has a 1.38% expense ratio, which is lower than INIVX's 1.42% expense ratio.

Dividends

GHAAX vs. INIVX - Dividend Comparison

GHAAX's dividend yield for the trailing twelve months is around 1.31%, less than INIVX's 5.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GHAAX VanEck Global Resources Fund	1.31%	1.56%	2.95%	2.33%	2.53%	1.35%	0.53%	0.89%	0.00%	0.00%	0.03%	0.51%
INIVX VanEck International Investors Gold Fund	5.58%	6.01%	7.45%	0.10%	0.00%	6.40%	11.70%	3.66%	2.87%	3.76%	6.40%	0.00%

Frequently Asked Questions

Can I hold both GHAAX and INIVX in my portfolio?

GHAAX and INIVX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GHAAX or INIVX?

INIVX has higher volatility (14.11%) compared to GHAAX (4.57%). In terms of maximum drawdown, GHAAX dropped -74.68% vs INIVX's -78.96%.

Which has better risk-adjusted returns?

GHAAX currently has the higher Sharpe Ratio (2.42 vs 1.75), 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.