GJGB.L vs. GLDW.L

Last updated Jun 26, 2026

GJGB.L (VanEck Junior Gold Miners UCITS ETF) and GLDW.L (WisdomTree Core Physical Gold) are both Gold funds - GJGB.L tracks the MVIS Global Junior Gold Miners Index while GLDW.L tracks the Gold. Both are passively managed. Over the past 5 years, GJGB.L returned 18.62%/yr vs 18.76%/yr for GLDW.L. A 0.64 correlation means they provide meaningful diversification when combined. GJGB.L charges 0.55%/yr vs 0.12%/yr for GLDW.L.

Performance

GJGB.L vs. GLDW.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in VanEck Junior Gold Miners UCITS ETF (GJGB.L) and WisdomTree Core Physical Gold (GLDW.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GJGB.L is traded in GBP, while GLDW.L is traded in GBp. To make them comparable, the GLDW.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, GJGB.L achieves a -11.71% return, which is significantly lower than GLDW.L's -4.94% return.

GJGB.L

• 1D: 1.18%
• 1M: -12.68%
• YTD: -11.71%
• 6M: -15.81%
• 1Y: 56.64%
• 3Y*: 41.42%
• 5Y*: 18.62%
• 10Y*: —

GLDW.L

• 1D: 0.01%
• 1M: -9.18%
• YTD: -4.94%
• 6M: -8.54%
• 1Y: 24.63%
• 3Y*: 26.04%
• 5Y*: 18.76%
• 10Y*: —

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

GJGB.L vs. GLDW.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GJGB.L VanEck Junior Gold Miners UCITS ETF	-11.71%	156.47%	14.85%	1.67%	-2.76%	-22.00%	10.16%
GLDW.L WisdomTree Core Physical Gold	-4.94%	53.57%	28.18%	7.26%	11.82%	7,024.45%	7.28%

Correlation

The correlation between GJGB.L and GLDW.L is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since Nov 30, 2020	0.64

The correlation between GJGB.L and GLDW.L shifts across timeframes, from 0.63 (5 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GJGB.L vs. GLDW.L — Risk / Return Rank

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

GJGB.L

GJGB.L Risk / Return Rank: 33
GJGB.L Sharpe Ratio Rank: 35
GJGB.L Sortino Ratio Rank: 34
GJGB.L Omega Ratio Rank: 34
GJGB.L Calmar Ratio Rank: 33
GJGB.L Martin Ratio Rank: 30

GLDW.L

GLDW.L Risk / Return Rank: 28
GLDW.L Sharpe Ratio Rank: 31
GLDW.L Sortino Ratio Rank: 28
GLDW.L Omega Ratio Rank: 34
GLDW.L Calmar Ratio Rank: 24
GLDW.L Martin Ratio Rank: 25

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.

GJGB.L vs. GLDW.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Junior Gold Miners UCITS ETF (GJGB.L) and WisdomTree Core Physical Gold (GLDW.L). 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.

	GJGB.L	GLDW.L	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.03	+0.13
Sortino ratio: Return per unit of downside risk	1.67	1.43	+0.24
Omega ratio: Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio: Return relative to maximum drawdown	1.51	1.06	+0.45
Martin ratio: Return relative to average drawdown	3.91	2.98	+0.93

GJGB.L vs. GLDW.L - Sharpe Ratio Comparison

The current GJGB.L Sharpe Ratio is 1.16, which is comparable to the GLDW.L Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of GJGB.L and GLDW.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GJGB.L vs. GLDW.L - Drawdown Comparison

The maximum GJGB.L drawdown since its inception was -49.12%, which is greater than GLDW.L's maximum drawdown of -23.14%. Use the drawdown chart below to compare losses from any high point for GJGB.L and GLDW.L.

Drawdown Indicators

	GJGB.L	GLDW.L	Difference
Max Drawdown Largest peak-to-trough decline	-49.12%	-23.14%	-25.98%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-23.14%	-14.11%
Max Drawdown (3Y) Largest decline over 3 years	-37.25%	-23.14%	-14.11%
Max Drawdown (5Y) Largest decline over 5 years	-37.25%	-23.14%	-14.11%
Current Drawdown Current decline from peak	-34.71%	-23.13%	-11.58%
Average Drawdown Average peak-to-trough decline	-22.41%	-5.12%	-17.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.43%	8.24%	+6.19%

Volatility

GJGB.L vs. GLDW.L - Volatility Comparison

VanEck Junior Gold Miners UCITS ETF (GJGB.L) has a higher volatility of 19.03% compared to WisdomTree Core Physical Gold (GLDW.L) at 8.05%. This indicates that GJGB.L's price experiences larger fluctuations and is considered to be riskier than GLDW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GJGB.L	GLDW.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.03%	8.05%	+10.98%
Volatility (6M) Calculated over the trailing 6-month period	40.06%	20.97%	+19.09%
Volatility (1Y) Calculated over the trailing 1-year period	48.61%	23.85%	+24.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.69%	21.75%	+15.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.14%	3,005.26%	-2,968.12%

GJGB.L vs. GLDW.L - Expense Ratio Comparison

GJGB.L has a 0.55% expense ratio, which is higher than GLDW.L's 0.12% expense ratio.

Dividends

GJGB.L vs. GLDW.L - Dividend Comparison

Neither GJGB.L nor GLDW.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GJGB.L and GLDW.L in my portfolio?

GJGB.L and GLDW.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GJGB.L or GLDW.L?

On fees, GLDW.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GJGB.L or GLDW.L?

GLDW.L is cheaper with a 0.12% expense ratio, compared with 0.55% for GJGB.L.

What is the main difference between GJGB.L and GLDW.L?

GJGB.L tracks MVIS Global Junior Gold Miners Index, while GLDW.L tracks Gold. They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.55% for GJGB.L and 0.12% for GLDW.L.