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GLDN.AX vs. GDX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

GLDN.AX vs. GDX

Last updated Apr 1, 2026

Compare and contrast key facts about Ishares Physical Gold ETF (GLDN.AX) and VanEck Gold Miners ETF (GDX).

GLDN.AX and GDX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLDN.AX is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price PM AUD Index. It was launched on Nov 1, 2023. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. Both GLDN.AX and GDX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GLDN.AX vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Ishares Physical Gold ETF (GLDN.AX) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

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GLDN.AX vs. GDX - Yearly Performance Comparison

2026 (YTD)202520242023
GLDN.AX
Ishares Physical Gold ETF		2.48%55.11%38.15%-2.11%
GDX
VanEck Gold Miners ETF		3.32%136.27%21.77%5.37%
Different Trading Currencies

GLDN.AX is traded in AUD, while GDX is traded in USD. To make them comparable, the GDX values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLDN.AX achieves a 2.48% return, which is significantly lower than GDX's 3.32% return.

GLDN.AX

1D
1.67%
1M
-8.29%
YTD
2.48%
6M
13.48%
1Y
34.27%
3Y*
—
5Y*
—
10Y*
—

GDX

1D
6.01%
1M
-18.43%
YTD
3.32%
6M
15.75%
1Y
81.75%
3Y*
41.65%
5Y*
26.39%
10Y*
18.78%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Ishares Physical Gold ETF

VanEck Gold Miners ETF

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Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV

GLDN.AX vs. GDX - Expense Ratio Comparison

GLDN.AX has a 0.18% expense ratio, which is lower than GDX's 0.51% expense ratio.

GDX
VanEck Gold Miners ETF
GLDN.AX
Ishares Physical Gold ETF

Return for Risk

GLDN.AX vs. GDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLDN.AX
GLDN.AX Risk / Return Rank: 6565
Overall Rank
GLDN.AX Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
GLDN.AX Sortino Ratio Rank: 7070
Sortino Ratio Rank
GLDN.AX Omega Ratio Rank: 7272
Omega Ratio Rank
GLDN.AX Calmar Ratio Rank: 6161
Calmar Ratio Rank
GLDN.AX Martin Ratio Rank: 5252
Martin Ratio Rank
GDX
GDX Risk / Return Rank: 9292
Overall Rank
GDX Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 9090
Sortino Ratio Rank
GDX Omega Ratio Rank: 8989
Omega Ratio Rank
GDX Calmar Ratio Rank: 9393
Calmar Ratio Rank
GDX Martin Ratio Rank: 9292
Martin Ratio Rank
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.

GLDN.AX vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Physical Gold ETF (GLDN.AX) and VanEck Gold Miners ETF (GDX). 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.

GLDN.AXGDXDifference

Sharpe ratio

Return per unit of total volatility

1.31

1.98

-0.66

Sortino ratio

Return per unit of downside risk

1.77

2.29

-0.52

Omega ratio

Gain probability vs. loss probability

1.27

1.33

-0.06

Calmar ratio

Return relative to maximum drawdown

1.56

2.83

-1.26

Martin ratio

Return relative to average drawdown

5.10

10.06

-4.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDN.AX vs. GDX - Sharpe Ratio Comparison

The current GLDN.AX Sharpe Ratio is 1.31, which is lower than the GDX Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of GLDN.AX and GDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

GLDN.AXGDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.31

1.98

-0.66

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.86

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.56

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.92

0.17

+1.75

Correlation

The correlation between GLDN.AX and GDX is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GLDN.AX vs. GDX - Dividend Comparison

GLDN.AX's dividend yield for the trailing twelve months is around 0.07%, less than GDX's 0.69% yield.

TTM20252024202320222021202020192018201720162015
GLDN.AX
Ishares Physical Gold ETF		0.07%0.07%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
GDX
VanEck Gold Miners ETF		0.69%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%

Drawdowns

GLDN.AX vs. GDX - Drawdown Comparison

The maximum GLDN.AX drawdown since its inception was -20.81%, smaller than the maximum GDX drawdown of -71.02%. Use the drawdown chart below to compare losses from any high point for GLDN.AX and GDX.

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Drawdown Indicators

GLDN.AXGDXDifference

Max Drawdown

Largest peak-to-trough decline

-20.81%

-80.34%

+59.53%

Max Drawdown (1Y)

Largest decline over 1 year

-20.81%

-30.84%

+10.03%

Max Drawdown (5Y)

Largest decline over 5 years

—

-46.51%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-49.79%

—

Current Drawdown

Current decline from peak

-14.98%

-20.78%

+5.80%

Average Drawdown

Average peak-to-trough decline

-3.29%

-40.61%

+37.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.38%

8.52%

-2.14%

Volatility

GLDN.AX vs. GDX - Volatility Comparison

The current volatility for Ishares Physical Gold ETF (GLDN.AX) is 9.88%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.01%. This indicates that GLDN.AX experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLDN.AXGDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.88%

17.01%

-7.13%

Volatility (6M)

Calculated over the trailing 6-month period

22.84%

35.30%

-12.46%

Volatility (1Y)

Calculated over the trailing 1-year period

25.99%

41.57%

-15.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.68%

31.04%

-11.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.68%

33.92%

-14.24%