GLDN vs. GDX
GLDN (Nicholas Gold Income ETF) and GDX (VanEck Gold Miners ETF) are both Gold funds. GLDN is actively managed, while GDX is passively managed. Their 0.98 correlation means they have historically moved very closely together. GLDN charges 1.07%/yr vs 0.51%/yr for GDX.
Performance
GLDN vs. GDX - Performance Comparison
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Returns By Period
GLDN
- 1D
- 6.18%
- 1M
- 3.13%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
GDX
- 1D
- 7.39%
- 1M
- 6.27%
- 6M
- -15.22%
- YTD
- -2.44%
- 1Y
- 49.29%
- 3Y*
- 43.13%
- 5Y*
- 21.96%
- 10Y*
- 11.81%
- ALL TIME*
- 5.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.47B | $1.40B | $1.77B | |
| $89.38K | $105.25K | $99.21K |
GLDN vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
GLDN Nicholas Gold Income ETF | -20.08% |
GDX VanEck Gold Miners ETF | -16.53% |
Correlation
The correlation between GLDN and GDX is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026 | 0.98 |
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Return for Risk
GLDN vs. GDX — Risk / Return Rank
GLDN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GDX
GLDN vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Gold Income ETF (GLDN) 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.
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.
| GLDN | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.20 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.27 | — |
| Martin ratioReturn relative to average drawdown | — | 2.70 | — |
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Drawdowns
GLDN vs. GDX - Drawdown Comparison
The maximum GLDN drawdown since its inception was -36.20%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for GLDN and GDX.
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Drawdown Indicators
| GLDN | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.20% | -80.34% | +44.14% |
Max Drawdown (1Y)Largest decline over 1 year | — | -38.93% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.93% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -27.23% | -27.76% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -21.05% | -40.37% | +19.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 18.30% | — |
Volatility
GLDN vs. GDX - Volatility Comparison
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Volatility by Period
| GLDN | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.71% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 38.25% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 42.00% | 48.91% | -6.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.00% | 37.41% | +4.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.00% | 37.42% | +4.58% |
GLDN vs. GDX - Expense Ratio Comparison
GLDN has a 1.07% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
GLDN vs. GDX - Dividend Comparison
GLDN's dividend yield for the trailing twelve months is around 6.99%, more than GDX's 0.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.76% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
GLDN Nicholas Gold Income ETF | 6.99% | 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
With a correlation of 0.98, GLDN and GDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, GDX is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GDX is cheaper with a 0.51% expense ratio, compared with 1.07% for GLDN.
GLDN has the higher dividend yield at 6.99%, compared with 0.76% for GDX.
They also come from different issuers: Nicholas and VanEck. Their fees differ too: 1.07% for GLDN and 0.51% for GDX.
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