GNR vs. GDXJ

Last updated Jun 13, 2026

GNR (SPDR S&P Global Natural Resources ETF) and GDXJ (VanEck Junior Gold Miners ETF) are both exchange-traded funds - GNR is a Commodity Producers Equities fund tracking the S&P Global Natural Resources Index, while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, GNR returned 10.91%/yr vs 12.00%/yr for GDXJ. At a 0.45 correlation, their price movements are largely independent. GNR charges 0.40%/yr vs 0.52%/yr for GDXJ.

Performance

GNR vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Natural Resources ETF (GNR) and VanEck Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GNR achieves a 17.34% return, which is significantly higher than GDXJ's -8.37% return. Over the past 10 years, GNR has underperformed GDXJ with an annualized return of 10.91%, while GDXJ has yielded a comparatively higher 12.00% annualized return.

GNR

• 1D: 1.21%
• 1M: -3.83%
• YTD: 17.34%
• 6M: 18.86%
• 1Y: 35.92%
• 3Y*: 13.61%
• 5Y*: 9.29%
• 10Y*: 10.91%

GDXJ

• 1D: 3.15%
• 1M: -19.14%
• YTD: -8.37%
• 6M: -6.68%
• 1Y: 51.06%
• 3Y*: 44.17%
• 5Y*: 16.23%
• 10Y*: 12.00%

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

GNR vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GNR SPDR S&P Global Natural Resources ETF	17.34%	28.68%	-8.27%	2.95%	10.20%	24.73%	-0.03%	16.49%	-13.19%	22.64%
GDXJ VanEck Junior Gold Miners ETF	-8.37%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between GNR and GDXJ is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Sep 14, 2010	0.45

The correlation between GNR and GDXJ shifts across timeframes, from 0.44 (10 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.

GNR vs. GDXJ - Sectors Allocation Comparison

Sectors	GNR	GDXJ
Basic Materials	50.3%	100.0%
Energy	37.6%	-
Consumer Cyclical	6.3%	-
Consumer Defensive	4.6%	-
Real Estate	0.8%	-
Industrials	0.2%	-
Financial Services	0.0%	-
Healthcare	0.0%	-
Utilities	0.0%	-
Communication Services	-	-
Technology	-	-

Return for Risk

GNR vs. GDXJ — Risk / Return Rank

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

GNR

GNR Risk / Return Rank: 79
GNR Sharpe Ratio Rank: 76
GNR Sortino Ratio Rank: 70
GNR Omega Ratio Rank: 73
GNR Calmar Ratio Rank: 88
GNR Martin Ratio Rank: 87

GDXJ

GDXJ Risk / Return Rank: 31
GDXJ Sharpe Ratio Rank: 31
GDXJ Sortino Ratio Rank: 30
GDXJ Omega Ratio Rank: 33
GDXJ Calmar Ratio Rank: 30
GDXJ Martin Ratio Rank: 28

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.

GNR vs. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and VanEck Junior Gold Miners ETF (GDXJ). 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.

	GNR	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.00	+1.12
Sortino ratio: Return per unit of downside risk	2.74	1.45	+1.29
Omega ratio: Gain probability vs. loss probability	1.37	1.20	+0.17
Calmar ratio: Return relative to maximum drawdown	4.53	1.30	+3.23
Martin ratio: Return relative to average drawdown	16.42	3.55	+12.86

GNR vs. GDXJ - Sharpe Ratio Comparison

The current GNR Sharpe Ratio is 2.12, which is higher than the GDXJ Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of GNR and GDXJ, 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

GNR vs. GDXJ - Drawdown Comparison

The maximum GNR drawdown since its inception was -51.37%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for GNR and GDXJ.

Drawdown Indicators

	GNR	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-51.37%	-88.66%	+37.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.97%	-39.47%	+31.50%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	-39.47%	+18.32%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-49.76%	+24.10%
Max Drawdown (10Y) Largest decline over 10 years	-48.59%	-57.77%	+9.18%
Current Drawdown Current decline from peak	-3.91%	-33.25%	+29.34%
Average Drawdown Average peak-to-trough decline	-14.93%	-60.45%	+45.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.19%	14.41%	-12.22%

Volatility

GNR vs. GDXJ - Volatility Comparison

The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 5.75%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 19.46%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GNR	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	19.46%	-13.71%
Volatility (6M) Calculated over the trailing 6-month period	13.87%	43.41%	-29.54%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	51.54%	-34.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.33%	41.50%	-21.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.89%	44.23%	-22.34%

GNR vs. GDXJ - Expense Ratio Comparison

GNR has a 0.40% expense ratio, which is lower than GDXJ's 0.52% expense ratio.

Dividends

GNR vs. GDXJ - Dividend Comparison

GNR's dividend yield for the trailing twelve months is around 2.53%, which matches GDXJ's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.54%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
GNR SPDR S&P Global Natural Resources ETF	2.53%	2.76%	4.73%	3.37%	4.37%	3.44%	2.78%	3.84%	3.51%	2.40%	2.06%	4.59%

Frequently Asked Questions

Can I hold both GNR and GDXJ in my portfolio?

GNR and GDXJ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GNR or GDXJ?

GDXJ has higher volatility (19.46%) compared to GNR (5.75%). In terms of maximum drawdown, GNR dropped -51.37% vs GDXJ's -88.66%.

Which ETF is better, GNR or GDXJ?

On 10-year performance, GDXJ leads with 12.00% vs 10.91% for GNR. On fees, GNR is cheaper at 0.40% per year. On volatility, GNR has been the lower-risk option at 5.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GNR or GDXJ?

Over the 10-year period, GDXJ has performed better with a 12.00% return vs 10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GNR or GDXJ?

GNR is cheaper with a 0.40% expense ratio, compared with 0.52% for GDXJ.

Which ETF pays a higher dividend yield, GNR or GDXJ?

GNR and GDXJ have nearly identical dividend yields, around 2.53%.

What is the main difference between GNR and GDXJ?

GNR is categorized as Commodity Producers Equities, while GDXJ is Gold. GNR tracks S&P Global Natural Resources Index, while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.40% for GNR and 0.52% for GDXJ.

Which has better risk-adjusted returns?

GNR currently has the higher Sharpe Ratio (2.12 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.