GOAU vs. GDX
GOAU (US Global GO GOLD and Precious Metal Miners ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - GOAU is a Materials fund tracking the U.S. Global GO GOLD and Precious Metal Miners Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, GOAU returned 15.62%/yr vs 19.08%/yr for GDX. Their correlation of 0.93 suggests significant overlap in exposure. GOAU charges 0.60%/yr vs 0.51%/yr for GDX.
Performance
GOAU vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, GOAU achieves a -1.69% return, which is significantly lower than GDX's 0.73% return.
GOAU
- 1D
- 1.83%
- 1M
- 2.05%
- YTD
- -1.69%
- 6M
- 2.10%
- 1Y
- 38.05%
- 3Y*
- 33.93%
- 5Y*
- 15.62%
- 10Y*
- —
GDX
- 1D
- 1.65%
- 1M
- 0.69%
- YTD
- 0.73%
- 6M
- 6.93%
- 1Y
- 63.55%
- 3Y*
- 41.54%
- 5Y*
- 19.08%
- 10Y*
- 14.11%
GOAU vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOAU US Global GO GOLD and Precious Metal Miners ETF | -1.69% | 126.68% | 13.78% | 10.67% | -11.66% | -9.23% | 14.13% | 54.17% | -11.88% | 7.92% |
GDX VanEck Gold Miners ETF | 0.73% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 4.45% |
Correlation
The correlation between GOAU and GDX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2017 | 0.93 |
The correlation between GOAU and GDX has been stable across timeframes, ranging from 0.93 to 0.96 - a consistent structural relationship.
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Return for Risk
GOAU vs. GDX — Risk / Return Rank
GOAU
GDX
GOAU vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Global GO GOLD and Precious Metal Miners ETF (GOAU) 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.
| GOAU | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.25 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 2.07 | -0.84 |
| Martin ratioReturn relative to average drawdown | 3.00 | 5.27 | -2.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GOAU | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 1.40 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.53 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.13 | +0.32 |
Drawdowns
GOAU vs. GDX - Drawdown Comparison
The maximum GOAU drawdown since its inception was -55.41%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for GOAU and GDX.
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Drawdown Indicators
| GOAU | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.41% | -80.34% | +24.93% |
Max Drawdown (1Y)Largest decline over 1 year | -31.15% | -30.84% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -31.15% | -30.84% | -0.31% |
Max Drawdown (5Y)Largest decline over 5 years | -48.52% | -46.51% | -2.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -25.58% | -25.41% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -18.82% | -40.43% | +21.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.71% | 12.09% | +0.62% |
Volatility
GOAU vs. GDX - Volatility Comparison
The current volatility for US Global GO GOLD and Precious Metal Miners ETF (GOAU) is 14.53%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.49%. This indicates that GOAU 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
| GOAU | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.53% | 15.49% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 37.31% | 37.51% | -0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.71% | 45.49% | +0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.44% | 36.40% | +0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.51% | 37.17% | -1.66% |
GOAU vs. GDX - Expense Ratio Comparison
GOAU has a 0.60% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
GOAU vs. GDX - Dividend Comparison
GOAU's dividend yield for the trailing twelve months is around 0.96%, more than GDX's 0.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.73% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
GOAU US Global GO GOLD and Precious Metal Miners ETF | 0.96% | 0.94% | 2.11% | 0.99% | 1.55% | 1.28% | 0.74% | 0.16% | 0.47% | 0.27% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.96, GOAU 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.
GDX has higher volatility (15.49%) compared to GOAU (14.53%). In terms of maximum drawdown, GOAU dropped -55.41% vs GDX's -80.34%.
On 5-year performance, GDX leads with 19.08% vs 15.62% for GOAU. On fees, GDX is cheaper at 0.51% per year. On volatility, GOAU has been the lower-risk option at 14.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 19.08% return vs 15.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.60% for GOAU.
GOAU has the higher dividend yield at 0.96%, compared with 0.73% for GDX.
GOAU is categorized as Materials, while GDX is Gold. GOAU tracks U.S. Global GO GOLD and Precious Metal Miners Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: US Global and VanEck. Their fees differ too: 0.60% for GOAU and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.40 vs 0.84), 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.
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