GOEX vs. FXZ

Last updated Jun 4, 2026

GOEX (Global X Gold Explorers ETF) and FXZ (First Trust Materials AlphaDEX Fund) are both Materials funds - GOEX tracks the Solactive Global Gold Explorers & Developers Total Return while FXZ tracks the StrataQuant Materials Index. Both are passively managed. Over the past 10 years, GOEX returned 13.99%/yr vs 11.67%/yr for FXZ. At a 0.32 correlation, their price movements are largely independent. GOEX charges 0.65%/yr vs 0.67%/yr for FXZ.

Performance

GOEX vs. FXZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Explorers ETF (GOEX) and First Trust Materials AlphaDEX Fund (FXZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOEX achieves a -5.02% return, which is significantly lower than FXZ's 29.62% return. Over the past 10 years, GOEX has outperformed FXZ with an annualized return of 13.99%, while FXZ has yielded a comparatively lower 11.67% annualized return.

GOEX

• 1D: -4.11%
• 1M: -3.45%
• YTD: -5.02%
• 6M: 2.89%
• 1Y: 64.25%
• 3Y*: 46.31%
• 5Y*: 18.83%
• 10Y*: 13.99%

FXZ

• 1D: -0.40%
• 1M: 5.70%
• YTD: 29.62%
• 6M: 33.34%
• 1Y: 53.31%
• 3Y*: 13.07%
• 5Y*: 7.84%
• 10Y*: 11.67%

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

GOEX vs. FXZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOEX Global X Gold Explorers ETF	-5.02%	179.50%	19.38%	1.99%	-14.63%	-14.45%	34.98%	36.73%	-14.84%	12.61%
FXZ First Trust Materials AlphaDEX Fund	29.62%	16.25%	-16.31%	16.27%	-0.92%	30.84%	22.52%	21.52%	-22.62%	23.72%

Correlation

The correlation between GOEX and FXZ is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 5, 2010	0.32

Over the past year, GOEX and FXZ have become more correlated (0.52) than their long-term average of 0.32, meaning their price movements have been converging.

GOEX vs. FXZ - Sectors Allocation Comparison

Sectors	GOEX	FXZ
Basic Materials	100.0%	75.7%
Communication Services	-	-
Consumer Cyclical	-	3.9%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	20.4%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GOEX vs. FXZ — Risk / Return Rank

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

GOEX

GOEX Risk / Return Rank: 35
GOEX Sharpe Ratio Rank: 36
GOEX Sortino Ratio Rank: 32
GOEX Omega Ratio Rank: 35
GOEX Calmar Ratio Rank: 39
GOEX Martin Ratio Rank: 32

FXZ

FXZ Risk / Return Rank: 74
FXZ Sharpe Ratio Rank: 75
FXZ Sortino Ratio Rank: 70
FXZ Omega Ratio Rank: 66
FXZ Calmar Ratio Rank: 81
FXZ Martin Ratio Rank: 80

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.

GOEX vs. FXZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) and First Trust Materials AlphaDEX Fund (FXZ). 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.

	GOEX	FXZ	Difference
Sharpe ratio: Return per unit of total volatility	1.31	2.45	-1.14
Sortino ratio: Return per unit of downside risk	1.74	3.21	-1.47
Omega ratio: Gain probability vs. loss probability	1.24	1.40	-0.16
Calmar ratio: Return relative to maximum drawdown	1.97	4.20	-2.23
Martin ratio: Return relative to average drawdown	4.94	15.80	-10.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOEX vs. FXZ - Sharpe Ratio Comparison

The current GOEX Sharpe Ratio is 1.31, which is lower than the FXZ Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of GOEX and FXZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GOEX	FXZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	2.45	-1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.33	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.47	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.35	-0.33

Drawdowns

GOEX vs. FXZ - Drawdown Comparison

The maximum GOEX drawdown since its inception was -88.83%, which is greater than FXZ's maximum drawdown of -65.46%. Use the drawdown chart below to compare losses from any high point for GOEX and FXZ.

Drawdown Indicators

	GOEX	FXZ	Difference
Max Drawdown Largest peak-to-trough decline	-88.83%	-65.46%	-23.37%
Max Drawdown (1Y) Largest decline over 1 year	-32.78%	-12.75%	-20.03%
Max Drawdown (3Y) Largest decline over 3 years	-32.78%	-33.99%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	-33.99%	-13.17%
Max Drawdown (10Y) Largest decline over 10 years	-53.66%	-49.41%	-4.25%
Current Drawdown Current decline from peak	-29.90%	-0.40%	-29.50%
Average Drawdown Average peak-to-trough decline	-63.59%	-11.36%	-52.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.04%	3.38%	+9.66%

Volatility

GOEX vs. FXZ - Volatility Comparison

Global X Gold Explorers ETF (GOEX) has a higher volatility of 14.62% compared to First Trust Materials AlphaDEX Fund (FXZ) at 7.04%. This indicates that GOEX's price experiences larger fluctuations and is considered to be riskier than FXZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOEX	FXZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.62%	7.04%	+7.58%
Volatility (6M) Calculated over the trailing 6-month period	39.87%	16.40%	+23.47%
Volatility (1Y) Calculated over the trailing 1-year period	49.13%	21.87%	+27.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.00%	24.13%	+14.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.97%	24.87%	+15.10%

GOEX vs. FXZ - Expense Ratio Comparison

GOEX has a 0.65% expense ratio, which is lower than FXZ's 0.67% expense ratio.

Dividends

GOEX vs. FXZ - Dividend Comparison

GOEX's dividend yield for the trailing twelve months is around 2.19%, more than FXZ's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXZ First Trust Materials AlphaDEX Fund	1.38%	1.74%	1.81%	1.97%	1.56%	1.11%	1.51%	1.58%	1.38%	1.01%	1.19%	1.26%
GOEX Global X Gold Explorers ETF	2.19%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%

Frequently Asked Questions

Can I hold both GOEX and FXZ in my portfolio?

GOEX and FXZ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOEX or FXZ?

GOEX has higher volatility (14.62%) compared to FXZ (7.04%). In terms of maximum drawdown, GOEX dropped -88.83% vs FXZ's -65.46%.

Which ETF is better, GOEX or FXZ?

On 10-year performance, GOEX leads with 13.99% vs 11.67% for FXZ. On fees, GOEX is cheaper at 0.65% per year. On volatility, FXZ has been the lower-risk option at 7.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOEX or FXZ?

Over the 10-year period, GOEX has performed better with a 13.99% return vs 11.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOEX or FXZ?

GOEX is cheaper with a 0.65% expense ratio, compared with 0.67% for FXZ.

Which ETF pays a higher dividend yield, GOEX or FXZ?

GOEX has the higher dividend yield at 2.19%, compared with 1.38% for FXZ.

What is the main difference between GOEX and FXZ?

GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while FXZ tracks StrataQuant Materials Index. They also come from different issuers: Global X and First Trust. Their fees differ too: 0.65% for GOEX and 0.67% for FXZ.

Which has better risk-adjusted returns?

FXZ currently has the higher Sharpe Ratio (2.45 vs 1.31), 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.