GOEX vs. GDX

Last updated Jun 4, 2026

GOEX (Global X Gold Explorers ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - GOEX is a Materials fund tracking the Solactive Global Gold Explorers & Developers Total Return, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, GOEX returned 13.99%/yr vs 13.98%/yr for GDX. Their correlation of 0.89 suggests significant overlap in exposure. GOEX charges 0.65%/yr vs 0.51%/yr for GDX.

Performance

GOEX vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Explorers ETF (GOEX) and VanEck Gold Miners ETF (GDX). 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 GDX's -0.90% return. Both investments have delivered pretty close results over the past 10 years, with GOEX having a 13.99% annualized return and GDX not far behind at 13.98%.

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%

GDX

• 1D: -3.46%
• 1M: -0.76%
• YTD: -0.90%
• 6M: 5.62%
• 1Y: 61.27%
• 3Y*: 41.00%
• 5Y*: 18.69%
• 10Y*: 13.98%

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

GOEX vs. GDX - 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%
GDX VanEck Gold Miners ETF	-0.90%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between GOEX and GDX is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 5, 2010	0.89

The correlation between GOEX and GDX has been stable across timeframes, ranging from 0.89 to 0.95 - a consistent structural relationship.

GOEX vs. GDX - Sectors Allocation Comparison

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

Return for Risk

GOEX vs. GDX — 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

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

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. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) 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.

	GOEX	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.35	-0.04
Sortino ratio: Return per unit of downside risk	1.74	1.76	-0.02
Omega ratio: Gain probability vs. loss probability	1.24	1.25	-0.01
Calmar ratio: Return relative to maximum drawdown	1.97	2.00	-0.03
Martin ratio: Return relative to average drawdown	4.94	5.13	-0.18
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. GDX - Sharpe Ratio Comparison

The current GOEX Sharpe Ratio is 1.31, which is comparable to the GDX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of GOEX and GDX, 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	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.35	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.52	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.38	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.13	-0.11

Drawdowns

GOEX vs. GDX - Drawdown Comparison

The maximum GOEX drawdown since its inception was -88.83%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for GOEX and GDX.

Drawdown Indicators

	GOEX	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-88.83%	-80.34%	-8.49%
Max Drawdown (1Y) Largest decline over 1 year	-32.78%	-30.84%	-1.94%
Max Drawdown (3Y) Largest decline over 3 years	-32.78%	-30.84%	-1.94%
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	-46.51%	-0.65%
Max Drawdown (10Y) Largest decline over 10 years	-53.66%	-49.79%	-3.87%
Current Drawdown Current decline from peak	-29.90%	-26.62%	-3.28%
Average Drawdown Average peak-to-trough decline	-63.59%	-40.43%	-23.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.04%	11.99%	+1.05%

Volatility

GOEX vs. GDX - Volatility Comparison

The current volatility for Global X Gold Explorers ETF (GOEX) is 14.62%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.40%. This indicates that GOEX 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.

Volatility by Period

	GOEX	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.62%	15.40%	-0.78%
Volatility (6M) Calculated over the trailing 6-month period	39.87%	37.50%	+2.37%
Volatility (1Y) Calculated over the trailing 1-year period	49.13%	45.49%	+3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.00%	36.39%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.97%	37.18%	+2.79%

GOEX vs. GDX - Expense Ratio Comparison

GOEX has a 0.65% expense ratio, which is higher than GDX's 0.51% expense ratio.

Dividends

GOEX vs. GDX - Dividend Comparison

GOEX's dividend yield for the trailing twelve months is around 2.19%, more than GDX's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.74%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
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 GDX in my portfolio?

With a correlation of 0.95, GOEX 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.

Which is riskier, GOEX or GDX?

GDX has higher volatility (15.40%) compared to GOEX (14.62%). In terms of maximum drawdown, GOEX dropped -88.83% vs GDX's -80.34%.

Which ETF is better, GOEX or GDX?

On 10-year performance, GOEX leads with 13.99% vs 13.98% for GDX. On fees, GDX is cheaper at 0.51% per year. On volatility, GOEX has been the lower-risk option at 14.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOEX or GDX?

Over the 10-year period, GOEX has performed better with a 13.99% return vs 13.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOEX or GDX?

GDX is cheaper with a 0.51% expense ratio, compared with 0.65% for GOEX.

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

GOEX has the higher dividend yield at 2.19%, compared with 0.74% for GDX.

What is the main difference between GOEX and GDX?

GOEX is categorized as Materials, while GDX is Gold. GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.65% for GOEX and 0.51% for GDX.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.35 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.