GOEX vs. GDX
GOEX (Global X Gold Explorers ETF) and GDX (VanEck Gold Miners ETF) are both Gold funds - GOEX tracks the Solactive Global Gold Explorers & Developers Total Return while GDX tracks the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, GOEX returned 11.97%/yr vs 12.36%/yr for GDX. Their correlation of 0.90 suggests significant overlap in exposure. GOEX charges 0.65%/yr vs 0.51%/yr for GDX.
Performance
GOEX vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, GOEX achieves a -10.87% return, which is significantly lower than GDX's -9.46% return. Both investments have delivered pretty close results over the past 10 years, with GOEX having a 11.97% annualized return and GDX not far ahead at 12.36%.
GOEX
- 1D
- -4.76%
- 1M
- -7.11%
- YTD
- -10.87%
- 6M
- -15.49%
- 1Y
- 57.11%
- 3Y*
- 46.70%
- 5Y*
- 19.54%
- 10Y*
- 11.97%
GDX
- 1D
- -4.64%
- 1M
- -8.66%
- YTD
- -9.46%
- 6M
- -13.97%
- 1Y
- 47.29%
- 3Y*
- 39.25%
- 5Y*
- 19.30%
- 10Y*
- 12.36%
GOEX vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | -10.87% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 12.61% |
GDX VanEck Gold Miners ETF | -9.46% | 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 - 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 | 0.95 |
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 4, 2010 | 0.90 |
The correlation between GOEX and GDX has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.
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Return for Risk
GOEX vs. GDX — Risk / Return Rank
GOEX
GDX
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.
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.
| GOEX | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 1.31 | +0.14 |
| Martin ratioReturn relative to average drawdown | 3.84 | 3.44 | +0.40 |
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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.
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Drawdown Indicators
| GOEX | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.83% | -80.34% | -8.49% |
Max Drawdown (1Y)Largest decline over 1 year | -39.64% | -36.28% | -3.36% |
Max Drawdown (3Y)Largest decline over 3 years | -39.64% | -36.28% | -3.36% |
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 DrawdownCurrent decline from peak | -34.22% | -32.96% | -1.26% |
Average DrawdownAverage peak-to-trough decline | -63.47% | -40.40% | -23.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.92% | 13.78% | +1.14% |
Volatility
GOEX vs. GDX - Volatility Comparison
Global X Gold Explorers ETF (GOEX) and VanEck Gold Miners ETF (GDX) have volatilities of 18.46% and 17.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOEX | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.46% | 17.61% | +0.85% |
Volatility (6M)Calculated over the trailing 6-month period | 42.70% | 40.05% | +2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.52% | 47.64% | +3.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.57% | 36.89% | +2.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 37.37% | +2.80% |
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 2.33%, more than GDX's 0.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.82% | 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 | 2.33% | 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
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.
GOEX has higher volatility (18.46%) compared to GDX (17.61%). In terms of maximum drawdown, GOEX dropped -88.83% vs GDX's -80.34%.
On 10-year performance, GDX leads with 12.36% vs 11.97% for GOEX. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 17.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 12.36% return vs 11.97%. 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 0.65% for GOEX.
GOEX has the higher dividend yield at 2.33%, compared with 0.82% for GDX.
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.
GOEX currently has the higher Sharpe Ratio (1.11 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.
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