GOEX vs. GDXJ

Last updated Jun 23, 2026

GOEX (Global X Gold Explorers ETF) and GDXJ (VanEck Junior Gold Miners ETF) are both Gold funds - GOEX tracks the Solactive Global Gold Explorers & Developers Total Return while GDXJ tracks the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, GOEX returned 12.52%/yr vs 11.51%/yr for GDXJ. Their correlation of 0.93 suggests significant overlap in exposure. GOEX charges 0.65%/yr vs 0.52%/yr for GDXJ.

Performance

GOEX vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Explorers ETF (GOEX) and VanEck Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GOEX having a -6.42% return and GDXJ slightly lower at -6.73%. Over the past 10 years, GOEX has outperformed GDXJ with an annualized return of 12.52%, while GDXJ has yielded a comparatively lower 11.51% annualized return.

GOEX

• 1D: -0.12%
• 1M: -2.47%
• YTD: -6.42%
• 6M: -11.26%
• 1Y: 67.83%
• 3Y*: 49.11%
• 5Y*: 20.81%
• 10Y*: 12.52%

GDXJ

• 1D: -1.03%
• 1M: -4.93%
• YTD: -6.73%
• 6M: -11.57%
• 1Y: 61.56%
• 3Y*: 47.15%
• 5Y*: 19.28%
• 10Y*: 11.51%

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

GOEX vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOEX Global X Gold Explorers ETF	-6.42%	179.50%	19.38%	1.99%	-14.63%	-14.45%	34.98%	36.73%	-14.84%	12.61%
GDXJ VanEck Junior Gold Miners ETF	-6.73%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between GOEX and GDXJ 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	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 4, 2010	0.93

The correlation between GOEX and GDXJ has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.

GOEX vs. GDXJ - Sectors Allocation Comparison

Sectors	GOEX	GDXJ
Basic Materials	100.0%	99.5%
Industrials	0.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GOEX vs. GDXJ — 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: 38
GOEX Sortino Ratio Rank: 34
GOEX Omega Ratio Rank: 37
GOEX Calmar Ratio Rank: 35
GOEX Martin Ratio Rank: 32

GDXJ

GDXJ Risk / Return Rank: 32
GDXJ Sharpe Ratio Rank: 34
GDXJ Sortino Ratio Rank: 31
GDXJ Omega Ratio Rank: 34
GDXJ Calmar Ratio Rank: 32
GDXJ Martin Ratio Rank: 30

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. GDXJ - Risk-Adjusted Trends Comparison

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

	GOEX	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.19	+0.14
Sortino ratio: Return per unit of downside risk	1.76	1.63	+0.13
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	1.72	1.57	+0.15
Martin ratio: Return relative to average drawdown	4.61	4.14	+0.47

GOEX vs. GDXJ - Sharpe Ratio Comparison

The current GOEX Sharpe Ratio is 1.33, which is comparable to the GDXJ Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of GOEX 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

GOEX vs. GDXJ - Drawdown Comparison

The maximum GOEX drawdown since its inception was -88.83%, roughly equal to the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for GOEX and GDXJ.

Drawdown Indicators

	GOEX	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-88.83%	-88.66%	-0.17%
Max Drawdown (1Y) Largest decline over 1 year	-39.64%	-39.47%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-39.64%	-39.47%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	-48.79%	+1.63%
Max Drawdown (10Y) Largest decline over 10 years	-53.66%	-57.77%	+4.11%
Current Drawdown Current decline from peak	-30.93%	-32.06%	+1.13%
Average Drawdown Average peak-to-trough decline	-63.48%	-60.41%	-3.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.77%	14.91%	-0.14%

Volatility

GOEX vs. GDXJ - Volatility Comparison

The current volatility for Global X Gold Explorers ETF (GOEX) is 17.87%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 19.55%. This indicates that GOEX 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

	GOEX	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	19.55%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	42.43%	44.13%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	51.38%	52.24%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.52%	41.64%	-2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.19%	44.30%	-4.11%

GOEX vs. GDXJ - Expense Ratio Comparison

GOEX has a 0.65% expense ratio, which is higher than GDXJ's 0.52% expense ratio.

Dividends

GOEX vs. GDXJ - Dividend Comparison

GOEX's dividend yield for the trailing twelve months is around 2.22%, less than GDXJ's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.50%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
GOEX Global X Gold Explorers ETF	2.22%	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 GDXJ in my portfolio?

With a correlation of 0.96, GOEX and GDXJ 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 GDXJ?

GDXJ has higher volatility (19.55%) compared to GOEX (17.87%). In terms of maximum drawdown, GOEX dropped -88.83% vs GDXJ's -88.66%.

Which ETF is better, GOEX or GDXJ?

On 10-year performance, GOEX leads with 12.52% vs 11.51% for GDXJ. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GOEX has been the lower-risk option at 17.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOEX or GDXJ?

Over the 10-year period, GOEX has performed better with a 12.52% return vs 11.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOEX or GDXJ?

GDXJ is cheaper with a 0.52% expense ratio, compared with 0.65% for GOEX.

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

GDXJ has the higher dividend yield at 2.50%, compared with 2.22% for GOEX.

What is the main difference between GOEX and GDXJ?

GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.65% for GOEX and 0.52% for GDXJ.

Which has better risk-adjusted returns?

GOEX currently has the higher Sharpe Ratio (1.33 vs 1.19), 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.