GOEX vs. GLDI
GOEX (Global X Gold Explorers ETF) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both Gold funds - GOEX tracks the Solactive Global Gold Explorers & Developers Total Return while GLDI tracks the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 10 years, GOEX returned 11.97%/yr vs 7.83%/yr for GLDI. A 0.66 correlation means they provide meaningful diversification when combined. Both charge a 0.65% expense ratio.
Performance
GOEX vs. GLDI - 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 GLDI's -4.45% return. Over the past 10 years, GOEX has outperformed GLDI with an annualized return of 11.97%, while GLDI has yielded a comparatively lower 7.83% annualized return.
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%
GLDI
- 1D
- -1.62%
- 1M
- -7.19%
- YTD
- -4.45%
- 6M
- -5.42%
- 1Y
- 11.67%
- 3Y*
- 17.47%
- 5Y*
- 10.96%
- 10Y*
- 7.83%
GOEX vs. GLDI - 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% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -4.45% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
Correlation
The correlation between GOEX and GLDI is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2013 | 0.66 |
The correlation between GOEX and GLDI has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.
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Return for Risk
GOEX vs. GLDI — Risk / Return Rank
GOEX
GLDI
GOEX vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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 | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.16 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.45 | 0.83 | +0.62 |
| Martin ratioReturn relative to average drawdown | 3.84 | 2.73 | +1.12 |
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Drawdowns
GOEX vs. GLDI - Drawdown Comparison
The maximum GOEX drawdown since its inception was -88.83%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for GOEX and GLDI.
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Drawdown Indicators
| GOEX | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.83% | -32.26% | -56.57% |
Max Drawdown (1Y)Largest decline over 1 year | -39.64% | -14.14% | -25.50% |
Max Drawdown (3Y)Largest decline over 3 years | -39.64% | -14.14% | -25.50% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -14.14% | -33.02% |
Max Drawdown (10Y)Largest decline over 10 years | -53.66% | -14.94% | -38.72% |
Current DrawdownCurrent decline from peak | -34.22% | -13.28% | -20.94% |
Average DrawdownAverage peak-to-trough decline | -63.47% | -13.99% | -49.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.92% | 4.30% | +10.62% |
Volatility
GOEX vs. GLDI - Volatility Comparison
Global X Gold Explorers ETF (GOEX) has a higher volatility of 18.46% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.18%. This indicates that GOEX's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOEX | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.46% | 7.18% | +11.28% |
Volatility (6M)Calculated over the trailing 6-month period | 42.70% | 14.58% | +28.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.52% | 15.99% | +35.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.57% | 11.58% | +27.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 11.52% | +28.65% |
GOEX vs. GLDI - Expense Ratio Comparison
Both GOEX and GLDI have an expense ratio of 0.65%.
Dividends
GOEX vs. GLDI - Dividend Comparison
GOEX's dividend yield for the trailing twelve months is around 2.33%, less than GLDI's 26.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.67% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
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
GOEX and GLDI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOEX has higher volatility (18.46%) compared to GLDI (7.18%). In terms of maximum drawdown, GOEX dropped -88.83% vs GLDI's -32.26%.
On 10-year performance, GOEX leads with 11.97% vs 7.83% for GLDI. Both ETFs have the same 0.65% expense ratio. On volatility, GLDI has been the lower-risk option at 7.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GOEX has performed better with a 11.97% return vs 7.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOEX and GLDI have the same expense ratio: 0.65% per year.
GLDI has the higher dividend yield at 26.67%, compared with 2.33% for GOEX.
GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: Global X and UBS.
GOEX currently has the higher Sharpe Ratio (1.11 vs 0.73), 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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