GOEX vs. GOAU
GOEX (Global X Gold Explorers ETF) and GOAU (US Global GO GOLD and Precious Metal Miners ETF) are both Materials funds - GOEX tracks the Solactive Global Gold Explorers & Developers Total Return while GOAU tracks the U.S. Global GO GOLD and Precious Metal Miners Index. Both are passively managed. Over the past 5 years, GOEX returned 19.07%/yr vs 15.62%/yr for GOAU. Their correlation of 0.91 suggests significant overlap in exposure. GOEX charges 0.65%/yr vs 0.60%/yr for GOAU.
Performance
GOEX vs. GOAU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GOEX achieves a -4.07% return, which is significantly lower than GOAU's -1.69% return.
GOEX
- 1D
- 1.00%
- 1M
- -2.91%
- YTD
- -4.07%
- 6M
- 4.68%
- 1Y
- 63.90%
- 3Y*
- 46.37%
- 5Y*
- 19.07%
- 10Y*
- 13.71%
GOAU
- 1D
- 1.83%
- 1M
- 2.05%
- YTD
- -1.69%
- 6M
- 2.10%
- 1Y
- 38.05%
- 3Y*
- 33.93%
- 5Y*
- 15.62%
- 10Y*
- —
GOEX vs. GOAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOEX Global X Gold Explorers ETF | -4.07% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 1.39% |
GOAU US Global GO GOLD and Precious Metal Miners ETF | -1.69% | 126.68% | 13.78% | 10.67% | -11.66% | -9.23% | 14.13% | 54.17% | -11.88% | 7.92% |
Correlation
The correlation between GOEX and GOAU 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 (All Time) Calculated using the full available price history since Jun 29, 2017 | 0.91 |
The correlation between GOEX and GOAU has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GOEX vs. GOAU — Risk / Return Rank
GOEX
GOAU
GOEX vs. GOAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) and US Global GO GOLD and Precious Metal Miners ETF (GOAU). 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 | GOAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.18 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.96 | 1.23 | +0.73 |
| Martin ratioReturn relative to average drawdown | 4.87 | 3.00 | +1.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GOEX | GOAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 0.84 | +0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.43 | +0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.34 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.02 | 0.45 | -0.43 |
Drawdowns
GOEX vs. GOAU - Drawdown Comparison
The maximum GOEX drawdown since its inception was -88.83%, which is greater than GOAU's maximum drawdown of -55.41%. Use the drawdown chart below to compare losses from any high point for GOEX and GOAU.
Loading charts...
Drawdown Indicators
| GOEX | GOAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.83% | -55.41% | -33.42% |
Max Drawdown (1Y)Largest decline over 1 year | -32.78% | -31.15% | -1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -32.78% | -31.15% | -1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -47.16% | -48.52% | +1.36% |
Max Drawdown (10Y)Largest decline over 10 years | -53.66% | — | — |
Current DrawdownCurrent decline from peak | -29.20% | -25.58% | -3.62% |
Average DrawdownAverage peak-to-trough decline | -63.58% | -18.82% | -44.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.17% | 12.71% | +0.46% |
Volatility
GOEX vs. GOAU - Volatility Comparison
Global X Gold Explorers ETF (GOEX) and US Global GO GOLD and Precious Metal Miners ETF (GOAU) have volatilities of 14.65% and 14.53%, 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.
Loading charts...
Volatility by Period
| GOEX | GOAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.65% | 14.53% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 39.88% | 37.31% | +2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.12% | 45.71% | +3.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.00% | 36.44% | +2.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.96% | 35.51% | +4.45% |
GOEX vs. GOAU - Expense Ratio Comparison
GOEX has a 0.65% expense ratio, which is higher than GOAU's 0.60% expense ratio.
Dividends
GOEX vs. GOAU - Dividend Comparison
GOEX's dividend yield for the trailing twelve months is around 2.17%, more than GOAU's 0.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOAU US Global GO GOLD and Precious Metal Miners ETF | 0.96% | 0.94% | 2.11% | 0.99% | 1.55% | 1.28% | 0.74% | 0.16% | 0.47% | 0.27% | 0.00% | 0.00% |
GOEX Global X Gold Explorers ETF | 2.17% | 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 GOAU 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 (14.65%) compared to GOAU (14.53%). In terms of maximum drawdown, GOEX dropped -88.83% vs GOAU's -55.41%.
On 5-year performance, GOEX leads with 19.07% vs 15.62% for GOAU. On fees, GOAU is cheaper at 0.60% per year. On volatility, GOAU has been the lower-risk option at 14.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GOEX has performed better with a 19.07% return vs 15.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOAU is cheaper with a 0.60% expense ratio, compared with 0.65% for GOEX.
GOEX has the higher dividend yield at 2.17%, compared with 0.96% for GOAU.
GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while GOAU tracks U.S. Global GO GOLD and Precious Metal Miners Index. They also come from different issuers: Global X and US Global. Their fees differ too: 0.65% for GOEX and 0.60% for GOAU.
GOEX currently has the higher Sharpe Ratio (1.31 vs 0.84), 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.
Find the right allocation for GOEX and GOAU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer