GOEX vs. GOLI

Last updated Jul 17, 2026

GOEX (Global X Gold Explorers ETF) and GOLI (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return, while GOLI is a Derivative Income fund actively managed by Defiance. GOEX is passively managed, while GOLI is actively managed. Over the past year, GOEX returned 49.00% vs 1.63% for GOLI. A 0.72 correlation means they provide meaningful diversification when combined. GOEX charges 0.65%/yr vs 0.99%/yr for GOLI.

Performance

GOEX vs. GOLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Explorers ETF (GOEX) and Defiance Gold Enhanced Options Income ETF (GOLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOEX achieves a -17.79% return, which is significantly lower than GOLI's -11.41% return.

GOEX

• 1D: -3.86%
• 1M: -17.60%
• 6M: -27.20%
• YTD: -17.79%
• 1Y: 49.00%
• 3Y*: 37.49%
• 5Y*: 18.44%
• 10Y*: 9.40%

GOLI

• 1D: -2.04%
• 1M: -6.39%
• 6M: -15.65%
• YTD: -11.41%
• 1Y: 1.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GOEX vs. GOLI - Yearly Performance Comparison

	2026 (YTD)	2025
GOEX Global X Gold Explorers ETF	-17.79%	118.93%
GOLI Defiance Gold Enhanced Options Income ETF	-11.41%	15.16%

Correlation

The correlation between GOEX and GOLI is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.72

The correlation between GOEX and GOLI has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

GOEX vs. GOLI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GOEX

GOEX Risk / Return Rank: 30
GOEX Sharpe Ratio Rank: 31
GOEX Sortino Ratio Rank: 31
GOEX Omega Ratio Rank: 33
GOEX Calmar Ratio Rank: 30
GOEX Martin Ratio Rank: 27

GOLI

GOLI Risk / Return Rank: 11
GOLI Sharpe Ratio Rank: 11
GOLI Sortino Ratio Rank: 10
GOLI Omega Ratio Rank: 11
GOLI Calmar Ratio Rank: 10
GOLI Martin Ratio Rank: 11

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. GOLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) and Defiance Gold Enhanced Options Income ETF (GOLI). 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	GOLI	Difference
Sharpe ratio: Return per unit of total volatility	0.94	0.07	+0.87
Sortino ratio: Return per unit of downside risk	1.41	0.25	+1.17
Omega ratio: Gain probability vs. loss probability	1.19	1.04	+0.15
Calmar ratio: Return relative to maximum drawdown	1.24	0.06	+1.18
Martin ratio: Return relative to average drawdown	2.82	0.19	+2.62

GOEX vs. GOLI - Sharpe Ratio Comparison

The current GOEX Sharpe Ratio is 0.94, which is higher than the GOLI Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of GOEX and GOLI, 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. GOLI - Drawdown Comparison

The maximum GOEX drawdown since its inception was -88.83%, which is greater than GOLI's maximum drawdown of -25.88%. Use the drawdown chart below to compare losses from any high point for GOEX and GOLI.

Drawdown Indicators

	GOEX	GOLI	Difference
Max Drawdown Largest peak-to-trough decline	-88.83%	-25.88%	-62.95%
Max Drawdown (1Y) Largest decline over 1 year	-39.64%	-25.88%	-13.76%
Max Drawdown (3Y) Largest decline over 3 years	-39.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-47.16%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.66%	—	—
Current Drawdown Current decline from peak	-39.33%	-21.22%	-18.11%
Average Drawdown Average peak-to-trough decline	-63.36%	-5.25%	-58.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.46%	8.57%	+8.89%

Volatility

GOEX vs. GOLI - Volatility Comparison

Global X Gold Explorers ETF (GOEX) has a higher volatility of 14.42% compared to Defiance Gold Enhanced Options Income ETF (GOLI) at 6.09%. This indicates that GOEX's price experiences larger fluctuations and is considered to be riskier than GOLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOEX	GOLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.42%	6.09%	+8.33%
Volatility (6M) Calculated over the trailing 6-month period	42.85%	23.44%	+19.41%
Volatility (1Y) Calculated over the trailing 1-year period	52.43%	25.12%	+27.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.86%	23.24%	+16.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.19%	23.24%	+16.95%

GOEX vs. GOLI - Expense Ratio Comparison

GOEX has a 0.65% expense ratio, which is lower than GOLI's 0.99% expense ratio.

Dividends

GOEX vs. GOLI - Dividend Comparison

GOEX's dividend yield for the trailing twelve months is around 2.67%, less than GOLI's 52.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOEX Global X Gold Explorers ETF	2.67%	2.08%	2.46%	0.05%	1.04%	2.35%	2.62%	1.60%	0.00%	0.00%	38.91%	11.70%
GOLI Defiance Gold Enhanced Options Income ETF	52.98%	37.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GOEX and GOLI in my portfolio?

GOEX and GOLI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOEX or GOLI?

GOEX has higher volatility (14.42%) compared to GOLI (6.09%). In terms of maximum drawdown, GOEX dropped -88.83% vs GOLI's -25.88%.

Which ETF is better, GOEX or GOLI?

On 1-year performance, GOEX leads with 49.00% vs 1.63% for GOLI. On fees, GOEX is cheaper at 0.65% per year. On volatility, GOLI has been the lower-risk option at 6.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOEX or GOLI?

Over the 1-year period, GOEX has performed better with a 49.00% return vs 1.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOEX or GOLI?

GOEX is cheaper with a 0.65% expense ratio, compared with 0.99% for GOLI.

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

GOLI has the higher dividend yield at 52.98%, compared with 2.67% for GOEX.

What is the main difference between GOEX and GOLI?

GOEX is categorized as Gold, while GOLI is Derivative Income. They also come from different issuers: Global X and Defiance. Their fees differ too: 0.65% for GOEX and 0.99% for GOLI.

Which has better risk-adjusted returns?

GOEX currently has the higher Sharpe Ratio (0.94 vs 0.07), 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.