GOLDX vs. INIVX

Last updated Jun 24, 2026

GOLDX (Gabelli Gold Fund) and INIVX (VanEck International Investors Gold Fund) are both Gold funds. Over the past 10 years, GOLDX returned 13.00%/yr vs 13.79%/yr for INIVX. With a 0.96 correlation, they move nearly in lockstep. GOLDX charges 1.51%/yr vs 1.42%/yr for INIVX.

Performance

GOLDX vs. INIVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gabelli Gold Fund (GOLDX) and VanEck International Investors Gold Fund (INIVX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOLDX achieves a -4.65% return, which is significantly lower than INIVX's 0.65% return. Over the past 10 years, GOLDX has underperformed INIVX with an annualized return of 13.00%, while INIVX has yielded a comparatively higher 13.79% annualized return.

GOLDX

• 1D: -1.33%
• 1M: -3.56%
• YTD: -4.65%
• 6M: -9.29%
• 1Y: 60.32%
• 3Y*: 45.67%
• 5Y*: 21.54%
• 10Y*: 13.00%

INIVX

• 1D: -0.79%
• 1M: -2.96%
• YTD: 0.65%
• 6M: -3.95%
• 1Y: 67.56%
• 3Y*: 48.14%
• 5Y*: 22.39%
• 10Y*: 13.79%

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

GOLDX vs. INIVX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOLDX Gabelli Gold Fund	-4.65%	165.59%	14.92%	7.85%	-11.02%	-8.97%	26.30%	43.94%	-14.80%	6.22%
INIVX VanEck International Investors Gold Fund	0.65%	165.88%	14.37%	9.67%	-13.77%	-14.23%	40.91%	38.15%	-16.01%	13.06%

Correlation

The correlation between GOLDX and INIVX is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.96

The correlation between GOLDX and INIVX has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

GOLDX vs. INIVX — Risk / Return Rank

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

GOLDX

GOLDX Risk / Return Rank: 23
GOLDX Sharpe Ratio Rank: 27
GOLDX Sortino Ratio Rank: 21
GOLDX Omega Ratio Rank: 27
GOLDX Calmar Ratio Rank: 23
GOLDX Martin Ratio Rank: 19

INIVX

INIVX Risk / Return Rank: 29
INIVX Sharpe Ratio Rank: 31
INIVX Sortino Ratio Rank: 24
INIVX Omega Ratio Rank: 31
INIVX Calmar Ratio Rank: 34
INIVX Martin Ratio Rank: 26

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.

GOLDX vs. INIVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Gold Fund (GOLDX) and VanEck International Investors Gold Fund (INIVX). 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.

	GOLDX	INIVX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.49	-0.10
Sortino ratio: Return per unit of downside risk	1.80	1.88	-0.08
Omega ratio: Gain probability vs. loss probability	1.25	1.27	-0.02
Calmar ratio: Return relative to maximum drawdown	1.65	2.07	-0.41
Martin ratio: Return relative to average drawdown	4.52	5.71	-1.18

GOLDX vs. INIVX - Sharpe Ratio Comparison

The current GOLDX Sharpe Ratio is 1.39, which is comparable to the INIVX Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of GOLDX and INIVX, 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

GOLDX vs. INIVX - Drawdown Comparison

The maximum GOLDX drawdown since its inception was -73.40%, smaller than the maximum INIVX drawdown of -78.96%. Use the drawdown chart below to compare losses from any high point for GOLDX and INIVX.

Drawdown Indicators

	GOLDX	INIVX	Difference
Max Drawdown Largest peak-to-trough decline	-73.40%	-78.96%	+5.56%
Max Drawdown (1Y) Largest decline over 1 year	-37.54%	-33.60%	-3.94%
Max Drawdown (3Y) Largest decline over 3 years	-37.54%	-33.60%	-3.94%
Max Drawdown (5Y) Largest decline over 5 years	-44.73%	-44.66%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	-49.42%	-51.20%	+1.78%
Current Drawdown Current decline from peak	-30.12%	-26.13%	-3.99%
Average Drawdown Average peak-to-trough decline	-34.49%	-37.75%	+3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.67%	12.14%	+1.53%

Volatility

GOLDX vs. INIVX - Volatility Comparison

Gabelli Gold Fund (GOLDX) and VanEck International Investors Gold Fund (INIVX) have volatilities of 16.92% and 16.27%, 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.

Volatility by Period

	GOLDX	INIVX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.92%	16.27%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	38.14%	40.03%	-1.89%
Volatility (1Y) Calculated over the trailing 1-year period	44.68%	46.69%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.08%	34.62%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.40%	34.23%	-1.83%

GOLDX vs. INIVX - Expense Ratio Comparison

GOLDX has a 1.51% expense ratio, which is higher than INIVX's 1.42% expense ratio.

Dividends

GOLDX vs. INIVX - Dividend Comparison

GOLDX's dividend yield for the trailing twelve months is around 16.33%, more than INIVX's 5.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GOLDX Gabelli Gold Fund	16.33%	15.57%	2.11%	1.13%	0.00%	0.00%	1.69%	0.83%	0.34%	0.51%	2.18%
INIVX VanEck International Investors Gold Fund	5.98%	6.01%	7.45%	0.10%	0.00%	6.40%	11.70%	3.66%	2.87%	3.76%	6.40%

Frequently Asked Questions

Can I hold both GOLDX and INIVX in my portfolio?

With a correlation of 0.97, GOLDX and INIVX 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, GOLDX or INIVX?

GOLDX has higher volatility (16.92%) compared to INIVX (16.27%). In terms of maximum drawdown, GOLDX dropped -73.40% vs INIVX's -78.96%.

Which has better risk-adjusted returns?

INIVX currently has the higher Sharpe Ratio (1.49 vs 1.39), 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.