GOLI vs. GDX
GOLI (Defiance Gold Enhanced Options Income ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - GOLI is a Derivative Income fund actively managed by Defiance, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. GOLI is actively managed, while GDX is passively managed. Over the past year, GOLI returned 4.70% vs 42.30% for GDX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. GOLI charges 0.99%/yr vs 0.51%/yr for GDX.
Performance
GOLI vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, GOLI achieves a -9.80% return, which is significantly higher than GDX's -13.61% return.
GOLI
- 1D
- -0.96%
- 1M
- -0.36%
- 6M
- -12.09%
- YTD
- -9.80%
- 1Y
- 4.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.90%
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $229.39K | $245.33K | $424.44K |
GOLI vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GOLI Defiance Gold Enhanced Options Income ETF | -9.80% | 15.16% |
GDX VanEck Gold Miners ETF | -13.61% | 88.63% |
Correlation
The correlation between GOLI and GDX is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | 0.73 |
The correlation between GOLI and GDX has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.
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Return for Risk
GOLI vs. GDX — Risk / Return Rank
GOLI
GDX
GOLI vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Gold Enhanced Options Income ETF (GOLI) and VanEck Gold Miners ETF (GDX). 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.
| GOLI | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.18 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 1.15 | -0.96 |
| Martin ratioReturn relative to average drawdown | 0.51 | 2.48 | -1.98 |
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Drawdowns
GOLI vs. GDX - Drawdown Comparison
The maximum GOLI drawdown since its inception was -25.88%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for GOLI and GDX.
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Drawdown Indicators
| GOLI | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.88% | -80.34% | +54.46% |
Max Drawdown (1Y)Largest decline over 1 year | -25.88% | -38.93% | +13.05% |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.93% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -19.79% | -36.03% | +16.24% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -40.37% | +34.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.51% | 17.97% | -8.46% |
Volatility
GOLI vs. GDX - Volatility Comparison
The current volatility for Defiance Gold Enhanced Options Income ETF (GOLI) is 4.89%, while VanEck Gold Miners ETF (GDX) has a volatility of 12.73%. This indicates that GOLI experiences smaller price fluctuations and is considered to be less risky than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOLI | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 12.73% | -7.84% |
Volatility (6M)Calculated over the trailing 6-month period | 23.40% | 39.94% | -16.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.21% | 48.49% | -23.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 37.23% | -14.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.98% | 37.34% | -14.36% |
GOLI vs. GDX - Expense Ratio Comparison
GOLI has a 0.99% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
GOLI vs. GDX - Dividend Comparison
GOLI's dividend yield for the trailing twelve months is around 49.92%, more than GDX's 0.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.85% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
GOLI Defiance Gold Enhanced Options Income ETF | 49.92% | 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
GOLI and GDX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (12.73%) compared to GOLI (4.89%). In terms of maximum drawdown, GOLI dropped -25.88% vs GDX's -80.34%.
On 1-year performance, GDX leads with 42.30% vs 4.70% for GOLI. On fees, GDX is cheaper at 0.51% per year. On volatility, GOLI has been the lower-risk option at 4.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GDX has performed better with a 42.30% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.99% for GOLI.
GOLI has the higher dividend yield at 49.92%, compared with 0.85% for GDX.
GOLI is categorized as Derivative Income, while GDX is Gold. They also come from different issuers: Defiance and VanEck. Their fees differ too: 0.99% for GOLI and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (0.92 vs 0.19), 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.
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