GOLI vs. GOEX

Last updated Jul 21, 2026

GOLI (Defiance Gold Enhanced Options Income ETF) and GOEX (Global X Gold Explorers ETF) are both exchange-traded funds - GOLI is a Derivative Income fund actively managed by Defiance, while GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return. GOLI is actively managed, while GOEX is passively managed. Over the past year, GOLI returned 2.02% vs 48.62% for GOEX. A 0.72 correlation means they provide meaningful diversification when combined. GOLI charges 0.99%/yr vs 0.65%/yr for GOEX.

Performance

GOLI vs. GOEX - Performance Comparison

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

Returns By Period

In the year-to-date period, GOLI achieves a -10.95% return, which is significantly higher than GOEX's -18.52% return.

GOLI

• 1D: -0.13%
• 1M: -4.10%
• 6M: -14.97%
• YTD: -10.95%
• 1Y: 2.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.96%

GOEX

• 1D: -0.18%
• 1M: -13.04%
• 6M: -27.42%
• YTD: -18.52%
• 1Y: 48.62%
• 3Y*: 38.04%
• 5Y*: 18.42%
• 10Y*: 10.02%
• ALL TIME*: -0.04%

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

GOLI vs. GOEX - Yearly Performance Comparison

	2026 (YTD)	2025
GOLI Defiance Gold Enhanced Options Income ETF	-10.95%	15.16%
GOEX Global X Gold Explorers ETF	-18.52%	118.93%

Correlation

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

Return for Risk

GOLI vs. GOEX — Risk / Return Rank

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

GOLI

GOLI Risk / Return Rank: 12
GOLI Sharpe Ratio Rank: 12
GOLI Sortino Ratio Rank: 12
GOLI Omega Ratio Rank: 13
GOLI Calmar Ratio Rank: 12
GOLI Martin Ratio Rank: 12

GOEX

GOEX Risk / Return Rank: 32
GOEX Sharpe Ratio Rank: 34
GOEX Sortino Ratio Rank: 33
GOEX Omega Ratio Rank: 36
GOEX Calmar Ratio Rank: 32
GOEX Martin Ratio Rank: 27

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.

GOLI vs. GOEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Gold Enhanced Options Income ETF (GOLI) and Global X Gold Explorers ETF (GOEX). 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	GOEX	Difference
Sharpe ratio: Return per unit of total volatility	0.08	0.93	-0.85
Sortino ratio: Return per unit of downside risk	0.27	1.41	-1.14
Omega ratio: Gain probability vs. loss probability	1.04	1.19	-0.14
Calmar ratio: Return relative to maximum drawdown	0.08	1.23	-1.15
Martin ratio: Return relative to average drawdown	0.23	2.74	-2.51

GOLI vs. GOEX - Sharpe Ratio Comparison

The current GOLI Sharpe Ratio is 0.08, which is lower than the GOEX Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of GOLI and GOEX, 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

GOLI vs. GOEX - Drawdown Comparison

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

Drawdown Indicators

	GOLI	GOEX	Difference
Max Drawdown Largest peak-to-trough decline	-25.88%	-88.83%	+62.95%
Max Drawdown (1Y) Largest decline over 1 year	-25.88%	-39.87%	+13.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.87%	—
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	-20.81%	-39.87%	+19.06%
Average Drawdown Average peak-to-trough decline	-5.34%	-63.35%	+58.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.76%	17.81%	-9.05%

Volatility

GOLI vs. GOEX - Volatility Comparison

The current volatility for Defiance Gold Enhanced Options Income ETF (GOLI) is 6.04%, while Global X Gold Explorers ETF (GOEX) has a volatility of 13.53%. This indicates that GOLI experiences smaller price fluctuations and is considered to be less risky than GOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLI	GOEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	13.53%	-7.49%
Volatility (6M) Calculated over the trailing 6-month period	23.44%	42.83%	-19.39%
Volatility (1Y) Calculated over the trailing 1-year period	25.17%	52.54%	-27.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.17%	39.83%	-16.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.17%	40.12%	-16.95%

GOLI vs. GOEX - Expense Ratio Comparison

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

Dividends

GOLI vs. GOEX - Dividend Comparison

GOLI's dividend yield for the trailing twelve months is around 51.33%, more than GOEX's 2.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GOEX Global X Gold Explorers ETF	2.69%	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	51.33%	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 GOLI and GOEX in my portfolio?

GOLI and GOEX 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, GOLI or GOEX?

GOEX has higher volatility (13.53%) compared to GOLI (6.04%). In terms of maximum drawdown, GOLI dropped -25.88% vs GOEX's -88.83%.

Which ETF is better, GOLI or GOEX?

On 1-year performance, GOEX leads with 48.62% vs 2.02% for GOLI. On fees, GOEX is cheaper at 0.65% per year. On volatility, GOLI has been the lower-risk option at 6.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOLI or GOEX?

Over the 1-year period, GOEX has performed better with a 48.62% return vs 2.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOLI or GOEX?

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

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

GOLI has the higher dividend yield at 51.33%, compared with 2.69% for GOEX.

What is the main difference between GOLI and GOEX?

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

Which has better risk-adjusted returns?

GOEX currently has the higher Sharpe Ratio (0.93 vs 0.08), 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.