HL vs. GDX
HL (Hecla Mining Company) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, HL returned 8.43%/yr vs 10.07%/yr for GDX. Their 0.78 correlation means they have sometimes moved together and sometimes differently.
Performance
HL vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, HL achieves a -26.39% return, which is significantly lower than GDX's -13.61% return. Over the past 10 years, HL has underperformed GDX with an annualized return of 8.43%, while GDX has yielded a comparatively higher 10.07% annualized return.
HL
- 1D
- -5.43%
- 1M
- -13.53%
- 6M
- -37.28%
- YTD
- -26.39%
- 1Y
- 148.44%
- 3Y*
- 37.43%
- 5Y*
- 16.67%
- 10Y*
- 8.43%
- ALL TIME*
- -0.08%
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 | |
| $675.62M | $596.53M | $453.27M |
HL vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HL Hecla Mining Company | -26.39% | 291.70% | 2.82% | -12.93% | 6.99% | -18.97% | 91.83% | 44.43% | -40.37% | -24.08% |
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between HL and GDX is 0.83, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.83 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.81 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.78 |
The correlation between HL and GDX has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.
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Return for Risk
HL vs. GDX — Risk / Return Rank
HL
GDX
HL vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hecla Mining Company (HL) 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.
| HL | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.18 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 1.15 | +1.49 |
| Martin ratioReturn relative to average drawdown | 4.75 | 2.48 | +2.27 |
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Drawdowns
HL vs. GDX - Drawdown Comparison
The maximum HL drawdown since its inception was -97.92%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for HL and GDX.
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Drawdown Indicators
| HL | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.92% | -80.34% | -17.58% |
Max Drawdown (1Y)Largest decline over 1 year | -55.81% | -38.93% | -16.88% |
Max Drawdown (3Y)Largest decline over 3 years | -55.81% | -38.93% | -16.88% |
Max Drawdown (5Y)Largest decline over 5 years | -55.81% | -46.51% | -9.30% |
Max Drawdown (10Y)Largest decline over 10 years | -82.45% | -49.79% | -32.66% |
Current DrawdownCurrent decline from peak | -55.59% | -36.03% | -19.56% |
Average DrawdownAverage peak-to-trough decline | -69.88% | -40.37% | -29.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.92% | 17.97% | +12.95% |
Volatility
HL vs. GDX - Volatility Comparison
Hecla Mining Company (HL) has a higher volatility of 17.22% compared to VanEck Gold Miners ETF (GDX) at 12.73%. This indicates that HL's price experiences larger fluctuations and is considered to be riskier 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
| HL | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.22% | 12.73% | +4.49% |
Volatility (6M)Calculated over the trailing 6-month period | 51.30% | 39.94% | +11.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.85% | 48.49% | +25.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.58% | 37.23% | +22.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.79% | 37.34% | +25.45% |
Dividends
HL vs. GDX - Dividend Comparison
HL's dividend yield for the trailing twelve months is around 0.11%, less 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% |
HL Hecla Mining Company | 0.11% | 0.08% | 0.81% | 0.65% | 0.40% | 0.72% | 0.25% | 0.29% | 0.42% | 0.25% | 0.19% | 0.53% |
Frequently Asked Questions
HL and GDX have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HL has higher volatility (17.22%) compared to GDX (12.73%). In terms of maximum drawdown, HL dropped -97.92% vs GDX's -80.34%.
HL currently has the higher Sharpe Ratio (1.99 vs 0.92), 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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