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HYG vs. GDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYG vs. GDX

Last updated Jun 13, 2026

HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, HYG returned 5.04%/yr vs 13.29%/yr for GDX. At a 0.22 correlation, their price movements are largely independent. HYG charges 0.49%/yr vs 0.51%/yr for GDX.

Performance

HYG vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBoxx $ High Yield Corporate Bond ETF (HYG) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HYG achieves a 1.65% return, which is significantly higher than GDX's -6.69% return. Over the past 10 years, HYG has underperformed GDX with an annualized return of 5.04%, while GDX has yielded a comparatively higher 13.29% annualized return.

HYG

1D
0.00%
1M
0.55%
YTD
1.65%
6M
2.21%
1Y
6.49%
3Y*
8.52%
5Y*
3.75%
10Y*
5.04%

GDX

1D
2.97%
1M
-16.83%
YTD
-6.69%
6M
-5.89%
1Y
50.59%
3Y*
38.96%
5Y*
17.51%
10Y*
13.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYG vs. GDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		1.65%8.59%7.97%11.54%-10.98%3.76%4.47%14.09%-2.02%6.07%
GDX
VanEck Gold Miners ETF		-6.69%154.77%10.63%9.98%-9.01%-9.52%23.66%39.84%-8.77%11.99%

Correlation

The correlation between HYG and GDX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.33

Correlation (5Y)
Calculated over the trailing 5-year period

0.33

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Apr 11, 2007

0.22

The correlation between HYG and GDX shifts across timeframes, from 0.22 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

HYG vs. GDX - Sectors Allocation Comparison

Sectors
HYG
GDX

Utilities

99.6%

-

Real Estate

0.4%

-

Basic Materials

-

100.0%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

HYG
99.6%
GDX

-

Real Estate

HYG
0.4%
GDX

-

Basic Materials

HYG

-

GDX
100.0%

Communication Services

HYG

-

GDX

-

Consumer Cyclical

HYG

-

GDX

-

Consumer Defensive

HYG

-

GDX

-

Energy

HYG

-

GDX

-

Financial Services

HYG

-

GDX

-

Healthcare

HYG

-

GDX

-

Industrials

HYG

-

GDX

-

Technology

HYG

-

GDX

-

Compare stocks, funds, or ETFs

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iShares iBoxx $ High Yield Corporate Bond ETF

VanEck Gold Miners ETF

Often compared with HYG:
HYG vs. LQDHYG vs. JNKHYG vs. SPHYHYG vs. AGGHYG vs. USHYHYG vs. HYGHHYG vs. SHYG
Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV

Return for Risk

HYG vs. GDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYG
HYG Risk / Return Rank: 6464
Overall Rank
HYG Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
HYG Sortino Ratio Rank: 6363
Sortino Ratio Rank
HYG Omega Ratio Rank: 6060
Omega Ratio Rank
HYG Calmar Ratio Rank: 6464
Calmar Ratio Rank
HYG Martin Ratio Rank: 7575
Martin Ratio Rank
GDX
GDX Risk / Return Rank: 3333
Overall Rank
GDX Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3131
Sortino Ratio Rank
GDX Omega Ratio Rank: 3636
Omega Ratio Rank
GDX Calmar Ratio Rank: 3232
Calmar Ratio Rank
GDX Martin Ratio Rank: 3030
Martin Ratio Rank
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.

HYG vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 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.

HYGGDXDifference
Sharpe ratioReturn per unit of total volatility
1.68
1.09

+0.60

Sortino ratioReturn per unit of downside risk
2.54
1.51

+1.03

Omega ratioGain probability vs. loss probability

1.32

1.21

+0.11

Calmar ratioReturn relative to maximum drawdown

2.79

1.40

+1.39

Martin ratioReturn relative to average drawdown

12.25

3.87

+8.38

HYG vs. GDX - Sharpe Ratio Comparison

The current HYG Sharpe Ratio is 1.68, which is higher than the GDX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of HYG and GDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HYG vs. GDX - Drawdown Comparison

The maximum HYG drawdown since its inception was -34.25%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for HYG and GDX.

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Drawdown Indicators

HYGGDXDifference

Max Drawdown

Largest peak-to-trough decline

-34.25%

-80.34%

+46.09%

Max Drawdown (1Y)

Largest decline over 1 year

-2.34%

-36.28%

+33.94%

Max Drawdown (3Y)

Largest decline over 3 years

-4.56%

-36.28%

+31.72%

Max Drawdown (5Y)

Largest decline over 5 years

-15.79%

-46.51%

+30.72%

Max Drawdown (10Y)

Largest decline over 10 years

-22.03%

-49.79%

+27.76%

Current Drawdown

Current decline from peak

0.00%

-30.91%

+30.91%

Average Drawdown

Average peak-to-trough decline

-3.24%

-40.41%

+37.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.53%

13.11%

-12.58%

Volatility

HYG vs. GDX - Volatility Comparison

The current volatility for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) is 1.31%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.20%. This indicates that HYG 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

HYGGDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.31%

17.20%

-15.89%

Volatility (6M)

Calculated over the trailing 6-month period

3.08%

39.15%

-36.07%

Volatility (1Y)

Calculated over the trailing 1-year period

3.87%

46.89%

-43.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.53%

36.74%

-29.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.29%

37.34%

-29.05%

HYG vs. GDX - Expense Ratio Comparison

HYG has a 0.49% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

HYG vs. GDX - Dividend Comparison

HYG's dividend yield for the trailing twelve months is around 5.90%, more than GDX's 0.79% yield.

PositionTTM20252024202320222021202020192018201720162015
GDX
VanEck Gold Miners ETF		0.79%0.74%1.19%1.61%1.66%1.67%0.53%0.67%0.50%0.76%0.26%0.85%
HYG
iShares iBoxx $ High Yield Corporate Bond ETF		5.90%5.71%6.01%5.74%5.30%4.02%4.88%4.99%5.54%5.12%5.27%5.90%

Frequently Asked Questions

HYG and GDX have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GDX has higher volatility (17.20%) compared to HYG (1.31%). In terms of maximum drawdown, HYG dropped -34.25% vs GDX's -80.34%.

On 10-year performance, GDX leads with 13.29% vs 5.04% for HYG. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GDX has performed better with a 13.29% return vs 5.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HYG is cheaper with a 0.49% expense ratio, compared with 0.51% for GDX.

HYG has the higher dividend yield at 5.90%, compared with 0.79% for GDX.

HYG is categorized as High Yield Bonds, while GDX is Gold. HYG tracks Markit iBoxx USD Liquid High Yield Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.49% for HYG and 0.51% for GDX.

HYG currently has the higher Sharpe Ratio (1.68 vs 1.09), 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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