IBAT vs. GDX
IBAT (iShares Energy Storage & Materials ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - IBAT is a Alternative Energy Equities fund tracking the STOXX Global Energy Storage and Materials, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past year, IBAT returned 63.73% vs 42.30% for GDX. Their 0.38 correlation means their historical movements had little consistent relationship. IBAT charges 0.47%/yr vs 0.51%/yr for GDX.
Performance
IBAT vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, IBAT achieves a 32.65% return, which is significantly higher than GDX's -13.61% return.
IBAT
- 1D
- 0.04%
- 1M
- -12.41%
- 6M
- 17.70%
- YTD
- 32.65%
- 1Y
- 63.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.39%
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 | |
| $1.10M | $1.47M | $2.33M |
IBAT vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBAT iShares Energy Storage & Materials ETF | 32.65% | 32.09% | -13.29% |
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | 13.38% |
Correlation
The correlation between IBAT and GDX is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024 | 0.38 |
The correlation between IBAT and GDX shifts across timeframes, from 0.38 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IBAT vs. GDX — Risk / Return Rank
IBAT
GDX
IBAT vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Energy Storage & Materials ETF (IBAT) 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.
| IBAT | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.07 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.18 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 1.15 | +1.27 |
| Martin ratioReturn relative to average drawdown | 8.73 | 2.48 | +6.24 |
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Drawdowns
IBAT vs. GDX - Drawdown Comparison
The maximum IBAT drawdown since its inception was -28.26%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for IBAT and GDX.
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Drawdown Indicators
| IBAT | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.26% | -80.34% | +52.08% |
Max Drawdown (1Y)Largest decline over 1 year | -25.85% | -38.93% | +13.08% |
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 | -20.73% | -36.03% | +15.30% |
Average DrawdownAverage peak-to-trough decline | -8.03% | -40.37% | +32.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.15% | 17.97% | -10.82% |
Volatility
IBAT vs. GDX - Volatility Comparison
iShares Energy Storage & Materials ETF (IBAT) and VanEck Gold Miners ETF (GDX) have volatilities of 12.10% and 12.73%, 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.
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Volatility by Period
| IBAT | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 12.73% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 26.99% | 39.94% | -12.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.59% | 48.49% | -16.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.08% | 37.23% | -11.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.08% | 37.34% | -11.26% |
IBAT vs. GDX - Expense Ratio Comparison
IBAT has a 0.47% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
IBAT vs. GDX - Dividend Comparison
IBAT's dividend yield for the trailing twelve months is around 0.80%, 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% |
IBAT iShares Energy Storage & Materials ETF | 0.80% | 1.15% | 1.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBAT and GDX have a correlation of 0.49, 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 IBAT (12.10%). In terms of maximum drawdown, IBAT dropped -28.26% vs GDX's -80.34%.
On 1-year performance, IBAT leads with 63.73% vs 42.30% for GDX. On fees, IBAT is cheaper at 0.47% per year. On volatility, IBAT has been the lower-risk option at 12.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBAT has performed better with a 63.73% return vs 42.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBAT is cheaper with a 0.47% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.85%, compared with 0.80% for IBAT.
IBAT is categorized as Alternative Energy Equities, while GDX is Gold. IBAT tracks STOXX Global Energy Storage and Materials, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.47% for IBAT and 0.51% for GDX.
IBAT currently has the higher Sharpe Ratio (1.98 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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