IBIT vs. GDX
IBIT (iShares Bitcoin Trust ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past year, IBIT returned -39.44% vs 53.51% for GDX. At a 0.17 correlation, their price movements are largely independent. IBIT charges 0.25%/yr vs 0.51%/yr for GDX.
Performance
IBIT vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -27.71% return, which is significantly lower than GDX's -8.28% return.
IBIT
- 1D
- 5.13%
- 1M
- -21.03%
- YTD
- -27.71%
- 6M
- -30.34%
- 1Y
- -39.44%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GDX
- 1D
- -0.22%
- 1M
- -16.83%
- YTD
- -8.28%
- 6M
- 0.10%
- 1Y
- 53.51%
- 3Y*
- 37.89%
- 5Y*
- 17.28%
- 10Y*
- 12.82%
IBIT vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -27.71% | -6.41% | 99.21% |
GDX VanEck Gold Miners ETF | -8.28% | 154.77% | 18.75% |
Correlation
The correlation between IBIT and GDX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.17 |
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Return for Risk
IBIT vs. GDX — Risk / Return Rank
IBIT
GDX
IBIT vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.22 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 1.68 | -2.43 |
| Martin ratioReturn relative to average drawdown | -1.36 | 4.32 | -5.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBIT | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | 1.16 | -2.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.47 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.12 | +0.15 |
Drawdowns
IBIT vs. GDX - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.11%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for IBIT and GDX.
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Drawdown Indicators
| IBIT | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.11% | -80.34% | +28.23% |
Max Drawdown (1Y)Largest decline over 1 year | -52.11% | -32.09% | -20.02% |
Max Drawdown (3Y)Largest decline over 3 years | — | -32.09% | — |
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 | -49.66% | -32.09% | -17.57% |
Average DrawdownAverage peak-to-trough decline | -16.19% | -40.43% | +24.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.97% | 12.42% | +16.55% |
Volatility
IBIT vs. GDX - Volatility Comparison
The current volatility for iShares Bitcoin Trust ETF (IBIT) is 11.85%, while VanEck Gold Miners ETF (GDX) has a volatility of 16.05%. This indicates that IBIT 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
| IBIT | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.85% | 16.05% | -4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 34.60% | 38.61% | -4.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.28% | 46.36% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.32% | 36.61% | +13.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.32% | 37.27% | +13.05% |
IBIT vs. GDX - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
IBIT vs. GDX - Dividend Comparison
IBIT has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.80%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.80% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBIT and GDX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (16.05%) compared to IBIT (11.85%). In terms of maximum drawdown, IBIT dropped -52.11% vs GDX's -80.34%.
On 1-year performance, GDX leads with 53.51% vs -39.44% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 11.85%. 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 53.51% return vs -39.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.80%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while GDX is Gold. IBIT tracks CME CF Bitcoin Reference Rate - New York Variant, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.25% for IBIT and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.16 vs -0.90), 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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