IHY vs. GDX

Last updated Jun 5, 2026

IHY (VanEck Vectors International High Yield Bond ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - IHY is a High Yield Bonds fund tracking the Bank of America Merrill Lynch Global Ex-­‐US Issuers High Yield Constrained Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, IHY returned 4.06%/yr vs 14.11%/yr for GDX. At a 0.31 correlation, their price movements are largely independent. IHY charges 0.40%/yr vs 0.51%/yr for GDX.

Performance

IHY vs. GDX - Performance Comparison

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

Returns By Period

In the year-to-date period, IHY achieves a 1.35% return, which is significantly higher than GDX's 0.73% return. Over the past 10 years, IHY has underperformed GDX with an annualized return of 4.06%, while GDX has yielded a comparatively higher 14.11% annualized return.

IHY

• 1D: 0.19%
• 1M: 0.40%
• YTD: 1.35%
• 6M: 2.41%
• 1Y: 6.67%
• 3Y*: 9.16%
• 5Y*: 1.76%
• 10Y*: 4.06%

GDX

• 1D: 1.65%
• 1M: 0.69%
• YTD: 0.73%
• 6M: 6.93%
• 1Y: 63.55%
• 3Y*: 41.54%
• 5Y*: 19.08%
• 10Y*: 14.11%

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

IHY vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IHY VanEck Vectors International High Yield Bond ETF	1.35%	13.39%	3.55%	12.11%	-14.34%	-2.82%	8.65%	12.77%	-4.52%	12.54%
GDX VanEck Gold Miners ETF	0.73%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between IHY and GDX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012	0.31

The correlation between IHY and GDX shifts across timeframes, from 0.31 (all time) to 0.41 (5 years), reflecting how their relationship changes across market environments.

IHY vs. GDX - Sectors Allocation Comparison

Sectors	IHY	GDX
Financial Services	100.0%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

IHY vs. GDX — Risk / Return Rank

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

IHY

IHY Risk / Return Rank: 34
IHY Sharpe Ratio Rank: 35
IHY Sortino Ratio Rank: 37
IHY Omega Ratio Rank: 34
IHY Calmar Ratio Rank: 29
IHY Martin Ratio Rank: 34

GDX

GDX Risk / Return Rank: 39
GDX Sharpe Ratio Rank: 41
GDX Sortino Ratio Rank: 35
GDX Omega Ratio Rank: 40
GDX Calmar Ratio Rank: 43
GDX Martin Ratio Rank: 35

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.

IHY vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors International High Yield Bond ETF (IHY) 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.

	IHY	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.40	-0.16
Sortino ratio: Return per unit of downside risk	1.89	1.81	+0.08
Omega ratio: Gain probability vs. loss probability	1.22	1.25	-0.03
Calmar ratio: Return relative to maximum drawdown	1.41	2.07	-0.66
Martin ratio: Return relative to average drawdown	5.07	5.27	-0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IHY vs. GDX - Sharpe Ratio Comparison

The current IHY Sharpe Ratio is 1.24, which is comparable to the GDX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of IHY 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.

Sharpe Ratios by Period

	IHY	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.40	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.53	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.38	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.13	+0.42

Drawdowns

IHY vs. GDX - Drawdown Comparison

The maximum IHY drawdown since its inception was -27.63%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for IHY and GDX.

Drawdown Indicators

	IHY	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-27.63%	-80.34%	+52.71%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-30.84%	+26.09%
Max Drawdown (3Y) Largest decline over 3 years	-4.75%	-30.84%	+26.09%
Max Drawdown (5Y) Largest decline over 5 years	-27.63%	-46.51%	+18.88%
Max Drawdown (10Y) Largest decline over 10 years	-27.63%	-49.79%	+22.16%
Current Drawdown Current decline from peak	-0.72%	-25.41%	+24.69%
Average Drawdown Average peak-to-trough decline	-5.28%	-40.43%	+35.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.32%	12.09%	-10.77%

Volatility

IHY vs. GDX - Volatility Comparison

The current volatility for VanEck Vectors International High Yield Bond ETF (IHY) is 1.32%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.49%. This indicates that IHY 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.

Volatility by Period

	IHY	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	15.49%	-14.17%
Volatility (6M) Calculated over the trailing 6-month period	3.93%	37.51%	-33.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.39%	45.49%	-40.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.73%	36.40%	-28.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.72%	37.17%	-29.45%

IHY vs. GDX - Expense Ratio Comparison

IHY has a 0.40% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

IHY vs. GDX - Dividend Comparison

IHY's dividend yield for the trailing twelve months is around 5.67%, more than GDX's 0.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.73%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
IHY VanEck Vectors International High Yield Bond ETF	5.67%	5.31%	5.60%	5.26%	4.97%	4.55%	4.65%	4.86%	4.70%	4.36%	5.11%	5.79%

Frequently Asked Questions

Can I hold both IHY and GDX in my portfolio?

IHY and GDX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IHY or GDX?

GDX has higher volatility (15.49%) compared to IHY (1.32%). In terms of maximum drawdown, IHY dropped -27.63% vs GDX's -80.34%.

Which ETF is better, IHY or GDX?

On 10-year performance, GDX leads with 14.11% vs 4.06% for IHY. On fees, IHY is cheaper at 0.40% per year. On volatility, IHY has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IHY or GDX?

Over the 10-year period, GDX has performed better with a 14.11% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IHY or GDX?

IHY is cheaper with a 0.40% expense ratio, compared with 0.51% for GDX.

Which ETF pays a higher dividend yield, IHY or GDX?

IHY has the higher dividend yield at 5.67%, compared with 0.73% for GDX.

What is the main difference between IHY and GDX?

IHY is categorized as High Yield Bonds, while GDX is Gold. IHY tracks Bank of America Merrill Lynch Global Ex-­‐US Issuers High Yield Constrained Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.40% for IHY and 0.51% for GDX.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.40 vs 1.24), 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.