IHY vs. GDX

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Vectors International High Yield Bond ETF (IHY) and VanEck Gold Miners ETF (GDX).

IHY and GDX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IHY is a passively managed fund by VanEck that tracks the performance of the Bank of America Merrill Lynch Global Ex-­‐US Issuers High Yield Constrained Index. It was launched on Apr 2, 2012. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. Both IHY and GDX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

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	-1.31%	13.39%	3.55%	12.11%	-14.34%	-2.82%	8.65%	12.77%	-4.52%	12.54%
GDX VanEck Gold Miners ETF	11.94%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Returns By Period

In the year-to-date period, IHY achieves a -1.31% return, which is significantly lower than GDX's 11.94% return. Over the past 10 years, IHY has underperformed GDX with an annualized return of 4.15%, while GDX has yielded a comparatively higher 18.07% annualized return.

IHY

• 1D: 0.36%
• 1M: -1.93%
• YTD: -1.31%
• 6M: -0.10%
• 1Y: 8.29%
• 3Y*: 8.02%
• 5Y*: 1.78%
• 10Y*: 4.15%

GDX

• 1D: 4.62%
• 1M: -16.76%
• YTD: 11.94%
• 6M: 25.38%
• 1Y: 111.15%
• 3Y*: 45.40%
• 5Y*: 25.09%
• 10Y*: 18.07%

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

IHY vs. GDX - Expense Ratio Comparison

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

GDX

VanEck Gold Miners ETF

IHY

VanEck Vectors International High Yield Bond ETF

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: 68
IHY Sharpe Ratio Rank: 71
IHY Sortino Ratio Rank: 72
IHY Omega Ratio Rank: 67
IHY Calmar Ratio Rank: 66
IHY Martin Ratio Rank: 63

GDX

GDX Risk / Return Rank: 92
GDX Sharpe Ratio Rank: 95
GDX Sortino Ratio Rank: 90
GDX Omega Ratio Rank: 89
GDX Calmar Ratio Rank: 93
GDX Martin Ratio Rank: 91

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	1.32	2.42	-1.10
Sortino ratio Return per unit of downside risk	1.89	2.60	-0.70
Omega ratio Gain probability vs. loss probability	1.26	1.38	-0.12
Calmar ratio Return relative to maximum drawdown	1.78	3.58	-1.80
Martin ratio Return relative to average drawdown	6.77	12.86	-6.09
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 1.32, which is lower than the GDX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of IHY and GDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IHY	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	2.42	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.23	0.71	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.48	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.14	+0.38

Correlation

The correlation between IHY and GDX is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IHY vs. GDX - Dividend Comparison

IHY's dividend yield for the trailing twelve months is around 5.65%, more than GDX's 0.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHY VanEck Vectors International High Yield Bond ETF	5.65%	5.31%	5.60%	5.26%	4.97%	4.55%	4.65%	4.86%	4.70%	4.36%	5.11%	5.79%
GDX VanEck Gold Miners ETF	0.66%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%

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 (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	-3.33%	-17.12%	+13.79%
Average Drawdown Average peak-to-trough decline	-5.33%	-40.60%	+35.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.25%	8.58%	-7.33%

Volatility

IHY vs. GDX - Volatility Comparison

The current volatility for VanEck Vectors International High Yield Bond ETF (IHY) is 2.51%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.26%. 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	2.51%	17.26%	-14.75%
Volatility (6M) Calculated over the trailing 6-month period	3.72%	38.43%	-34.71%
Volatility (1Y) Calculated over the trailing 1-year period	6.31%	46.20%	-39.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.74%	35.76%	-28.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.72%	37.46%	-29.74%