INIVX vs. GHAAX

Last updated Aug 1, 2026

INIVX (VanEck International Investors Gold Fund) and GHAAX (VanEck Global Resources Fund) are both mutual funds - INIVX is a Gold fund managed by VanEck, while GHAAX is a Energy Equities fund managed by VanEck. Over the past 10 years, INIVX returned 11.65%/yr vs 6.45%/yr for GHAAX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. INIVX charges 1.42%/yr vs 1.38%/yr for GHAAX.

Performance

INIVX vs. GHAAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck International Investors Gold Fund (INIVX) and VanEck Global Resources Fund (GHAAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INIVX achieves a -4.64% return, which is significantly lower than GHAAX's 13.03% return. Over the past 10 years, INIVX has outperformed GHAAX with an annualized return of 11.65%, while GHAAX has yielded a comparatively lower 6.45% annualized return.

INIVX

• 1D: 3.54%
• 1M: -2.01%
• 6M: -12.65%
• YTD: -4.64%
• 1Y: 62.66%
• 3Y*: 43.29%
• 5Y*: 21.05%
• 10Y*: 11.65%
• ALL TIME*: 7.95%

GHAAX

• 1D: 1.25%
• 1M: 5.59%
• 6M: 1.38%
• YTD: 13.03%
• 1Y: 37.47%
• 3Y*: 12.00%
• 5Y*: 10.04%
• 10Y*: 6.45%
• ALL TIME*: 7.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GHAAX VanEck Global Resources Fund	$0.00	$0.00	$0.00
INIVX VanEck International Investors Gold Fund	$0.00	$0.00	$0.00

INIVX vs. GHAAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INIVX VanEck International Investors Gold Fund	-4.64%	165.88%	14.37%	9.67%	-13.77%	-14.23%	40.91%	38.15%	-16.01%	13.06%
GHAAX VanEck Global Resources Fund	13.03%	36.12%	-3.15%	-3.93%	7.79%	18.63%	18.68%	11.65%	-29.35%	-1.49%

Correlation

The correlation between INIVX and GHAAX is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.63
Correlation (10Y) Provides a long-term view across more market conditions.	0.50
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995	0.54

Over the past year, INIVX and GHAAX have become more correlated (0.75) than their long-term average of 0.54, meaning their price movements have been converging.

Return for Risk

INIVX vs. GHAAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

INIVX

INIVX Risk / Return Rank: 46
INIVX Sharpe Ratio Rank: 53
INIVX Sortino Ratio Rank: 43
INIVX Omega Ratio Rank: 53
INIVX Calmar Ratio Rank: 50
INIVX Martin Ratio Rank: 29

GHAAX

GHAAX Risk / Return Rank: 66
GHAAX Sharpe Ratio Rank: 72
GHAAX Sortino Ratio Rank: 59
GHAAX Omega Ratio Rank: 70
GHAAX Calmar Ratio Rank: 78
GHAAX Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

INIVX vs. GHAAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck International Investors Gold Fund (INIVX) and VanEck Global Resources Fund (GHAAX). 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.

	INIVX	GHAAX	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.70	-0.34
Sortino ratio: Return per unit of downside risk	1.78	2.14	-0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio: Return relative to maximum drawdown	1.84	2.61	-0.78
Martin ratio: Return relative to average drawdown	4.07	7.32	-3.25

INIVX vs. GHAAX - Sharpe Ratio Comparison

The current INIVX Sharpe Ratio is 1.36, which is comparable to the GHAAX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of INIVX and GHAAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

INIVX vs. GHAAX - Drawdown Comparison

The maximum INIVX drawdown since its inception was -78.96%, which is greater than GHAAX's maximum drawdown of -74.68%. Use the drawdown chart below to compare losses from any high point for INIVX and GHAAX.

Drawdown Indicators

	INIVX	GHAAX	Difference
Max Drawdown Largest peak-to-trough decline	-78.96%	-74.68%	-4.28%
Max Drawdown (1Y) Largest decline over 1 year	-35.43%	-13.63%	-21.80%
Max Drawdown (3Y) Largest decline over 3 years	-35.43%	-18.65%	-16.78%
Max Drawdown (5Y) Largest decline over 5 years	-44.66%	-27.74%	-16.92%
Max Drawdown (10Y) Largest decline over 10 years	-51.20%	-62.93%	+11.73%
Current Drawdown Current decline from peak	-30.02%	-7.28%	-22.74%
Average Drawdown Average peak-to-trough decline	-37.74%	-24.61%	-13.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.94%	4.85%	+11.09%

Volatility

INIVX vs. GHAAX - Volatility Comparison

VanEck International Investors Gold Fund (INIVX) has a higher volatility of 12.45% compared to VanEck Global Resources Fund (GHAAX) at 4.39%. This indicates that INIVX's price experiences larger fluctuations and is considered to be riskier than GHAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INIVX	GHAAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.45%	4.39%	+8.06%
Volatility (6M) Calculated over the trailing 6-month period	40.46%	17.36%	+23.10%
Volatility (1Y) Calculated over the trailing 1-year period	47.82%	21.01%	+26.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.98%	23.02%	+11.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.24%	25.31%	+8.93%

INIVX vs. GHAAX - Expense Ratio Comparison

INIVX has a 1.42% expense ratio, which is higher than GHAAX's 1.38% expense ratio.

Dividends

INIVX vs. GHAAX - Dividend Comparison

INIVX's dividend yield for the trailing twelve months is around 6.31%, more than GHAAX's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GHAAX VanEck Global Resources Fund	1.38%	1.56%	2.95%	2.33%	2.53%	1.35%	0.53%	0.89%	0.00%	0.00%	0.03%	0.51%
INIVX VanEck International Investors Gold Fund	6.31%	6.01%	7.45%	0.10%	0.00%	6.40%	11.70%	3.66%	2.87%	3.76%	6.40%	0.00%

Frequently Asked Questions

Can I hold both INIVX and GHAAX in my portfolio?

INIVX and GHAAX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INIVX or GHAAX?

INIVX has higher volatility (12.45%) compared to GHAAX (4.39%). In terms of maximum drawdown, INIVX dropped -78.96% vs GHAAX's -74.68%.

Which has better risk-adjusted returns?

GHAAX currently has the higher Sharpe Ratio (1.70 vs 1.36), 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.