IXC vs. GDX

Last updated Jun 9, 2026

IXC (iShares Global Energy ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - IXC is a Energy Equities fund tracking the S&P Global Energy Sector Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, IXC returned 10.03%/yr vs 12.82%/yr for GDX. At a 0.33 correlation, their price movements are largely independent. IXC charges 0.46%/yr vs 0.51%/yr for GDX.

Performance

IXC vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Global Energy ETF (IXC) 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, IXC achieves a 30.67% return, which is significantly higher than GDX's -8.28% return. Over the past 10 years, IXC has underperformed GDX with an annualized return of 10.03%, while GDX has yielded a comparatively higher 12.82% annualized return.

IXC

• 1D: 1.00%
• 1M: 3.26%
• YTD: 30.67%
• 6M: 30.15%
• 1Y: 46.37%
• 3Y*: 17.70%
• 5Y*: 19.39%
• 10Y*: 10.03%

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%

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

IXC vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IXC iShares Global Energy ETF	30.67%	13.98%	1.95%	3.92%	48.51%	40.88%	-31.00%	12.67%	-14.85%	5.54%
GDX VanEck Gold Miners ETF	-8.28%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between IXC and GDX is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 23, 2006	0.33

Over the past year, the correlation between IXC and GDX has dropped to 0.01 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

IXC vs. GDX - Sectors Allocation Comparison

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

Return for Risk

IXC vs. GDX — Risk / Return Rank

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

IXC

IXC Risk / Return Rank: 82
IXC Sharpe Ratio Rank: 85
IXC Sortino Ratio Rank: 79
IXC Omega Ratio Rank: 76
IXC Calmar Ratio Rank: 89
IXC Martin Ratio Rank: 80

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 35
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 37
GDX Calmar Ratio Rank: 37
GDX Martin Ratio Rank: 32

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.

IXC vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Energy ETF (IXC) 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.

	IXC	GDX	Difference
Sharpe ratio: Return per unit of total volatility	2.48	1.16	+1.32
Sortino ratio: Return per unit of downside risk	3.14	1.58	+1.57
Omega ratio: Gain probability vs. loss probability	1.41	1.22	+0.18
Calmar ratio: Return relative to maximum drawdown	4.82	1.68	+3.15
Martin ratio: Return relative to average drawdown	14.26	4.32	+9.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IXC vs. GDX - Sharpe Ratio Comparison

The current IXC Sharpe Ratio is 2.48, which is higher than the GDX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of IXC 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

	IXC	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.48	1.16	+1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.47	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.35	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.12	+0.20

Drawdowns

IXC vs. GDX - Drawdown Comparison

The maximum IXC drawdown since its inception was -67.88%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for IXC and GDX.

Drawdown Indicators

	IXC	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-67.88%	-80.34%	+12.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.66%	-32.09%	+22.43%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-32.09%	+13.03%
Max Drawdown (5Y) Largest decline over 5 years	-24.93%	-46.51%	+21.58%
Max Drawdown (10Y) Largest decline over 10 years	-64.16%	-49.79%	-14.37%
Current Drawdown Current decline from peak	-5.96%	-32.09%	+26.13%
Average Drawdown Average peak-to-trough decline	-17.47%	-40.43%	+22.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	12.42%	-9.16%

Volatility

IXC vs. GDX - Volatility Comparison

The current volatility for iShares Global Energy ETF (IXC) is 6.55%, while VanEck Gold Miners ETF (GDX) has a volatility of 16.05%. This indicates that IXC 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

	IXC	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	16.05%	-9.50%
Volatility (6M) Calculated over the trailing 6-month period	15.51%	38.61%	-23.10%
Volatility (1Y) Calculated over the trailing 1-year period	18.79%	46.36%	-27.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.52%	36.61%	-13.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	37.27%	-10.42%

IXC vs. GDX - Expense Ratio Comparison

IXC has a 0.46% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

IXC vs. GDX - Dividend Comparison

IXC's dividend yield for the trailing twelve months is around 2.82%, more than GDX's 0.80% yield.

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%
IXC iShares Global Energy ETF	2.82%	3.68%	4.56%	3.45%	4.76%	3.98%	4.86%	7.00%	3.51%	3.05%	2.86%	3.77%

Frequently Asked Questions

Can I hold both IXC and GDX in my portfolio?

IXC and GDX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IXC or GDX?

GDX has higher volatility (16.05%) compared to IXC (6.55%). In terms of maximum drawdown, IXC dropped -67.88% vs GDX's -80.34%.

Which ETF is better, IXC or GDX?

On 10-year performance, GDX leads with 12.82% vs 10.03% for IXC. On fees, IXC is cheaper at 0.46% per year. On volatility, IXC has been the lower-risk option at 6.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IXC or GDX?

Over the 10-year period, GDX has performed better with a 12.82% return vs 10.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IXC or GDX?

IXC is cheaper with a 0.46% expense ratio, compared with 0.51% for GDX.

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

IXC has the higher dividend yield at 2.82%, compared with 0.80% for GDX.

What is the main difference between IXC and GDX?

IXC is categorized as Energy Equities, while GDX is Gold. IXC tracks S&P Global Energy Sector Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.46% for IXC and 0.51% for GDX.

Which has better risk-adjusted returns?

IXC currently has the higher Sharpe Ratio (2.48 vs 1.16), 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.