JPYUSD=X vs. GDX
JPYUSD=X (JPY/USD) is a currency, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, JPYUSD=X returned -4.19%/yr vs 13.29%/yr for GDX. At a 0.21 correlation, their price movements are largely independent.
Performance
JPYUSD=X vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, JPYUSD=X achieves a -2.12% return, which is significantly higher than GDX's -6.69% return. Over the past 10 years, JPYUSD=X has underperformed GDX with an annualized return of -4.19%, while GDX has yielded a comparatively higher 13.29% annualized return.
JPYUSD=X
- 1D
- 0.10%
- 1M
- -0.82%
- YTD
- -2.12%
- 6M
- -3.07%
- 1Y
- -9.99%
- 3Y*
- -4.30%
- 5Y*
- -7.22%
- 10Y*
- -4.19%
GDX
- 1D
- 2.97%
- 1M
- -8.38%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 48.02%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
JPYUSD=X vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JPYUSD=X JPY/USD | -2.12% | 0.33% | -10.26% | -7.04% | -12.23% | -10.24% | 5.18% | 0.86% | 2.82% | 3.91% |
GDX VanEck Gold Miners ETF | -6.69% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between JPYUSD=X and GDX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2007 | 0.21 |
The correlation between JPYUSD=X and GDX shifts across timeframes, from 0.21 (1 year) to 0.34 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
JPYUSD=X vs. GDX — Risk / Return Rank
JPYUSD=X
GDX
JPYUSD=X vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPY/USD (JPYUSD=X) 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.
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.
| JPYUSD=X | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.21 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 1.40 | -2.16 |
| Martin ratioReturn relative to average drawdown | -1.11 | 3.87 | -4.98 |
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Drawdowns
JPYUSD=X vs. GDX - Drawdown Comparison
The maximum JPYUSD=X drawdown since its inception was -52.96%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for JPYUSD=X and GDX.
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Drawdown Indicators
| JPYUSD=X | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.96% | -80.34% | +27.38% |
Max Drawdown (1Y)Largest decline over 1 year | -10.68% | -36.28% | +25.60% |
Max Drawdown (3Y)Largest decline over 3 years | -14.63% | -36.28% | +21.65% |
Max Drawdown (5Y)Largest decline over 5 years | -32.59% | -46.51% | +13.92% |
Max Drawdown (10Y)Largest decline over 10 years | -38.21% | -49.79% | +11.58% |
Current DrawdownCurrent decline from peak | -52.47% | -30.91% | -21.56% |
Average DrawdownAverage peak-to-trough decline | -26.92% | -40.41% | +13.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.18% | 13.11% | -6.93% |
Volatility
JPYUSD=X vs. GDX - Volatility Comparison
The current volatility for JPY/USD (JPYUSD=X) is 0.69%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.20%. This indicates that JPYUSD=X 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
| JPYUSD=X | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 17.20% | -16.51% |
Volatility (6M)Calculated over the trailing 6-month period | 5.48% | 39.15% | -33.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.50% | 46.89% | -39.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.56% | 36.74% | -27.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.90% | 37.34% | -28.44% |
Frequently Asked Questions
JPYUSD=X and GDX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.20%) compared to JPYUSD=X (0.69%). In terms of maximum drawdown, JPYUSD=X dropped -52.96% vs GDX's -80.34%.
GDX currently has the higher Sharpe Ratio (1.09 vs -1.09), 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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