KEN vs. GDX
KEN (Kenon Holdings Ltd.) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, KEN returned 41.88%/yr vs 13.29%/yr for GDX. At a 0.08 correlation, their price movements are largely independent.
Performance
KEN vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, KEN achieves a 14.26% return, which is significantly higher than GDX's -6.69% return. Over the past 10 years, KEN has outperformed GDX with an annualized return of 41.88%, while GDX has yielded a comparatively lower 13.29% annualized return.
KEN
- 1D
- 0.54%
- 1M
- -20.01%
- YTD
- 14.26%
- 6M
- 23.62%
- 1Y
- 115.93%
- 3Y*
- 57.99%
- 5Y*
- 31.84%
- 10Y*
- 41.88%
GDX
- 1D
- 2.97%
- 1M
- -16.83%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 50.59%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
KEN vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KEN Kenon Holdings Ltd. | 14.26% | 126.18% | 62.44% | -19.16% | -23.73% | 93.65% | 57.17% | 50.73% | 23.06% | 85.88% |
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 KEN and GDX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2015 | 0.08 |
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Return for Risk
KEN vs. GDX — Risk / Return Rank
KEN
GDX
KEN vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Kenon Holdings Ltd. (KEN) 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.
| KEN | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.83 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.21 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.42 | 1.40 | +3.01 |
| Martin ratioReturn relative to average drawdown | 17.27 | 3.87 | +13.40 |
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Drawdowns
KEN vs. GDX - Drawdown Comparison
The maximum KEN drawdown since its inception was -69.20%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for KEN and GDX.
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Drawdown Indicators
| KEN | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.20% | -80.34% | +11.14% |
Max Drawdown (1Y)Largest decline over 1 year | -26.41% | -36.28% | +9.87% |
Max Drawdown (3Y)Largest decline over 3 years | -32.27% | -36.28% | +4.01% |
Max Drawdown (5Y)Largest decline over 5 years | -69.20% | -46.51% | -22.69% |
Max Drawdown (10Y)Largest decline over 10 years | -69.20% | -49.79% | -19.41% |
Current DrawdownCurrent decline from peak | -24.16% | -30.91% | +6.75% |
Average DrawdownAverage peak-to-trough decline | -23.19% | -40.41% | +17.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.74% | 13.11% | -6.37% |
Volatility
KEN vs. GDX - Volatility Comparison
The current volatility for Kenon Holdings Ltd. (KEN) is 14.84%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.20%. This indicates that KEN 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
| KEN | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.84% | 17.20% | -2.36% |
Volatility (6M)Calculated over the trailing 6-month period | 30.71% | 39.15% | -8.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.55% | 46.89% | -7.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.79% | 36.74% | +3.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.93% | 37.34% | +4.59% |
Dividends
KEN vs. GDX - Dividend Comparison
KEN's dividend yield for the trailing twelve months is around 5.31%, more than GDX's 0.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.79% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
KEN Kenon Holdings Ltd. | 5.31% | 7.24% | 11.18% | 11.46% | 25.00% | 7.35% | 7.41% | 5.75% | 96.34% | 0.00% | 0.00% | 45.52% |
Frequently Asked Questions
KEN and GDX have a correlation of 0.16, 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 KEN (14.84%). In terms of maximum drawdown, KEN dropped -69.20% vs GDX's -80.34%.
KEN currently has the higher Sharpe Ratio (2.96 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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