LOUP vs. GDX
LOUP (Innovator Deepwater Frontier Tech ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - LOUP is a Technology Equities fund tracking the Deepwater Frontier Tech Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, LOUP returned 11.27%/yr vs 17.51%/yr for GDX. At a 0.21 correlation, their price movements are largely independent. LOUP charges 0.70%/yr vs 0.51%/yr for GDX.
Performance
LOUP vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, LOUP achieves a 20.89% return, which is significantly higher than GDX's -6.69% return.
LOUP
- 1D
- -0.93%
- 1M
- 5.80%
- YTD
- 20.89%
- 6M
- 21.07%
- 1Y
- 63.99%
- 3Y*
- 32.56%
- 5Y*
- 11.27%
- 10Y*
- —
GDX
- 1D
- 2.97%
- 1M
- -14.82%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 48.02%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
LOUP vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
LOUP Innovator Deepwater Frontier Tech ETF | 20.89% | 43.24% | 21.80% | 51.31% | -46.00% | 7.54% | 86.25% | 31.76% | -18.86% |
GDX VanEck Gold Miners ETF | -6.69% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -1.94% |
Correlation
The correlation between LOUP and GDX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2018 | 0.21 |
The correlation between LOUP and GDX shifts across timeframes, from 0.21 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
LOUP vs. GDX — Risk / Return Rank
LOUP
GDX
LOUP vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Innovator Deepwater Frontier Tech ETF (LOUP) 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.
| LOUP | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.21 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 1.40 | +1.50 |
| Martin ratioReturn relative to average drawdown | 9.66 | 3.87 | +5.79 |
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Drawdowns
LOUP vs. GDX - Drawdown Comparison
The maximum LOUP drawdown since its inception was -58.68%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for LOUP and GDX.
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Drawdown Indicators
| LOUP | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.68% | -80.34% | +21.66% |
Max Drawdown (1Y)Largest decline over 1 year | -21.00% | -36.28% | +15.28% |
Max Drawdown (3Y)Largest decline over 3 years | -35.23% | -36.28% | +1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -55.63% | -46.51% | -9.12% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -7.47% | -30.91% | +23.44% |
Average DrawdownAverage peak-to-trough decline | -19.99% | -40.41% | +20.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.31% | 13.11% | -6.80% |
Volatility
LOUP vs. GDX - Volatility Comparison
The current volatility for Innovator Deepwater Frontier Tech ETF (LOUP) is 11.16%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.20%. This indicates that LOUP 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
| LOUP | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.16% | 17.20% | -6.04% |
Volatility (6M)Calculated over the trailing 6-month period | 23.42% | 39.15% | -15.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.60% | 46.89% | -17.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.56% | 36.74% | -4.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.03% | 37.34% | -5.31% |
LOUP vs. GDX - Expense Ratio Comparison
LOUP has a 0.70% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
LOUP vs. GDX - Dividend Comparison
LOUP has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.79%.
| 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% |
LOUP Innovator Deepwater Frontier Tech ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LOUP and GDX have a correlation of 0.37, 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 LOUP (11.16%). In terms of maximum drawdown, LOUP dropped -58.68% vs GDX's -80.34%.
On 5-year performance, GDX leads with 17.51% vs 11.27% for LOUP. On fees, GDX is cheaper at 0.51% per year. On volatility, LOUP has been the lower-risk option at 11.16%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 17.51% return vs 11.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.70% for LOUP.
GDX has the higher dividend yield at 0.79%, compared with 0.00% for LOUP.
LOUP is categorized as Technology Equities, while GDX is Gold. LOUP tracks Deepwater Frontier Tech Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Innovator and VanEck. Their fees differ too: 0.70% for LOUP and 0.51% for GDX.
LOUP currently has the higher Sharpe Ratio (2.06 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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