MLN vs. GDXJ
MLN (VanEck Long Muni ETF) and GDXJ (VanEck Vectors Junior Gold Miners ETF) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while GDXJ is a Materials fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, MLN returned 1.49%/yr vs 13.07%/yr for GDXJ. At a 0.10 correlation, their price movements are largely independent. MLN charges 0.24%/yr vs 0.54%/yr for GDXJ.
Performance
MLN vs. GDXJ - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 1.92% return, which is significantly higher than GDXJ's -2.55% return. Over the past 10 years, MLN has underperformed GDXJ with an annualized return of 1.49%, while GDXJ has yielded a comparatively higher 13.07% annualized return.
MLN
- 1D
- -0.26%
- 1M
- 0.46%
- YTD
- 1.92%
- 6M
- 2.58%
- 1Y
- 9.33%
- 3Y*
- 3.46%
- 5Y*
- -1.05%
- 10Y*
- 1.49%
GDXJ
- 1D
- -4.40%
- 1M
- -1.95%
- YTD
- -2.55%
- 6M
- 6.26%
- 1Y
- 65.12%
- 3Y*
- 46.12%
- 5Y*
- 17.46%
- 10Y*
- 13.07%
MLN vs. GDXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 1.92% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
GDXJ VanEck Vectors Junior Gold Miners ETF | -2.55% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
Correlation
The correlation between MLN and GDXJ is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2009 | 0.10 |
The correlation between MLN and GDXJ shifts across timeframes, from 0.10 (all time) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. GDXJ — Risk / Return Rank
MLN
GDXJ
MLN vs. GDXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and VanEck Vectors Junior Gold Miners ETF (GDXJ). 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.
| MLN | GDXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.24 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 1.99 | +1.67 |
| Martin ratioReturn relative to average drawdown | 12.02 | 4.95 | +7.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MLN | GDXJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 1.32 | +0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.43 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.30 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.06 | +0.26 |
Drawdowns
MLN vs. GDXJ - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for MLN and GDXJ.
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Drawdown Indicators
| MLN | GDXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -88.66% | +60.30% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -32.92% | +30.36% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -32.92% | +23.08% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -50.99% | +26.53% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -57.77% | +33.31% |
Current DrawdownCurrent decline from peak | -6.58% | -29.01% | +22.43% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -60.50% | +54.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 13.19% | -12.41% |
Volatility
MLN vs. GDXJ - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.56%, while VanEck Vectors Junior Gold Miners ETF (GDXJ) has a volatility of 16.66%. This indicates that MLN experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLN | GDXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 16.66% | -15.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 41.34% | -38.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 49.79% | -45.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 41.10% | -33.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 44.06% | -35.18% |
MLN vs. GDXJ - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is lower than GDXJ's 0.54% expense ratio.
Dividends
MLN vs. GDXJ - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.71%, more than GDXJ's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Vectors Junior Gold Miners ETF | 2.39% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
MLN VanEck Long Muni ETF | 3.71% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
Frequently Asked Questions
MLN and GDXJ have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXJ has higher volatility (16.66%) compared to MLN (1.56%). In terms of maximum drawdown, MLN dropped -28.36% vs GDXJ's -88.66%.
On 10-year performance, GDXJ leads with 13.07% vs 1.49% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, MLN has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDXJ has performed better with a 13.07% return vs 1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLN is cheaper with a 0.24% expense ratio, compared with 0.54% for GDXJ.
MLN has the higher dividend yield at 3.71%, compared with 2.39% for GDXJ.
MLN is categorized as Municipal Bonds, while GDXJ is Materials. MLN tracks Bloomberg AMT-Free Long Continuous, while GDXJ tracks MVIS Global Junior Gold Miners Index. Their fees differ too: 0.24% for MLN and 0.54% for GDXJ.
MLN currently has the higher Sharpe Ratio (2.11 vs 1.31), 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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