MTUM vs. GDX
MTUM (iShares MSCI USA Momentum Factor ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, MTUM returned 17.54%/yr vs 13.81%/yr for GDX. At a 0.17 correlation, their price movements are largely independent. MTUM charges 0.15%/yr vs 0.51%/yr for GDX.
Performance
MTUM vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, MTUM achieves a 33.55% return, which is significantly higher than GDX's -0.58% return. Over the past 10 years, MTUM has outperformed GDX with an annualized return of 17.54%, while GDX has yielded a comparatively lower 13.81% annualized return.
MTUM
- 1D
- 2.96%
- 1M
- 11.98%
- YTD
- 33.55%
- 6M
- 34.98%
- 1Y
- 46.22%
- 3Y*
- 33.86%
- 5Y*
- 15.90%
- 10Y*
- 17.54%
GDX
- 1D
- 6.55%
- 1M
- -2.38%
- YTD
- -0.58%
- 6M
- 1.22%
- 1Y
- 57.71%
- 3Y*
- 41.18%
- 5Y*
- 19.97%
- 10Y*
- 13.81%
MTUM vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 33.55% | 22.15% | 32.89% | 9.15% | -18.27% | 13.36% | 29.86% | 27.25% | -1.67% | 37.50% |
GDX VanEck Gold Miners ETF | -0.58% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between MTUM and GDX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2013 | 0.17 |
Over the past year, MTUM and GDX have become more correlated (0.41) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
MTUM vs. GDX — Risk / Return Rank
MTUM
GDX
MTUM vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.
| MTUM | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.23 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 4.02 | 1.60 | +2.42 |
| Martin ratioReturn relative to average drawdown | 15.48 | 4.39 | +11.09 |
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Drawdowns
MTUM vs. GDX - Drawdown Comparison
The maximum MTUM drawdown since its inception was -34.08%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for MTUM and GDX.
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Drawdown Indicators
| MTUM | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.08% | -80.34% | +46.26% |
Max Drawdown (1Y)Largest decline over 1 year | -11.54% | -36.28% | +24.74% |
Max Drawdown (3Y)Largest decline over 3 years | -20.99% | -36.28% | +15.29% |
Max Drawdown (5Y)Largest decline over 5 years | -32.28% | -46.51% | +14.23% |
Max Drawdown (10Y)Largest decline over 10 years | -34.08% | -49.79% | +15.71% |
Current DrawdownCurrent decline from peak | 0.00% | -26.39% | +26.39% |
Average DrawdownAverage peak-to-trough decline | -6.20% | -40.41% | +34.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 13.22% | -10.23% |
Volatility
MTUM vs. GDX - Volatility Comparison
The current volatility for iShares MSCI USA Momentum Factor ETF (MTUM) is 11.20%, while VanEck Gold Miners ETF (GDX) has a volatility of 18.56%. This indicates that MTUM 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
| MTUM | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.20% | 18.56% | -7.36% |
Volatility (6M)Calculated over the trailing 6-month period | 18.83% | 39.52% | -20.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.08% | 47.30% | -26.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.99% | 36.86% | -15.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.23% | 37.37% | -16.14% |
MTUM vs. GDX - Expense Ratio Comparison
MTUM has a 0.15% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
MTUM vs. GDX - Dividend Comparison
MTUM's dividend yield for the trailing twelve months is around 0.70%, less than GDX's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.74% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
MTUM iShares MSCI USA Momentum Factor ETF | 0.70% | 0.91% | 0.75% | 1.35% | 1.80% | 0.55% | 0.83% | 1.48% | 1.27% | 1.02% | 1.43% | 1.12% |
Frequently Asked Questions
MTUM and GDX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (18.56%) compared to MTUM (11.20%). In terms of maximum drawdown, MTUM dropped -34.08% vs GDX's -80.34%.
On 10-year performance, MTUM leads with 17.54% vs 13.81% for GDX. On fees, MTUM is cheaper at 0.15% per year. On volatility, MTUM has been the lower-risk option at 11.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MTUM has performed better with a 17.54% return vs 13.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MTUM is cheaper with a 0.15% expense ratio, compared with 0.51% for GDX.
GDX has the higher dividend yield at 0.74%, compared with 0.70% for MTUM.
MTUM is categorized as Momentum, while GDX is Gold. MTUM tracks MSCI USA Momentum SR Variant Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.15% for MTUM and 0.51% for GDX.
MTUM currently has the higher Sharpe Ratio (2.21 vs 1.23), 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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