NEM vs. GDX
NEM (Newmont Corporation) 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, NEM returned 10.27%/yr vs 10.34%/yr for GDX. Their correlation of 0.87 means they have usually moved in the same direction.
Performance
NEM vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, NEM achieves a -7.94% return, which is significantly higher than GDX's -13.48% return. Both investments have delivered pretty close results over the past 10 years, with NEM having a 10.27% annualized return and GDX not far ahead at 10.34%.
NEM
- 1D
- -2.09%
- 1M
- -4.80%
- 6M
- -27.62%
- YTD
- -7.94%
- 1Y
- 45.29%
- 3Y*
- 32.09%
- 5Y*
- 11.02%
- 10Y*
- 10.27%
- ALL TIME*
- 4.77%
GDX
- 1D
- -2.01%
- 1M
- -3.62%
- 6M
- -32.10%
- YTD
- -13.48%
- 1Y
- 42.14%
- 3Y*
- 35.76%
- 5Y*
- 17.79%
- 10Y*
- 10.34%
- ALL TIME*
- 4.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.19B | $1.32B | $1.78B | |
| $732.31M | $700.61M | $808.16M |
NEM vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NEM Newmont Corporation | -7.94% | 172.82% | -7.83% | -8.76% | -20.77% | 7.40% | 40.28% | 30.52% | -6.15% | 10.91% |
GDX VanEck Gold Miners ETF | -13.48% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between NEM and GDX is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.92 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.86 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.87 |
The correlation between NEM and GDX has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.
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Return for Risk
NEM vs. GDX — Risk / Return Rank
NEM
GDX
NEM vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Newmont Corporation (NEM) 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.
| NEM | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.18 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.09 | +0.33 |
| Martin ratioReturn relative to average drawdown | 3.19 | 2.41 | +0.78 |
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Drawdowns
NEM vs. GDX - Drawdown Comparison
The maximum NEM drawdown since its inception was -81.30%, roughly equal to the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for NEM and GDX.
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Drawdown Indicators
| NEM | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.30% | -80.34% | -0.96% |
Max Drawdown (1Y)Largest decline over 1 year | -32.10% | -38.93% | +6.83% |
Max Drawdown (3Y)Largest decline over 3 years | -36.57% | -38.93% | +2.36% |
Max Drawdown (5Y)Largest decline over 5 years | -62.40% | -46.51% | -15.89% |
Max Drawdown (10Y)Largest decline over 10 years | -62.40% | -49.79% | -12.61% |
Current DrawdownCurrent decline from peak | -30.34% | -35.94% | +5.60% |
Average DrawdownAverage peak-to-trough decline | -41.33% | -40.38% | -0.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.23% | 17.55% | -3.32% |
Volatility
NEM vs. GDX - Volatility Comparison
The current volatility for Newmont Corporation (NEM) is 10.45%, while VanEck Gold Miners ETF (GDX) has a volatility of 11.48%. This indicates that NEM 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
| NEM | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.45% | 11.48% | -1.03% |
Volatility (6M)Calculated over the trailing 6-month period | 37.44% | 39.85% | -2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.37% | 48.34% | -0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.29% | 37.18% | +1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.71% | 37.32% | -1.61% |
Dividends
NEM vs. GDX - Dividend Comparison
NEM's dividend yield for the trailing twelve months is around 1.11%, more than GDX's 0.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.85% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
NEM Newmont Corporation | 1.11% | 1.00% | 2.69% | 3.87% | 4.66% | 3.55% | 1.74% | 3.31% | 1.62% | 0.67% | 0.37% | 0.56% |
Frequently Asked Questions
With a correlation of 0.92, NEM and GDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GDX has higher volatility (11.48%) compared to NEM (10.45%). In terms of maximum drawdown, NEM dropped -81.30% vs GDX's -80.34%.
NEM currently has the higher Sharpe Ratio (0.96 vs 0.88), 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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