NGD.TO vs. GDXJ

Last updated Jun 4, 2026

NGD.TO (New Gold Inc.) is a stock, while GDXJ (VanEck Junior Gold Miners ETF) is Gold fund tracking the MVIS Global Junior Gold Miners Index. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

NGD.TO vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in New Gold Inc. (NGD.TO) and VanEck Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

NGD.TO is traded in CAD, while GDXJ is traded in USD. To make them comparable, the GDXJ values have been converted to CAD using the latest available exchange rates.

Returns By Period

NGD.TO

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GDXJ

• 1D: -4.00%
• 1M: 0.00%
• YTD: -1.31%
• 6M: 5.85%
• 1Y: 67.25%
• 3Y*: 47.82%
• 5Y*: 20.82%
• 10Y*: 13.89%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NGD.TO vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGD.TO New Gold Inc.	1.67%	233.15%	86.98%	44.36%	-29.63%	-32.50%	143.48%	9.52%	-74.58%	-12.31%
GDXJ VanEck Junior Gold Miners ETF	-1.31%	159.80%	25.61%	4.76%	-8.44%	-21.96%	28.19%	33.54%	-3.48%	1.32%

Correlation

The correlation between NGD.TO and GDXJ is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.67
Correlation (All Time) Calculated using the full available price history since Nov 12, 2009	0.70

The correlation between NGD.TO and GDXJ has been stable across timeframes, ranging from 0.67 to 0.74 - a consistent structural relationship.

Return for Risk

NGD.TO vs. GDXJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDXJ

GDXJ Risk / Return Rank: 35
GDXJ Sharpe Ratio Rank: 36
GDXJ Sortino Ratio Rank: 32
GDXJ Omega Ratio Rank: 35
GDXJ Calmar Ratio Rank: 39
GDXJ Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NGD.TO vs. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Gold Inc. (NGD.TO) and VanEck 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NGD.TO	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.40	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.10	—

Drawdowns

Drawdown Indicators

	NGD.TO	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	—	-83.55%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-32.52%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-32.52%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-44.36%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-56.29%	—
Current Drawdown Current decline from peak	—	-27.66%	—
Average Drawdown Average peak-to-trough decline	—	-53.21%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.88%	—

Volatility

Volatility by Period

	NGD.TO	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	40.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	48.44%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	38.29%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	41.98%	—

Dividends

NGD.TO vs. GDXJ - Dividend Comparison

NGD.TO has not paid dividends to shareholders, while GDXJ's dividend yield for the trailing twelve months is around 2.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck 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%
NGD.TO New Gold Inc.	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

Can I hold both NGD.TO and GDXJ in my portfolio?

NGD.TO and GDXJ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.