NOKIA.HE vs. GDXJ

Last updated Jun 5, 2026

NOKIA.HE (Nokia Oyj) is a stock, while GDXJ (VanEck Junior Gold Miners ETF) is Gold fund tracking the MVIS Global Junior Gold Miners Index. Over the past 10 years, NOKIA.HE returned 13.39%/yr vs 12.73%/yr for GDXJ. At a 0.06 correlation, their price movements are largely independent.

Performance

NOKIA.HE vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Nokia Oyj (NOKIA.HE) and VanEck Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

NOKIA.HE is traded in EUR, while GDXJ is traded in USD. To make them comparable, the GDXJ values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, NOKIA.HE achieves a 151.89% return, which is significantly higher than GDXJ's -0.53% return. Both investments have delivered pretty close results over the past 10 years, with NOKIA.HE having a 13.39% annualized return and GDXJ not far behind at 12.73%.

NOKIA.HE

• 1D: -6.15%
• 1M: 21.62%
• YTD: 151.89%
• 6M: 164.31%
• 1Y: 200.84%
• 3Y*: 58.67%
• 5Y*: 28.34%
• 10Y*: 13.39%

GDXJ

• 1D: 0.78%
• 1M: -0.45%
• YTD: -0.53%
• 6M: 7.30%
• 1Y: 62.58%
• 3Y*: 42.29%
• 5Y*: 18.77%
• 10Y*: 12.73%

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

NOKIA.HE vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NOKIA.HE Nokia Oyj	151.89%	34.63%	45.29%	-27.26%	-21.37%	76.90%	-4.40%	-33.09%	34.18%	-14.90%
GDXJ VanEck Junior Gold Miners ETF	-0.53%	139.97%	23.31%	3.91%	-9.24%	-15.35%	19.65%	43.62%	-6.85%	-5.08%

Correlation

The correlation between NOKIA.HE and GDXJ is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Nov 12, 2009	0.06

Return for Risk

NOKIA.HE vs. GDXJ — Risk / Return Rank

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

NOKIA.HE

NOKIA.HE Risk / Return Rank: 96
NOKIA.HE Sharpe Ratio Rank: 98
NOKIA.HE Sortino Ratio Rank: 97
NOKIA.HE Omega Ratio Rank: 96
NOKIA.HE Calmar Ratio Rank: 96
NOKIA.HE Martin Ratio Rank: 93

GDXJ

GDXJ Risk / Return Rank: 37
GDXJ Sharpe Ratio Rank: 38
GDXJ Sortino Ratio Rank: 34
GDXJ Omega Ratio Rank: 38
GDXJ Calmar Ratio Rank: 42
GDXJ Martin Ratio Rank: 33

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.

NOKIA.HE vs. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nokia Oyj (NOKIA.HE) 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.

	NOKIA.HE	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	4.23	1.32	+2.91
Sortino ratio: Return per unit of downside risk	4.70	1.74	+2.96
Omega ratio: Gain probability vs. loss probability	1.64	1.24	+0.40
Calmar ratio: Return relative to maximum drawdown	7.79	1.98	+5.81
Martin ratio: Return relative to average drawdown	15.64	4.90	+10.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NOKIA.HE vs. GDXJ - Sharpe Ratio Comparison

The current NOKIA.HE Sharpe Ratio is 4.23, which is higher than the GDXJ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of NOKIA.HE and GDXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NOKIA.HE	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.23	1.32	+2.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.49	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.30	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.10	+0.24

Drawdowns

NOKIA.HE vs. GDXJ - Drawdown Comparison

The maximum NOKIA.HE drawdown since its inception was -96.90%, which is greater than GDXJ's maximum drawdown of -85.64%. Use the drawdown chart below to compare losses from any high point for NOKIA.HE and GDXJ.

Drawdown Indicators

	NOKIA.HE	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-96.90%	-85.64%	-11.26%
Max Drawdown (1Y) Largest decline over 1 year	-26.29%	-31.72%	+5.43%
Max Drawdown (3Y) Largest decline over 3 years	-29.19%	-31.72%	+2.53%
Max Drawdown (5Y) Largest decline over 5 years	-47.67%	-42.28%	-5.39%
Max Drawdown (10Y) Largest decline over 10 years	-60.83%	-53.91%	-6.92%
Current Drawdown Current decline from peak	-55.07%	-27.35%	-27.72%
Average Drawdown Average peak-to-trough decline	-63.34%	-55.63%	-7.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.02%	12.82%	+0.20%

Volatility

NOKIA.HE vs. GDXJ - Volatility Comparison

Nokia Oyj (NOKIA.HE) has a higher volatility of 22.05% compared to VanEck Junior Gold Miners ETF (GDXJ) at 15.75%. This indicates that NOKIA.HE's price experiences larger fluctuations and is considered to be riskier than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NOKIA.HE	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.05%	15.75%	+6.30%
Volatility (6M) Calculated over the trailing 6-month period	36.02%	39.44%	-3.42%
Volatility (1Y) Calculated over the trailing 1-year period	48.48%	47.79%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.84%	38.32%	-4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.17%	41.96%	-6.79%

Dividends

NOKIA.HE vs. GDXJ - Dividend Comparison

NOKIA.HE's dividend yield for the trailing twelve months is around 1.01%, less than GDXJ's 2.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.37%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
NOKIA.HE Nokia Oyj	1.01%	2.51%	3.04%	3.60%	1.39%	0.00%	0.00%	3.03%	3.78%	0.40%	8.94%	2.12%

Frequently Asked Questions

Can I hold both NOKIA.HE and GDXJ in my portfolio?

NOKIA.HE and GDXJ have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.