PBE vs. GDX
PBE (Invesco Dynamic Biotechnology & Genome ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - PBE is a Health & Biotech Equities fund tracking the Dynamic Biotech & Genome Intellidex Index (AMEX), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, PBE returned 8.19%/yr vs 10.07%/yr for GDX. Their 0.19 correlation means their historical movements had little consistent relationship. PBE charges 0.59%/yr vs 0.51%/yr for GDX.
Performance
PBE vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, PBE achieves a 10.26% return, which is significantly higher than GDX's -13.61% return. Over the past 10 years, PBE has underperformed GDX with an annualized return of 8.19%, while GDX has yielded a comparatively higher 10.07% annualized return.
PBE
- 1D
- -1.64%
- 1M
- -2.64%
- 6M
- 10.64%
- YTD
- 10.26%
- 1Y
- 39.36%
- 3Y*
- 13.77%
- 5Y*
- 3.98%
- 10Y*
- 8.19%
- ALL TIME*
- 9.16%
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $494.21K | $657.50K | $547.45K |
PBE vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBE Invesco Dynamic Biotechnology & Genome ETF | 10.26% | 24.84% | 1.10% | 3.71% | -10.83% | 1.54% | 25.66% | 18.65% | -0.19% | 22.28% |
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between PBE and GDX is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.24 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.19 |
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Return for Risk
PBE vs. GDX — Risk / Return Rank
PBE
GDX
PBE vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Dynamic Biotechnology & Genome ETF (PBE) 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.
| PBE | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.21 | ||
| Sortino ratioReturn per unit of downside risk | +1.74 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.18 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.42 | 1.15 | +2.27 |
| Martin ratioReturn relative to average drawdown | 9.57 | 2.48 | +7.09 |
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Drawdowns
PBE vs. GDX - Drawdown Comparison
The maximum PBE drawdown since its inception was -45.69%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for PBE and GDX.
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Drawdown Indicators
| PBE | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.69% | -80.34% | +34.65% |
Max Drawdown (1Y)Largest decline over 1 year | -11.73% | -38.93% | +27.20% |
Max Drawdown (3Y)Largest decline over 3 years | -22.43% | -38.93% | +16.50% |
Max Drawdown (5Y)Largest decline over 5 years | -34.71% | -46.51% | +11.80% |
Max Drawdown (10Y)Largest decline over 10 years | -37.84% | -49.79% | +11.95% |
Current DrawdownCurrent decline from peak | -3.83% | -36.03% | +32.20% |
Average DrawdownAverage peak-to-trough decline | -16.13% | -40.37% | +24.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.18% | 17.97% | -13.79% |
Volatility
PBE vs. GDX - Volatility Comparison
The current volatility for Invesco Dynamic Biotechnology & Genome ETF (PBE) is 5.60%, while VanEck Gold Miners ETF (GDX) has a volatility of 12.73%. This indicates that PBE 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
| PBE | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.60% | 12.73% | -7.13% |
Volatility (6M)Calculated over the trailing 6-month period | 13.56% | 39.94% | -26.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.83% | 48.49% | -29.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.50% | 37.23% | -14.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.73% | 37.34% | -12.61% |
PBE vs. GDX - Expense Ratio Comparison
PBE has a 0.59% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
PBE vs. GDX - Dividend Comparison
PBE's dividend yield for the trailing twelve months is around 1.73%, 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% |
PBE Invesco Dynamic Biotechnology & Genome ETF | 1.73% | 1.00% | 0.05% | 0.02% | 0.00% | 0.00% | 0.04% | 0.00% | 0.00% | 0.57% | 0.38% | 1.12% |
Frequently Asked Questions
PBE and GDX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (12.73%) compared to PBE (5.60%). In terms of maximum drawdown, PBE dropped -45.69% vs GDX's -80.34%.
On 10-year performance, GDX leads with 10.07% vs 8.19% for PBE. On fees, GDX is cheaper at 0.51% per year. On volatility, PBE has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 10.07% return vs 8.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.59% for PBE.
PBE has the higher dividend yield at 1.73%, compared with 0.85% for GDX.
PBE is categorized as Health & Biotech Equities, while GDX is Gold. PBE tracks Dynamic Biotech & Genome Intellidex Index (AMEX), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.59% for PBE and 0.51% for GDX.
PBE currently has the higher Sharpe Ratio (2.13 vs 0.92), 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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