PHPP.L vs. GDX

Last updated Apr 1, 2026

Compare and contrast key facts about WisdomTree Physical Precious Metals (PHPP.L) and VanEck Gold Miners ETF (GDX).

PHPP.L and GDX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PHPP.L is a passively managed fund by WisdomTree that tracks the performance of the Precious Metals Basket. It was launched on Apr 24, 2007. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. Both PHPP.L and GDX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PHPP.L vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Physical Precious Metals (PHPP.L) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

PHPP.L vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHPP.L WisdomTree Physical Precious Metals	5.80%	72.45%	17.27%	-8.55%	11.64%	-10.26%	22.29%	22.41%	5.44%	5.38%
GDX VanEck Gold Miners ETF	9.03%	136.62%	12.57%	4.48%	1.81%	-8.67%	20.03%	34.52%	-3.36%	2.30%

Different Trading Currencies

PHPP.L is traded in GBp, while GDX is traded in USD. To make them comparable, the GDX values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, PHPP.L achieves a 5.80% return, which is significantly lower than GDX's 9.03% return. Over the past 10 years, PHPP.L has underperformed GDX with an annualized return of 14.28%, while GDX has yielded a comparatively higher 18.40% annualized return.

PHPP.L

• 1D: 2.70%
• 1M: -13.89%
• YTD: 5.80%
• 6M: 30.47%
• 1Y: 60.16%
• 3Y*: 26.39%
• 5Y*: 14.99%
• 10Y*: 14.28%

GDX

• 1D: 6.66%
• 1M: -19.22%
• YTD: 9.03%
• 6M: 23.06%
• 1Y: 96.46%
• 3Y*: 39.95%
• 5Y*: 25.08%
• 10Y*: 18.40%

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

PHPP.L vs. GDX - Expense Ratio Comparison

PHPP.L has a 0.44% expense ratio, which is lower than GDX's 0.51% expense ratio.

GDX

VanEck Gold Miners ETF

PHPP.L

WisdomTree Physical Precious Metals

Return for Risk

PHPP.L vs. GDX — Risk / Return Rank

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

PHPP.L

PHPP.L Risk / Return Rank: 85
PHPP.L Sharpe Ratio Rank: 89
PHPP.L Sortino Ratio Rank: 85
PHPP.L Omega Ratio Rank: 87
PHPP.L Calmar Ratio Rank: 84
PHPP.L Martin Ratio Rank: 82

GDX

GDX Risk / Return Rank: 92
GDX Sharpe Ratio Rank: 94
GDX Sortino Ratio Rank: 90
GDX Omega Ratio Rank: 89
GDX Calmar Ratio Rank: 93
GDX Martin Ratio Rank: 92

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.

PHPP.L vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Precious Metals (PHPP.L) 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.

	PHPP.L	GDX	Difference
Sharpe ratio Return per unit of total volatility	1.91	2.23	-0.31
Sortino ratio Return per unit of downside risk	2.29	2.49	-0.19
Omega ratio Gain probability vs. loss probability	1.35	1.36	0.00
Calmar ratio Return relative to maximum drawdown	2.47	3.25	-0.78
Martin ratio Return relative to average drawdown	9.20	12.21	-3.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHPP.L vs. GDX - Sharpe Ratio Comparison

The current PHPP.L Sharpe Ratio is 1.91, which is comparable to the GDX Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of PHPP.L and GDX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PHPP.L	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	2.23	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.77	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.51	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.20	+0.33

Correlation

The correlation between PHPP.L and GDX is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PHPP.L vs. GDX - Dividend Comparison

PHPP.L has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.69%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PHPP.L WisdomTree Physical Precious Metals	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GDX VanEck Gold Miners ETF	0.69%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%

Drawdowns

PHPP.L vs. GDX - Drawdown Comparison

The maximum PHPP.L drawdown since its inception was -49.43%, smaller than the maximum GDX drawdown of -79.06%. Use the drawdown chart below to compare losses from any high point for PHPP.L and GDX.

Drawdown Indicators

	PHPP.L	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-49.43%	-80.34%	+30.91%
Max Drawdown (1Y) Largest decline over 1 year	-24.37%	-30.84%	+6.47%
Max Drawdown (5Y) Largest decline over 5 years	-26.89%	-46.51%	+19.62%
Max Drawdown (10Y) Largest decline over 10 years	-26.89%	-49.79%	+22.90%
Current Drawdown Current decline from peak	-18.87%	-20.78%	+1.91%
Average Drawdown Average peak-to-trough decline	-18.70%	-40.61%	+21.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.55%	8.52%	-1.97%

Volatility

PHPP.L vs. GDX - Volatility Comparison

The current volatility for WisdomTree Physical Precious Metals (PHPP.L) is 13.20%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.96%. This indicates that PHPP.L 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.

Volatility by Period

	PHPP.L	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.20%	17.96%	-4.76%
Volatility (6M) Calculated over the trailing 6-month period	29.41%	36.72%	-7.31%
Volatility (1Y) Calculated over the trailing 1-year period	31.32%	43.58%	-12.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.09%	32.78%	-11.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	35.86%	-16.18%