PICK vs. GDX
PICK (iShares MSCI Global Select Metals & Mining Producers ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - PICK is a Materials fund tracking the MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, PICK returned 17.70%/yr vs 13.29%/yr for GDX. At a 0.38 correlation, their price movements are largely independent. PICK charges 0.39%/yr vs 0.51%/yr for GDX.
Performance
PICK vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, PICK achieves a 26.76% return, which is significantly higher than GDX's -6.69% return. Over the past 10 years, PICK has outperformed GDX with an annualized return of 17.70%, while GDX has yielded a comparatively lower 13.29% annualized return.
PICK
- 1D
- 2.04%
- 1M
- 3.45%
- YTD
- 26.76%
- 6M
- 32.91%
- 1Y
- 79.94%
- 3Y*
- 19.94%
- 5Y*
- 11.31%
- 10Y*
- 17.70%
GDX
- 1D
- 2.97%
- 1M
- -8.38%
- YTD
- -6.69%
- 6M
- -5.89%
- 1Y
- 48.02%
- 3Y*
- 38.96%
- 5Y*
- 17.51%
- 10Y*
- 13.29%
PICK vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PICK iShares MSCI Global Select Metals & Mining Producers ETF | 26.76% | 51.89% | -16.37% | 9.69% | 2.54% | 22.61% | 27.46% | 16.47% | -18.65% | 38.42% |
GDX VanEck Gold Miners ETF | -6.69% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between PICK and GDX is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.38 |
Over the past year, PICK and GDX have become more correlated (0.63) than their long-term average of 0.38, meaning their price movements have been converging.
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Return for Risk
PICK vs. GDX — Risk / Return Rank
PICK
GDX
PICK vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Select Metals & Mining Producers ETF (PICK) 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.
| PICK | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.21 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.00 | 1.40 | +2.60 |
| Martin ratioReturn relative to average drawdown | 15.40 | 3.87 | +11.53 |
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Drawdowns
PICK vs. GDX - Drawdown Comparison
The maximum PICK drawdown since its inception was -68.87%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for PICK and GDX.
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Drawdown Indicators
| PICK | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.87% | -80.34% | +11.47% |
Max Drawdown (1Y)Largest decline over 1 year | -19.54% | -36.28% | +16.74% |
Max Drawdown (3Y)Largest decline over 3 years | -32.52% | -36.28% | +3.76% |
Max Drawdown (5Y)Largest decline over 5 years | -36.37% | -46.51% | +10.14% |
Max Drawdown (10Y)Largest decline over 10 years | -52.72% | -49.79% | -2.93% |
Current DrawdownCurrent decline from peak | -5.59% | -30.91% | +25.32% |
Average DrawdownAverage peak-to-trough decline | -24.08% | -40.41% | +16.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.07% | 13.11% | -8.04% |
Volatility
PICK vs. GDX - Volatility Comparison
The current volatility for iShares MSCI Global Select Metals & Mining Producers ETF (PICK) is 13.70%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.20%. This indicates that PICK 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
| PICK | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.70% | 17.20% | -3.50% |
Volatility (6M)Calculated over the trailing 6-month period | 25.93% | 39.15% | -13.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.74% | 46.89% | -17.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.11% | 36.74% | -8.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.46% | 37.34% | -8.88% |
PICK vs. GDX - Expense Ratio Comparison
PICK has a 0.39% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
PICK vs. GDX - Dividend Comparison
PICK's dividend yield for the trailing twelve months is around 2.27%, more than GDX's 0.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.79% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
PICK iShares MSCI Global Select Metals & Mining Producers ETF | 2.27% | 2.88% | 3.26% | 4.19% | 6.93% | 5.89% | 2.27% | 5.51% | 4.77% | 2.41% | 1.15% | 15.77% |
Frequently Asked Questions
PICK and GDX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.20%) compared to PICK (13.70%). In terms of maximum drawdown, PICK dropped -68.87% vs GDX's -80.34%.
On 10-year performance, PICK leads with 17.70% vs 13.29% for GDX. On fees, PICK is cheaper at 0.39% per year. On volatility, PICK has been the lower-risk option at 13.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PICK has performed better with a 17.70% return vs 13.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PICK is cheaper with a 0.39% expense ratio, compared with 0.51% for GDX.
PICK has the higher dividend yield at 2.27%, compared with 0.79% for GDX.
PICK is categorized as Materials, while GDX is Gold. PICK tracks MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.39% for PICK and 0.51% for GDX.
PICK currently has the higher Sharpe Ratio (2.63 vs 1.09), 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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