PPH vs. GDX
PPH (VanEck Pharmaceutical ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - PPH is a Health & Biotech Equities fund tracking the MVIS US Listed Pharmaceutical 25 Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, PPH returned 8.52%/yr vs 12.36%/yr for GDX. At a 0.17 correlation, their price movements are largely independent. PPH charges 0.36%/yr vs 0.51%/yr for GDX.
Performance
PPH vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, PPH achieves a 2.92% return, which is significantly higher than GDX's -9.46% return. Over the past 10 years, PPH has underperformed GDX with an annualized return of 8.52%, while GDX has yielded a comparatively higher 12.36% annualized return.
PPH
- 1D
- 1.79%
- 1M
- 0.31%
- YTD
- 2.92%
- 6M
- 2.77%
- 1Y
- 23.31%
- 3Y*
- 12.54%
- 5Y*
- 9.67%
- 10Y*
- 8.52%
GDX
- 1D
- -4.64%
- 1M
- -8.66%
- YTD
- -9.46%
- 6M
- -13.97%
- 1Y
- 47.29%
- 3Y*
- 39.25%
- 5Y*
- 19.30%
- 10Y*
- 12.36%
PPH vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PPH VanEck Pharmaceutical ETF | 2.92% | 22.00% | 8.05% | 6.95% | 2.64% | 17.79% | 5.49% | 19.39% | -5.89% | 15.23% |
GDX VanEck Gold Miners ETF | -9.46% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between PPH and GDX is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since May 22, 2006 | 0.17 |
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Return for Risk
PPH vs. GDX — Risk / Return Rank
PPH
GDX
PPH vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Pharmaceutical ETF (PPH) 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.
| PPH | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.20 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 1.31 | +0.87 |
| Martin ratioReturn relative to average drawdown | 5.30 | 3.44 | +1.85 |
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Drawdowns
PPH vs. GDX - Drawdown Comparison
The maximum PPH drawdown since its inception was -51.45%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for PPH and GDX.
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Drawdown Indicators
| PPH | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.45% | -80.34% | +28.89% |
Max Drawdown (1Y)Largest decline over 1 year | -10.76% | -36.28% | +25.52% |
Max Drawdown (3Y)Largest decline over 3 years | -18.06% | -36.28% | +18.22% |
Max Drawdown (5Y)Largest decline over 5 years | -20.26% | -46.51% | +26.25% |
Max Drawdown (10Y)Largest decline over 10 years | -29.70% | -49.79% | +20.09% |
Current DrawdownCurrent decline from peak | -4.94% | -32.96% | +28.02% |
Average DrawdownAverage peak-to-trough decline | -17.29% | -40.40% | +23.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.41% | 13.78% | -9.37% |
Volatility
PPH vs. GDX - Volatility Comparison
The current volatility for VanEck Pharmaceutical ETF (PPH) is 6.27%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.61%. This indicates that PPH 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
| PPH | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.27% | 17.61% | -11.34% |
Volatility (6M)Calculated over the trailing 6-month period | 12.27% | 40.05% | -27.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.66% | 47.64% | -29.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.17% | 36.89% | -21.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.98% | 37.37% | -20.39% |
PPH vs. GDX - Expense Ratio Comparison
PPH has a 0.36% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
PPH vs. GDX - Dividend Comparison
PPH's dividend yield for the trailing twelve months is around 2.05%, more than GDX's 0.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.82% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
PPH VanEck Pharmaceutical ETF | 2.05% | 1.78% | 1.98% | 2.09% | 1.55% | 1.62% | 1.66% | 1.77% | 1.97% | 1.92% | 2.43% | 1.93% |
Frequently Asked Questions
PPH and GDX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (17.61%) compared to PPH (6.27%). In terms of maximum drawdown, PPH dropped -51.45% vs GDX's -80.34%.
On 10-year performance, GDX leads with 12.36% vs 8.52% for PPH. On fees, PPH is cheaper at 0.36% per year. On volatility, PPH has been the lower-risk option at 6.27%. 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 12.36% return vs 8.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PPH is cheaper with a 0.36% expense ratio, compared with 0.51% for GDX.
PPH has the higher dividend yield at 2.05%, compared with 0.82% for GDX.
PPH is categorized as Health & Biotech Equities, while GDX is Gold. PPH tracks MVIS US Listed Pharmaceutical 25 Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.36% for PPH and 0.51% for GDX.
PPH currently has the higher Sharpe Ratio (1.33 vs 1.00), 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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