RAAX vs. AEM.TO

Last updated Jun 14, 2026

RAAX (VanEck Inflation Allocation ETF) is Diversified Portfolio fund actively managed by VanEck, while AEM.TO (Agnico Eagle Mines Limited) is a stock. Over the past 5 years, RAAX returned 13.17%/yr vs 20.56%/yr for AEM.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

RAAX vs. AEM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Inflation Allocation ETF (RAAX) and Agnico Eagle Mines Limited (AEM.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

RAAX is traded in USD, while AEM.TO is traded in CAD. To make them comparable, the AEM.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, RAAX achieves a 17.64% return, which is significantly higher than AEM.TO's -3.83% return.

RAAX

• 1D: 2.26%
• 1M: -3.39%
• YTD: 17.64%
• 6M: 17.56%
• 1Y: 32.08%
• 3Y*: 21.35%
• 5Y*: 13.17%
• 10Y*: —

AEM.TO

• 1D: 3.21%
• 1M: -15.39%
• YTD: -3.83%
• 6M: -2.79%
• 1Y: 32.07%
• 3Y*: 51.16%
• 5Y*: 20.56%
• 10Y*: 14.42%

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

RAAX vs. AEM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
RAAX VanEck Inflation Allocation ETF	17.64%	26.74%	12.50%	6.71%	1.51%	21.56%	-8.27%	6.14%	-2.41%
AEM.TO Agnico Eagle Mines Limited	-3.83%	119.66%	46.16%	9.25%	1.57%	-23.52%	16.40%	52.88%	-5.03%

Correlation

The correlation between RAAX and AEM.TO is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Apr 10, 2018	0.41

The correlation between RAAX and AEM.TO shifts across timeframes, from 0.41 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

RAAX vs. AEM.TO — Risk / Return Rank

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

RAAX

RAAX Risk / Return Rank: 85
RAAX Sharpe Ratio Rank: 84
RAAX Sortino Ratio Rank: 81
RAAX Omega Ratio Rank: 83
RAAX Calmar Ratio Rank: 89
RAAX Martin Ratio Rank: 88

AEM.TO

AEM.TO Risk / Return Rank: 66
AEM.TO Sharpe Ratio Rank: 71
AEM.TO Sortino Ratio Rank: 64
AEM.TO Omega Ratio Rank: 65
AEM.TO Calmar Ratio Rank: 63
AEM.TO Martin Ratio Rank: 67

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.

RAAX vs. AEM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Inflation Allocation ETF (RAAX) and Agnico Eagle Mines Limited (AEM.TO). 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.

	RAAX	AEM.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.37	0.81	+1.56
Sortino ratio: Return per unit of downside risk	3.10	1.25	+1.85
Omega ratio: Gain probability vs. loss probability	1.43	1.17	+0.26
Calmar ratio: Return relative to maximum drawdown	4.68	0.89	+3.79
Martin ratio: Return relative to average drawdown	16.90	2.54	+14.37

RAAX vs. AEM.TO - Sharpe Ratio Comparison

The current RAAX Sharpe Ratio is 2.37, which is higher than the AEM.TO Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of RAAX and AEM.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

RAAX vs. AEM.TO - Drawdown Comparison

The maximum RAAX drawdown since its inception was -33.91%, smaller than the maximum AEM.TO drawdown of -74.20%. Use the drawdown chart below to compare losses from any high point for RAAX and AEM.TO.

Drawdown Indicators

	RAAX	AEM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.91%	-74.20%	+40.29%
Max Drawdown (1Y) Largest decline over 1 year	-7.17%	-39.50%	+32.33%
Max Drawdown (3Y) Largest decline over 3 years	-11.59%	-39.50%	+27.91%
Max Drawdown (5Y) Largest decline over 5 years	-23.55%	-44.23%	+20.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.30%	—
Current Drawdown Current decline from peak	-3.77%	-35.32%	+31.55%
Average Drawdown Average peak-to-trough decline	-6.77%	-34.34%	+27.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	13.89%	-11.91%

Volatility

RAAX vs. AEM.TO - Volatility Comparison

The current volatility for VanEck Inflation Allocation ETF (RAAX) is 4.67%, while Agnico Eagle Mines Limited (AEM.TO) has a volatility of 15.84%. This indicates that RAAX experiences smaller price fluctuations and is considered to be less risky than AEM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RAAX	AEM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.67%	15.84%	-11.17%
Volatility (6M) Calculated over the trailing 6-month period	12.21%	35.51%	-23.30%
Volatility (1Y) Calculated over the trailing 1-year period	14.18%	43.83%	-29.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.70%	35.77%	-20.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	36.46%	-20.67%

Dividends

RAAX vs. AEM.TO - Dividend Comparison

RAAX's dividend yield for the trailing twelve months is around 1.99%, more than AEM.TO's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEM.TO Agnico Eagle Mines Limited	1.03%	0.97%	1.95%	2.98%	2.81%	2.08%	1.34%	0.81%	0.80%	0.77%	0.75%	0.95%
RAAX VanEck Inflation Allocation ETF	1.99%	2.34%	1.91%	3.66%	1.53%	8.72%	6.27%	2.37%	0.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RAAX and AEM.TO in my portfolio?

RAAX and AEM.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.