SAF.PA vs. GDX

Last updated Jun 13, 2026

SAF.PA (Safran SA) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, SAF.PA returned 19.52%/yr vs 12.93%/yr for GDX. At a 0.07 correlation, their price movements are largely independent.

Performance

SAF.PA vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Safran SA (SAF.PA) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SAF.PA is traded in EUR, while GDX is traded in USD. To make them comparable, the GDX values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SAF.PA achieves a 4.08% return, which is significantly higher than GDX's -5.26% return. Over the past 10 years, SAF.PA has outperformed GDX with an annualized return of 19.52%, while GDX has yielded a comparatively lower 12.93% annualized return.

SAF.PA

• 1D: 3.66%
• 1M: 9.96%
• YTD: 4.08%
• 6M: 6.26%
• 1Y: 19.93%
• 3Y*: 31.43%
• 5Y*: 21.02%
• 10Y*: 19.52%

GDX

• 1D: 3.06%
• 1M: -15.78%
• YTD: -5.26%
• 6M: -4.50%
• 1Y: 50.85%
• 3Y*: 35.77%
• 5Y*: 18.59%
• 10Y*: 12.93%

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

SAF.PA vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAF.PA Safran SA	4.08%	41.80%	34.36%	37.72%	9.15%	-6.83%	-15.76%	32.58%	24.66%	26.88%
GDX VanEck Gold Miners ETF	-5.26%	124.54%	17.94%	6.68%	-3.37%	-2.76%	13.47%	43.00%	-4.49%	-1.78%

Correlation

The correlation between SAF.PA and GDX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Sep 5, 2007	0.07

The correlation between SAF.PA and GDX shifts across timeframes, from 0.05 (10 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SAF.PA vs. GDX — Risk / Return Rank

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

SAF.PA

SAF.PA Risk / Return Rank: 61
SAF.PA Sharpe Ratio Rank: 64
SAF.PA Sortino Ratio Rank: 60
SAF.PA Omega Ratio Rank: 58
SAF.PA Calmar Ratio Rank: 61
SAF.PA Martin Ratio Rank: 64

GDX

GDX Risk / Return Rank: 33
GDX Sharpe Ratio Rank: 34
GDX Sortino Ratio Rank: 31
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 32
GDX Martin Ratio Rank: 30

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.

SAF.PA vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Safran SA (SAF.PA) 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.

	SAF.PA	GDX	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.14	-0.52
Sortino ratio: Return per unit of downside risk	1.15	1.56	-0.41
Omega ratio: Gain probability vs. loss probability	1.14	1.22	-0.08
Calmar ratio: Return relative to maximum drawdown	0.83	1.45	-0.62
Martin ratio: Return relative to average drawdown	2.22	4.03	-1.80

SAF.PA vs. GDX - Sharpe Ratio Comparison

The current SAF.PA Sharpe Ratio is 0.62, which is lower than the GDX Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of SAF.PA and GDX, 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

SAF.PA vs. GDX - Drawdown Comparison

The maximum SAF.PA drawdown since its inception was -64.89%, smaller than the maximum GDX drawdown of -75.08%. Use the drawdown chart below to compare losses from any high point for SAF.PA and GDX.

Drawdown Indicators

	SAF.PA	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-64.89%	-75.08%	+10.19%
Max Drawdown (1Y) Largest decline over 1 year	-23.62%	-35.15%	+11.53%
Max Drawdown (3Y) Largest decline over 3 years	-23.62%	-35.15%	+11.53%
Max Drawdown (5Y) Largest decline over 5 years	-29.84%	-39.99%	+10.15%
Max Drawdown (10Y) Largest decline over 10 years	-64.63%	-45.43%	-19.20%
Current Drawdown Current decline from peak	-10.85%	-29.88%	+19.03%
Average Drawdown Average peak-to-trough decline	-13.50%	-35.41%	+21.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.90%	12.67%	-3.77%

Volatility

SAF.PA vs. GDX - Volatility Comparison

The current volatility for Safran SA (SAF.PA) is 10.23%, while VanEck Gold Miners ETF (GDX) has a volatility of 16.17%. This indicates that SAF.PA 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

	SAF.PA	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.23%	16.17%	-5.94%
Volatility (6M) Calculated over the trailing 6-month period	27.80%	37.17%	-9.37%
Volatility (1Y) Calculated over the trailing 1-year period	31.51%	44.88%	-13.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.37%	34.13%	-5.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.13%	35.39%	-2.26%

Dividends

SAF.PA vs. GDX - Dividend Comparison

SAF.PA's dividend yield for the trailing twelve months is around 1.09%, 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%
SAF.PA Safran SA	1.09%	0.98%	1.04%	0.85%	0.43%	0.40%	0.00%	1.32%	1.52%	0.97%	2.15%	1.96%

Frequently Asked Questions

Can I hold both SAF.PA and GDX in my portfolio?

SAF.PA and GDX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.