SBS vs. GDXJ

Last updated Jun 13, 2026

SBS (Companhia de Saneamento Básico do Estado de São Paulo - SABESP) is a stock, while GDXJ (VanEck Junior Gold Miners ETF) is Gold fund tracking the MVIS Global Junior Gold Miners Index. Over the past 10 years, SBS returned 16.43%/yr vs 12.00%/yr for GDXJ. At a 0.24 correlation, their price movements are largely independent.

Performance

SBS vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) and VanEck Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SBS achieves a 15.28% return, which is significantly higher than GDXJ's -8.37% return. Over the past 10 years, SBS has outperformed GDXJ with an annualized return of 16.43%, while GDXJ has yielded a comparatively lower 12.00% annualized return.

SBS

• 1D: -0.18%
• 1M: -6.98%
• YTD: 15.28%
• 6M: 14.60%
• 1Y: 38.40%
• 3Y*: 40.12%
• 5Y*: 32.68%
• 10Y*: 16.43%

GDXJ

• 1D: 3.15%
• 1M: -19.14%
• YTD: -8.37%
• 6M: -6.68%
• 1Y: 51.06%
• 3Y*: 44.17%
• 5Y*: 16.23%
• 10Y*: 12.00%

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

SBS vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP	15.28%	80.60%	-4.21%	46.89%	48.42%	-13.79%	-40.98%	91.22%	-20.37%	23.83%
GDXJ VanEck Junior Gold Miners ETF	-8.37%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between SBS and GDXJ is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Nov 11, 2009	0.24

The correlation between SBS and GDXJ shifts across timeframes, from 0.22 (10 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SBS vs. GDXJ — Risk / Return Rank

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

SBS

SBS Risk / Return Rank: 73
SBS Sharpe Ratio Rank: 77
SBS Sortino Ratio Rank: 73
SBS Omega Ratio Rank: 69
SBS Calmar Ratio Rank: 71
SBS Martin Ratio Rank: 76

GDXJ

GDXJ Risk / Return Rank: 31
GDXJ Sharpe Ratio Rank: 31
GDXJ Sortino Ratio Rank: 30
GDXJ Omega Ratio Rank: 33
GDXJ Calmar Ratio Rank: 30
GDXJ Martin Ratio Rank: 28

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.

SBS vs. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) and VanEck Junior Gold Miners ETF (GDXJ). 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.

	SBS	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.00	+0.14
Sortino ratio: Return per unit of downside risk	1.76	1.45	+0.31
Omega ratio: Gain probability vs. loss probability	1.21	1.20	+0.01
Calmar ratio: Return relative to maximum drawdown	1.55	1.30	+0.25
Martin ratio: Return relative to average drawdown	4.65	3.55	+1.10

SBS vs. GDXJ - Sharpe Ratio Comparison

The current SBS Sharpe Ratio is 1.14, which is comparable to the GDXJ Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of SBS and GDXJ, 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

SBS vs. GDXJ - Drawdown Comparison

The maximum SBS drawdown since its inception was -76.49%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for SBS and GDXJ.

Drawdown Indicators

	SBS	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-76.49%	-88.66%	+12.17%
Max Drawdown (1Y) Largest decline over 1 year	-24.88%	-39.47%	+14.59%
Max Drawdown (3Y) Largest decline over 3 years	-24.88%	-39.47%	+14.59%
Max Drawdown (5Y) Largest decline over 5 years	-30.35%	-49.76%	+19.41%
Max Drawdown (10Y) Largest decline over 10 years	-61.91%	-57.77%	-4.14%
Current Drawdown Current decline from peak	-22.90%	-33.25%	+10.35%
Average Drawdown Average peak-to-trough decline	-25.70%	-60.45%	+34.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.28%	14.41%	-6.13%

Volatility

SBS vs. GDXJ - Volatility Comparison

The current volatility for Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBS) is 8.92%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 19.46%. This indicates that SBS experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SBS	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.92%	19.46%	-10.54%
Volatility (6M) Calculated over the trailing 6-month period	24.61%	43.41%	-18.80%
Volatility (1Y) Calculated over the trailing 1-year period	33.86%	51.54%	-17.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.90%	41.50%	-4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.51%	44.23%	-0.72%

Dividends

SBS vs. GDXJ - Dividend Comparison

SBS's dividend yield for the trailing twelve months is around 2.33%, less than GDXJ's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.54%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
SBS Companhia de Saneamento Básico do Estado de São Paulo - SABESP	2.33%	4.68%	1.96%	1.66%	1.88%	0.97%	2.93%	1.99%	3.86%	2.76%	0.65%	1.91%

Frequently Asked Questions

Can I hold both SBS and GDXJ in my portfolio?

SBS and GDXJ have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SBS or GDXJ?

GDXJ has higher volatility (19.46%) compared to SBS (8.92%). In terms of maximum drawdown, SBS dropped -76.49% vs GDXJ's -88.66%.

Which has better risk-adjusted returns?

SBS currently has the higher Sharpe Ratio (1.14 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.