SHYD vs. GDX
SHYD (VanEck Short High Yield Muni ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SHYD returned 2.07%/yr vs 14.11%/yr for GDX. At a 0.18 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.51%/yr for GDX.
Performance
SHYD vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 0.97% return, which is significantly higher than GDX's 0.73% return. Over the past 10 years, SHYD has underperformed GDX with an annualized return of 2.07%, while GDX has yielded a comparatively higher 14.11% annualized return.
SHYD
- 1D
- 0.22%
- 1M
- 0.70%
- YTD
- 0.97%
- 6M
- 1.71%
- 1Y
- 5.18%
- 3Y*
- 4.46%
- 5Y*
- 0.97%
- 10Y*
- 2.07%
GDX
- 1D
- 1.65%
- 1M
- 0.69%
- YTD
- 0.73%
- 6M
- 6.93%
- 1Y
- 63.55%
- 3Y*
- 41.54%
- 5Y*
- 19.08%
- 10Y*
- 14.11%
SHYD vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 0.97% | 5.58% | 4.85% | 2.39% | -9.11% | 4.04% | 1.56% | 7.55% | 3.26% | 4.89% |
GDX VanEck Gold Miners ETF | 0.73% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between SHYD and GDX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2014 | 0.18 |
The correlation between SHYD and GDX shifts across timeframes, from 0.17 (3 years) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHYD vs. GDX — Risk / Return Rank
SHYD
GDX
SHYD vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.
| SHYD | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.25 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.07 | +0.32 |
| Martin ratioReturn relative to average drawdown | 7.88 | 5.27 | +2.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHYD | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 1.40 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.53 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.38 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.13 | +0.13 |
Drawdowns
SHYD vs. GDX - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SHYD and GDX.
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Drawdown Indicators
| SHYD | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -80.34% | +49.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -30.84% | +28.67% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -30.84% | +26.67% |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | -46.51% | +33.19% |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | -49.79% | +18.57% |
Current DrawdownCurrent decline from peak | -0.17% | -25.41% | +25.24% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -40.43% | +37.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 12.09% | -11.43% |
Volatility
SHYD vs. GDX - Volatility Comparison
The current volatility for VanEck Short High Yield Muni ETF (SHYD) is 0.86%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.49%. This indicates that SHYD 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
| SHYD | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 15.49% | -14.63% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 37.51% | -35.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 45.49% | -42.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 36.40% | -31.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 37.17% | -27.48% |
SHYD vs. GDX - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is lower than GDX's 0.51% expense ratio.
Dividends
SHYD vs. GDX - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.50%, more than GDX's 0.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.73% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
SHYD VanEck Short High Yield Muni ETF | 3.50% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
Frequently Asked Questions
SHYD and GDX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (15.49%) compared to SHYD (0.86%). In terms of maximum drawdown, SHYD dropped -31.22% vs GDX's -80.34%.
On 10-year performance, GDX leads with 14.11% vs 2.07% for SHYD. On fees, SHYD is cheaper at 0.35% per year. On volatility, SHYD has been the lower-risk option at 0.86%. 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 14.11% return vs 2.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYD is cheaper with a 0.35% expense ratio, compared with 0.51% for GDX.
SHYD has the higher dividend yield at 3.50%, compared with 0.73% for GDX.
SHYD is categorized as Municipal Bonds, while GDX is Gold. SHYD tracks Bloomberg Municipal High Yield Short Duration, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.35% for SHYD and 0.51% for GDX.
SHYD currently has the higher Sharpe Ratio (1.74 vs 1.40), 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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