SHYD vs. GDXJ
SHYD (VanEck Short High Yield Muni ETF) and GDXJ (VanEck Junior Gold Miners ETF) are both exchange-traded funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, SHYD returned 2.07%/yr vs 12.98%/yr for GDXJ. At a 0.18 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.52%/yr for GDXJ.
Performance
SHYD vs. GDXJ - 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 GDXJ's -1.65% return. Over the past 10 years, SHYD has underperformed GDXJ with an annualized return of 2.07%, while GDXJ has yielded a comparatively higher 12.98% 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%
GDXJ
- 1D
- 0.92%
- 1M
- -1.11%
- YTD
- -1.65%
- 6M
- 7.01%
- 1Y
- 65.36%
- 3Y*
- 46.18%
- 5Y*
- 17.68%
- 10Y*
- 12.98%
SHYD vs. GDXJ - 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% |
GDXJ VanEck Junior Gold Miners ETF | -1.65% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
Correlation
The correlation between SHYD and GDXJ 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 | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
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 GDXJ shifts across timeframes, from 0.16 (3 years) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHYD vs. GDXJ — Risk / Return Rank
SHYD
GDXJ
SHYD vs. GDXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.
| SHYD | GDXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.24 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.00 | +0.40 |
| Martin ratioReturn relative to average drawdown | 7.88 | 4.93 | +2.95 |
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 | GDXJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 1.32 | +0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.43 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.30 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.06 | +0.20 |
Drawdowns
SHYD vs. GDXJ - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for SHYD and GDXJ.
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Drawdown Indicators
| SHYD | GDXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -88.66% | +57.44% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -32.92% | +30.75% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -32.92% | +28.75% |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | -50.99% | +37.67% |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | -57.77% | +26.55% |
Current DrawdownCurrent decline from peak | -0.17% | -28.36% | +28.19% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -60.50% | +57.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 13.31% | -12.65% |
Volatility
SHYD vs. GDXJ - Volatility Comparison
The current volatility for VanEck Short High Yield Muni ETF (SHYD) is 0.86%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 16.69%. This indicates that SHYD 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.
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Volatility by Period
| SHYD | GDXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 16.69% | -15.83% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 41.33% | -39.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 49.77% | -46.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 41.09% | -35.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 44.05% | -34.36% |
SHYD vs. GDXJ - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is lower than GDXJ's 0.52% expense ratio.
Dividends
SHYD vs. GDXJ - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.50%, more than GDXJ's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDXJ VanEck Junior Gold Miners ETF | 2.37% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
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 GDXJ 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.
GDXJ has higher volatility (16.69%) compared to SHYD (0.86%). In terms of maximum drawdown, SHYD dropped -31.22% vs GDXJ's -88.66%.
On 10-year performance, GDXJ leads with 12.98% 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, GDXJ has performed better with a 12.98% 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 0.52% for GDXJ.
SHYD has the higher dividend yield at 3.50%, compared with 2.37% for GDXJ.
SHYD is categorized as Municipal Bonds, while GDXJ is Gold. SHYD tracks Bloomberg Municipal High Yield Short Duration, while GDXJ tracks MVIS Global Junior Gold Miners Index. Their fees differ too: 0.35% for SHYD and 0.52% for GDXJ.
SHYD currently has the higher Sharpe Ratio (1.74 vs 1.32), 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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