SLX vs. GDX

Last updated Jun 4, 2026

SLX (VanEck Vectors Steel ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - SLX is a Materials fund tracking the NYSE Arca Steel Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, SLX returned 19.73%/yr vs 13.98%/yr for GDX. At a 0.39 correlation, their price movements are largely independent. SLX charges 0.56%/yr vs 0.51%/yr for GDX.

Performance

SLX vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Steel ETF (SLX) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLX achieves a 32.29% return, which is significantly higher than GDX's -0.90% return. Over the past 10 years, SLX has outperformed GDX with an annualized return of 19.73%, while GDX has yielded a comparatively lower 13.98% annualized return.

SLX

• 1D: -1.15%
• 1M: 9.68%
• YTD: 32.29%
• 6M: 36.55%
• 1Y: 77.34%
• 3Y*: 26.67%
• 5Y*: 16.14%
• 10Y*: 19.73%

GDX

• 1D: -3.46%
• 1M: -0.76%
• YTD: -0.90%
• 6M: 5.62%
• 1Y: 61.27%
• 3Y*: 41.00%
• 5Y*: 18.69%
• 10Y*: 13.98%

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

SLX vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SLX VanEck Vectors Steel ETF	32.29%	47.45%	-17.94%	31.25%	14.28%	27.69%	20.57%	12.01%	-19.27%	24.59%
GDX VanEck Gold Miners ETF	-0.90%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between SLX and GDX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 18, 2006	0.39

The correlation between SLX and GDX shifts across timeframes, from 0.29 (10 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

SLX vs. GDX - Sectors Allocation Comparison

Sectors	SLX	GDX
Basic Materials	95.0%	100.0%
Energy	3.5%	-
Industrials	1.4%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SLX vs. GDX — Risk / Return Rank

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

SLX

SLX Risk / Return Rank: 86
SLX Sharpe Ratio Rank: 91
SLX Sortino Ratio Rank: 88
SLX Omega Ratio Rank: 84
SLX Calmar Ratio Rank: 85
SLX Martin Ratio Rank: 82

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

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.

SLX vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Steel ETF (SLX) 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.

	SLX	GDX	Difference
Sharpe ratio: Return per unit of total volatility	3.25	1.35	+1.90
Sortino ratio: Return per unit of downside risk	4.05	1.76	+2.29
Omega ratio: Gain probability vs. loss probability	1.52	1.25	+0.27
Calmar ratio: Return relative to maximum drawdown	4.76	2.00	+2.76
Martin ratio: Return relative to average drawdown	16.63	5.13	+11.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLX vs. GDX - Sharpe Ratio Comparison

The current SLX Sharpe Ratio is 3.25, which is higher than the GDX Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of SLX 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.

Sharpe Ratios by Period

	SLX	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.25	1.35	+1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.52	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.38	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.13	+0.09

Drawdowns

SLX vs. GDX - Drawdown Comparison

The maximum SLX drawdown since its inception was -82.14%, roughly equal to the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for SLX and GDX.

Drawdown Indicators

	SLX	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-82.14%	-80.34%	-1.80%
Max Drawdown (1Y) Largest decline over 1 year	-16.35%	-30.84%	+14.49%
Max Drawdown (3Y) Largest decline over 3 years	-27.39%	-30.84%	+3.45%
Max Drawdown (5Y) Largest decline over 5 years	-33.62%	-46.51%	+12.89%
Max Drawdown (10Y) Largest decline over 10 years	-61.64%	-49.79%	-11.85%
Current Drawdown Current decline from peak	-1.15%	-26.62%	+25.47%
Average Drawdown Average peak-to-trough decline	-38.73%	-40.43%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	11.99%	-7.32%

Volatility

SLX vs. GDX - Volatility Comparison

The current volatility for VanEck Vectors Steel ETF (SLX) is 7.87%, while VanEck Gold Miners ETF (GDX) has a volatility of 15.40%. This indicates that SLX 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

	SLX	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.87%	15.40%	-7.53%
Volatility (6M) Calculated over the trailing 6-month period	17.92%	37.50%	-19.58%
Volatility (1Y) Calculated over the trailing 1-year period	23.92%	45.49%	-21.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.72%	36.39%	-8.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.02%	37.18%	-6.16%

SLX vs. GDX - Expense Ratio Comparison

SLX has a 0.56% expense ratio, which is higher than GDX's 0.51% expense ratio.

Dividends

SLX vs. GDX - Dividend Comparison

SLX's dividend yield for the trailing twelve months is around 1.17%, more than GDX's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.74%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
SLX VanEck Vectors Steel ETF	1.17%	1.55%	3.56%	2.80%	4.97%	7.07%	1.87%	3.44%	6.26%	2.50%	1.06%	5.35%

Frequently Asked Questions

Can I hold both SLX and GDX in my portfolio?

SLX and GDX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLX or GDX?

GDX has higher volatility (15.40%) compared to SLX (7.87%). In terms of maximum drawdown, SLX dropped -82.14% vs GDX's -80.34%.

Which ETF is better, SLX or GDX?

On 10-year performance, SLX leads with 19.73% vs 13.98% for GDX. On fees, GDX is cheaper at 0.51% per year. On volatility, SLX has been the lower-risk option at 7.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLX or GDX?

Over the 10-year period, SLX has performed better with a 19.73% return vs 13.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLX or GDX?

GDX is cheaper with a 0.51% expense ratio, compared with 0.56% for SLX.

Which ETF pays a higher dividend yield, SLX or GDX?

SLX has the higher dividend yield at 1.17%, compared with 0.74% for GDX.

What is the main difference between SLX and GDX?

SLX is categorized as Materials, while GDX is Gold. SLX tracks NYSE Arca Steel Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.56% for SLX and 0.51% for GDX.

Which has better risk-adjusted returns?

SLX currently has the higher Sharpe Ratio (3.25 vs 1.35), 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.