STCE vs. GDX

Last updated Jun 9, 2026

STCE (Schwab Crypto Thematic ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - STCE is a Blockchain fund tracking the Schwab Crypto Thematic Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 3 years, STCE returned 57.68%/yr vs 37.89%/yr for GDX. At a 0.28 correlation, their price movements are largely independent. STCE charges 0.30%/yr vs 0.51%/yr for GDX.

Performance

STCE vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Crypto Thematic ETF (STCE) 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, STCE achieves a 26.05% return, which is significantly higher than GDX's -8.28% return.

STCE

• 1D: 5.72%
• 1M: 2.66%
• YTD: 26.05%
• 6M: 5.59%
• 1Y: 68.45%
• 3Y*: 57.68%
• 5Y*: —
• 10Y*: —

GDX

• 1D: -0.22%
• 1M: -16.83%
• YTD: -8.28%
• 6M: 0.10%
• 1Y: 53.51%
• 3Y*: 37.89%
• 5Y*: 17.28%
• 10Y*: 12.82%

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

STCE vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
STCE Schwab Crypto Thematic ETF	26.05%	36.12%	41.76%	108.65%	-38.86%
GDX VanEck Gold Miners ETF	-8.28%	154.77%	10.63%	9.98%	10.27%

Correlation

The correlation between STCE and GDX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Aug 5, 2022	0.28

STCE vs. GDX - Sectors Allocation Comparison

Sectors	STCE	GDX
Financial Services	67.8%	-
Technology	27.3%	-
Communication Services	4.9%	-
Energy	0.0%	-
Basic Materials	-	100.0%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

STCE vs. GDX — Risk / Return Rank

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

STCE

STCE Risk / Return Rank: 31
STCE Sharpe Ratio Rank: 34
STCE Sortino Ratio Rank: 36
STCE Omega Ratio Rank: 34
STCE Calmar Ratio Rank: 29
STCE Martin Ratio Rank: 21

GDX

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

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.

STCE vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Crypto Thematic ETF (STCE) 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.

	STCE	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.16	-0.05
Sortino ratio: Return per unit of downside risk	1.73	1.58	+0.15
Omega ratio: Gain probability vs. loss probability	1.21	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.27	1.68	-0.40
Martin ratio: Return relative to average drawdown	2.29	4.32	-2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STCE vs. GDX - Sharpe Ratio Comparison

The current STCE Sharpe Ratio is 1.12, which is comparable to the GDX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of STCE 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

	STCE	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	1.16	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.47	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.12	+0.50

Drawdowns

STCE vs. GDX - Drawdown Comparison

The maximum STCE drawdown since its inception was -54.11%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for STCE and GDX.

Drawdown Indicators

	STCE	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-54.11%	-80.34%	+26.23%
Max Drawdown (1Y) Largest decline over 1 year	-54.11%	-32.09%	-22.02%
Max Drawdown (3Y) Largest decline over 3 years	-54.11%	-32.09%	-22.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-46.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.79%	—
Current Drawdown Current decline from peak	-28.98%	-32.09%	+3.11%
Average Drawdown Average peak-to-trough decline	-22.01%	-40.43%	+18.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.04%	12.42%	+17.62%

Volatility

STCE vs. GDX - Volatility Comparison

Schwab Crypto Thematic ETF (STCE) and VanEck Gold Miners ETF (GDX) have volatilities of 16.40% and 16.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STCE	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	16.05%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	43.88%	38.61%	+5.27%
Volatility (1Y) Calculated over the trailing 1-year period	61.71%	46.36%	+15.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.05%	36.61%	+19.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.05%	37.27%	+18.78%

STCE vs. GDX - Expense Ratio Comparison

STCE has a 0.30% expense ratio, which is lower than GDX's 0.51% expense ratio.

Dividends

STCE vs. GDX - Dividend Comparison

STCE's dividend yield for the trailing twelve months is around 1.56%, more than GDX's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.80%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
STCE Schwab Crypto Thematic ETF	1.56%	1.96%	0.64%	0.31%	1.46%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both STCE and GDX in my portfolio?

STCE and GDX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STCE or GDX?

STCE has higher volatility (16.40%) compared to GDX (16.05%). In terms of maximum drawdown, STCE dropped -54.11% vs GDX's -80.34%.

Which ETF is better, STCE or GDX?

On 3-year performance, STCE leads with 57.68% vs 37.89% for GDX. On fees, STCE is cheaper at 0.30% per year. On volatility, GDX has been the lower-risk option at 16.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STCE or GDX?

Over the 3-year period, STCE has performed better with a 57.68% return vs 37.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STCE or GDX?

STCE is cheaper with a 0.30% expense ratio, compared with 0.51% for GDX.

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

STCE has the higher dividend yield at 1.56%, compared with 0.80% for GDX.

What is the main difference between STCE and GDX?

STCE is categorized as Blockchain, while GDX is Gold. STCE tracks Schwab Crypto Thematic Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Charles Schwab and VanEck. Their fees differ too: 0.30% for STCE and 0.51% for GDX.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.16 vs 1.12), 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.