TORIX vs. GDX

Last updated Aug 1, 2026

TORIX (Tortoise MLP & Pipeline Fund) and GDX (VanEck Gold Miners ETF) are both funds - TORIX is a Energy Equities fund managed by Tortoise, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, TORIX returned 11.43%/yr vs 10.07%/yr for GDX. Their 0.21 correlation means their historical movements had little consistent relationship. TORIX charges 0.93%/yr vs 0.51%/yr for GDX.

Performance

TORIX vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tortoise MLP & Pipeline Fund (TORIX) 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, TORIX achieves a 25.16% return, which is significantly higher than GDX's -13.61% return. Over the past 10 years, TORIX has outperformed GDX with an annualized return of 11.43%, while GDX has yielded a comparatively lower 10.07% annualized return.

TORIX

• 1D: 0.30%
• 1M: 2.83%
• 6M: 16.31%
• YTD: 25.16%
• 1Y: 26.74%
• 3Y*: 25.17%
• 5Y*: 22.43%
• 10Y*: 11.43%
• ALL TIME*: 10.06%

GDX

• 1D: -3.49%
• 1M: -5.52%
• 6M: -21.34%
• YTD: -13.61%
• 1Y: 42.30%
• 3Y*: 36.42%
• 5Y*: 17.86%
• 10Y*: 10.07%
• ALL TIME*: 4.56%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GDX VanEck Gold Miners ETF	$1.26B	$1.34B	$1.78B
TORIX Tortoise MLP & Pipeline Fund	$0.00	$0.00	$0.00

TORIX vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TORIX Tortoise MLP & Pipeline Fund	25.16%	4.94%	42.91%	14.18%	22.20%	40.84%	-29.47%	18.33%	-15.14%	-1.04%
GDX VanEck Gold Miners ETF	-13.61%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between TORIX and GDX is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.03
Correlation (3Y) Balances recent behavior with more history.	0.18
Correlation (5Y) Shows whether the relationship held over a longer period.	0.27
Correlation (10Y) Provides a long-term view across more market conditions.	0.21
Correlation (All Time) Calculated using the full available price history since May 31, 2011	0.21

The correlation between TORIX and GDX shifts across timeframes, from -0.03 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TORIX vs. GDX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TORIX

TORIX Risk / Return Rank: 80
TORIX Sharpe Ratio Rank: 80
TORIX Sortino Ratio Rank: 77
TORIX Omega Ratio Rank: 73
TORIX Calmar Ratio Rank: 94
TORIX Martin Ratio Rank: 76

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 37
GDX Omega Ratio Rank: 39
GDX Calmar Ratio Rank: 34
GDX Martin Ratio Rank: 29

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TORIX vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tortoise MLP & Pipeline Fund (TORIX) 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.

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.

	TORIX	GDX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	0.92	+0.93
Sortino ratio: Return per unit of downside risk	2.58	1.38	+1.20
Omega ratio: Gain probability vs. loss probability	1.32	1.18	+0.13
Calmar ratio: Return relative to maximum drawdown	3.92	1.15	+2.77
Martin ratio: Return relative to average drawdown	9.09	2.48	+6.61

TORIX vs. GDX - Sharpe Ratio Comparison

The current TORIX Sharpe Ratio is 1.86, which is higher than the GDX Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of TORIX 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.

Drawdowns

TORIX vs. GDX - Drawdown Comparison

The maximum TORIX drawdown since its inception was -68.58%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for TORIX and GDX.

Drawdown Indicators

	TORIX	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-68.58%	-80.34%	+11.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.11%	-38.93%	+31.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.52%	-38.93%	+22.41%
Max Drawdown (5Y) Largest decline over 5 years	-19.75%	-46.51%	+26.76%
Max Drawdown (10Y) Largest decline over 10 years	-63.04%	-49.79%	-13.25%
Current Drawdown Current decline from peak	-3.51%	-36.03%	+32.52%
Average Drawdown Average peak-to-trough decline	-14.70%	-40.37%	+25.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	17.97%	-14.91%

Volatility

TORIX vs. GDX - Volatility Comparison

The current volatility for Tortoise MLP & Pipeline Fund (TORIX) is 5.77%, while VanEck Gold Miners ETF (GDX) has a volatility of 12.73%. This indicates that TORIX 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

	TORIX	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.77%	12.73%	-6.96%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	39.94%	-27.71%
Volatility (1Y) Calculated over the trailing 1-year period	14.99%	48.49%	-33.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.51%	37.23%	-17.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.88%	37.34%	-12.46%

TORIX vs. GDX - Expense Ratio Comparison

TORIX has a 0.93% expense ratio, which is higher than GDX's 0.51% expense ratio.

Dividends

TORIX vs. GDX - Dividend Comparison

TORIX's dividend yield for the trailing twelve months is around 4.09%, more than GDX's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.85%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
TORIX Tortoise MLP & Pipeline Fund	4.09%	5.03%	4.92%	4.36%	5.28%	4.29%	5.63%	4.39%	4.22%	2.92%	1.87%	5.96%

Frequently Asked Questions

Can I hold both TORIX and GDX in my portfolio?

TORIX and GDX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TORIX or GDX?

GDX has higher volatility (12.73%) compared to TORIX (5.77%). In terms of maximum drawdown, TORIX dropped -68.58% vs GDX's -80.34%.

Which has better risk-adjusted returns?

TORIX currently has the higher Sharpe Ratio (1.86 vs 0.92), 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.