TRP.TO vs. GDX

Last updated Jun 13, 2026

TRP.TO (TC Energy Corporation) is a stock, while GDX (VanEck Gold Miners ETF) is Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Over the past 10 years, TRP.TO returned 11.53%/yr vs 14.26%/yr for GDX. At a 0.11 correlation, their price movements are largely independent.

Performance

TRP.TO vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TC Energy Corporation (TRP.TO) and VanEck Gold Miners ETF (GDX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

TRP.TO is traded in CAD, while GDX is traded in USD. To make them comparable, the GDX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, TRP.TO achieves a 29.69% return, which is significantly higher than GDX's -4.80% return. Over the past 10 years, TRP.TO has underperformed GDX with an annualized return of 11.53%, while GDX has yielded a comparatively higher 14.26% annualized return.

TRP.TO

• 1D: 0.20%
• 1M: 3.23%
• YTD: 29.69%
• 6M: 31.68%
• 1Y: 50.78%
• 3Y*: 28.32%
• 5Y*: 14.85%
• 10Y*: 11.53%

GDX

• 1D: 3.16%
• 1M: -13.15%
• YTD: -4.80%
• 6M: -4.55%
• 1Y: 52.11%
• 3Y*: 41.05%
• 5Y*: 20.95%
• 10Y*: 14.26%

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

TRP.TO vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRP.TO TC Energy Corporation	29.69%	18.35%	37.67%	2.53%	-2.77%	20.34%	-20.74%	48.49%	-16.01%	5.23%
GDX VanEck Gold Miners ETF	-4.80%	143.14%	20.00%	7.36%	-3.24%	-9.57%	20.73%	34.08%	-1.10%	4.40%

Correlation

The correlation between TRP.TO and GDX is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006	0.11

Return for Risk

TRP.TO vs. GDX — Risk / Return Rank

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

TRP.TO

TRP.TO Risk / Return Rank: 95
TRP.TO Sharpe Ratio Rank: 95
TRP.TO Sortino Ratio Rank: 96
TRP.TO Omega Ratio Rank: 93
TRP.TO Calmar Ratio Rank: 94
TRP.TO Martin Ratio Rank: 94

GDX

GDX Risk / Return Rank: 33
GDX Sharpe Ratio Rank: 34
GDX Sortino Ratio Rank: 31
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 32
GDX Martin Ratio Rank: 30

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.

TRP.TO vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TC Energy Corporation (TRP.TO) 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.

	TRP.TO	GDX	Difference
Sharpe ratio: Return per unit of total volatility	2.92	1.16	+1.77
Sortino ratio: Return per unit of downside risk	4.23	1.58	+2.65
Omega ratio: Gain probability vs. loss probability	1.48	1.22	+0.26
Calmar ratio: Return relative to maximum drawdown	5.65	1.55	+4.10
Martin ratio: Return relative to average drawdown	16.62	4.20	+12.42

TRP.TO vs. GDX - Sharpe Ratio Comparison

The current TRP.TO Sharpe Ratio is 2.92, which is higher than the GDX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of TRP.TO 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

TRP.TO vs. GDX - Drawdown Comparison

The maximum TRP.TO drawdown since its inception was -36.30%, smaller than the maximum GDX drawdown of -72.57%. Use the drawdown chart below to compare losses from any high point for TRP.TO and GDX.

Drawdown Indicators

	TRP.TO	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-36.30%	-72.57%	+36.27%
Max Drawdown (1Y) Largest decline over 1 year	-8.75%	-34.99%	+26.24%
Max Drawdown (3Y) Largest decline over 3 years	-15.48%	-34.99%	+19.51%
Max Drawdown (5Y) Largest decline over 5 years	-34.02%	-42.42%	+8.40%
Max Drawdown (10Y) Largest decline over 10 years	-36.30%	-49.03%	+12.73%
Current Drawdown Current decline from peak	-0.88%	-29.41%	+28.53%
Average Drawdown Average peak-to-trough decline	-8.45%	-31.56%	+23.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	12.88%	-9.80%

Volatility

TRP.TO vs. GDX - Volatility Comparison

The current volatility for TC Energy Corporation (TRP.TO) is 5.44%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.30%. This indicates that TRP.TO 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

	TRP.TO	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.44%	17.30%	-11.86%
Volatility (6M) Calculated over the trailing 6-month period	12.67%	39.26%	-26.59%
Volatility (1Y) Calculated over the trailing 1-year period	16.90%	46.97%	-30.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.65%	37.18%	-17.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	37.86%	-14.63%

Dividends

TRP.TO vs. GDX - Dividend Comparison

TRP.TO's dividend yield for the trailing twelve months is around 3.53%, more than GDX's 0.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.79%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
TRP.TO TC Energy Corporation	3.53%	4.50%	5.40%	6.71%	6.67%	5.92%	6.26%	4.34%	5.66%	4.09%	3.73%	4.60%

Frequently Asked Questions

Can I hold both TRP.TO and GDX in my portfolio?

TRP.TO and GDX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.