UEC vs. GDX

Last updated Jun 13, 2026

UEC (Uranium Energy Corp.) 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, UEC returned 27.01%/yr vs 13.29%/yr for GDX. At a 0.27 correlation, their price movements are largely independent.

Performance

UEC vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Uranium Energy Corp. (UEC) 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, UEC achieves a -5.57% return, which is significantly higher than GDX's -6.69% return. Over the past 10 years, UEC has outperformed GDX with an annualized return of 27.01%, while GDX has yielded a comparatively lower 13.29% annualized return.

UEC

• 1D: 3.76%
• 1M: -28.24%
• YTD: -5.57%
• 6M: -14.63%
• 1Y: 77.05%
• 3Y*: 51.69%
• 5Y*: 28.08%
• 10Y*: 27.01%

GDX

• 1D: 2.97%
• 1M: -16.83%
• YTD: -6.69%
• 6M: -5.89%
• 1Y: 50.59%
• 3Y*: 38.96%
• 5Y*: 17.51%
• 10Y*: 13.29%

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

UEC vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UEC Uranium Energy Corp.	-5.57%	74.59%	4.53%	64.95%	15.82%	90.34%	91.47%	-26.46%	-29.38%	58.04%
GDX VanEck Gold Miners ETF	-6.69%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between UEC and GDX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Apr 5, 2007	0.27

Over the past year, UEC and GDX have become more correlated (0.48) than their long-term average of 0.27, meaning their price movements have been converging.

Return for Risk

UEC vs. GDX — Risk / Return Rank

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

UEC

UEC Risk / Return Rank: 71
UEC Sharpe Ratio Rank: 73
UEC Sortino Ratio Rank: 72
UEC Omega Ratio Rank: 68
UEC Calmar Ratio Rank: 70
UEC Martin Ratio Rank: 71

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.

UEC vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Uranium Energy Corp. (UEC) 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.

	UEC	GDX	Difference
Sharpe ratio: Return per unit of total volatility	0.98	1.09	-0.11
Sortino ratio: Return per unit of downside risk	1.70	1.51	+0.19
Omega ratio: Gain probability vs. loss probability	1.20	1.21	-0.01
Calmar ratio: Return relative to maximum drawdown	1.46	1.40	+0.05
Martin ratio: Return relative to average drawdown	3.58	3.87	-0.29

UEC vs. GDX - Sharpe Ratio Comparison

The current UEC Sharpe Ratio is 0.98, which is comparable to the GDX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of UEC 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

UEC vs. GDX - Drawdown Comparison

The maximum UEC drawdown since its inception was -97.40%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for UEC and GDX.

Drawdown Indicators

	UEC	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-97.40%	-80.34%	-17.06%
Max Drawdown (1Y) Largest decline over 1 year	-53.23%	-36.28%	-16.95%
Max Drawdown (3Y) Largest decline over 3 years	-53.49%	-36.28%	-17.21%
Max Drawdown (5Y) Largest decline over 5 years	-63.76%	-46.51%	-17.25%
Max Drawdown (10Y) Largest decline over 10 years	-80.59%	-49.79%	-30.80%
Current Drawdown Current decline from peak	-45.23%	-30.91%	-14.32%
Average Drawdown Average peak-to-trough decline	-62.08%	-40.41%	-21.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.62%	13.11%	+8.51%

Volatility

UEC vs. GDX - Volatility Comparison

Uranium Energy Corp. (UEC) has a higher volatility of 35.27% compared to VanEck Gold Miners ETF (GDX) at 17.20%. This indicates that UEC's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UEC	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.27%	17.20%	+18.07%
Volatility (6M) Calculated over the trailing 6-month period	61.37%	39.15%	+22.22%
Volatility (1Y) Calculated over the trailing 1-year period	79.21%	46.89%	+32.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.87%	36.74%	+38.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.94%	37.34%	+36.60%

Dividends

UEC vs. GDX - Dividend Comparison

UEC has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.79%.

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%
UEC Uranium Energy Corp.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UEC and GDX in my portfolio?

UEC and GDX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UEC or GDX?

UEC has higher volatility (35.27%) compared to GDX (17.20%). In terms of maximum drawdown, UEC dropped -97.40% vs GDX's -80.34%.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.09 vs 0.98), 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.