USAGX vs. GDXJ

Last updated Jun 4, 2026

USAGX (USAA Precious Metals and Minerals Fund) and GDXJ (VanEck Junior Gold Miners ETF) are both funds - USAGX is a Precious Metals fund managed by Victory, while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Over the past 10 years, USAGX returned 13.25%/yr vs 13.07%/yr for GDXJ. Their correlation of 0.94 suggests significant overlap in exposure. USAGX charges 1.12%/yr vs 0.52%/yr for GDXJ.

Performance

USAGX vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Precious Metals and Minerals Fund (USAGX) and VanEck Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USAGX achieves a 0.85% return, which is significantly higher than GDXJ's -2.55% return. Both investments have delivered pretty close results over the past 10 years, with USAGX having a 13.25% annualized return and GDXJ not far behind at 13.07%.

USAGX

• 1D: 1.44%
• 1M: 1.83%
• YTD: 0.85%
• 6M: 7.09%
• 1Y: 61.13%
• 3Y*: 40.75%
• 5Y*: 18.15%
• 10Y*: 13.25%

GDXJ

• 1D: -4.40%
• 1M: -1.95%
• YTD: -2.55%
• 6M: 6.26%
• 1Y: 65.12%
• 3Y*: 46.12%
• 5Y*: 17.46%
• 10Y*: 13.07%

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

USAGX vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USAGX USAA Precious Metals and Minerals Fund	0.85%	156.06%	10.76%	6.73%	-11.80%	-10.14%	25.85%	42.97%	-12.26%	9.65%
GDXJ VanEck Junior Gold Miners ETF	-2.55%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between USAGX and GDXJ is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 12, 2009	0.94

The correlation between USAGX and GDXJ has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

USAGX vs. GDXJ — Risk / Return Rank

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

USAGX

USAGX Risk / Return Rank: 23
USAGX Sharpe Ratio Rank: 25
USAGX Sortino Ratio Rank: 19
USAGX Omega Ratio Rank: 25
USAGX Calmar Ratio Rank: 29
USAGX Martin Ratio Rank: 19

GDXJ

GDXJ Risk / Return Rank: 35
GDXJ Sharpe Ratio Rank: 36
GDXJ Sortino Ratio Rank: 32
GDXJ Omega Ratio Rank: 35
GDXJ Calmar Ratio Rank: 39
GDXJ 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.

USAGX vs. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Precious Metals and Minerals Fund (USAGX) and VanEck Junior Gold Miners ETF (GDXJ). 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.

	USAGX	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.32	+0.10
Sortino ratio: Return per unit of downside risk	1.82	1.74	+0.08
Omega ratio: Gain probability vs. loss probability	1.26	1.24	+0.02
Calmar ratio: Return relative to maximum drawdown	2.01	1.99	+0.02
Martin ratio: Return relative to average drawdown	5.20	4.95	+0.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USAGX vs. GDXJ - Sharpe Ratio Comparison

The current USAGX Sharpe Ratio is 1.42, which is comparable to the GDXJ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of USAGX and GDXJ, 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

	USAGX	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	1.32	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	0.43	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.30	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.06	+0.13

Drawdowns

USAGX vs. GDXJ - Drawdown Comparison

The maximum USAGX drawdown since its inception was -80.89%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for USAGX and GDXJ.

Drawdown Indicators

	USAGX	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-80.89%	-88.66%	+7.77%
Max Drawdown (1Y) Largest decline over 1 year	-30.12%	-32.92%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-30.12%	-32.92%	+2.80%
Max Drawdown (5Y) Largest decline over 5 years	-45.72%	-50.99%	+5.27%
Max Drawdown (10Y) Largest decline over 10 years	-51.03%	-57.77%	+6.74%
Current Drawdown Current decline from peak	-24.52%	-29.01%	+4.49%
Average Drawdown Average peak-to-trough decline	-43.08%	-60.50%	+17.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.60%	13.19%	-1.59%

Volatility

USAGX vs. GDXJ - Volatility Comparison

The current volatility for USAA Precious Metals and Minerals Fund (USAGX) is 14.19%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 16.66%. This indicates that USAGX experiences smaller price fluctuations and is considered to be less risky than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAGX	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.19%	16.66%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	35.26%	41.34%	-6.08%
Volatility (1Y) Calculated over the trailing 1-year period	42.95%	49.79%	-6.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.87%	41.10%	-8.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.68%	44.06%	-11.38%

USAGX vs. GDXJ - Expense Ratio Comparison

USAGX has a 1.12% expense ratio, which is higher than GDXJ's 0.52% expense ratio.

Dividends

USAGX vs. GDXJ - Dividend Comparison

USAGX's dividend yield for the trailing twelve months is around 0.24%, less than GDXJ's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.39%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
USAGX USAA Precious Metals and Minerals Fund	0.24%	0.24%	0.00%	2.45%	0.95%	0.84%	0.04%	0.00%	0.00%	0.00%	4.20%	0.00%

Frequently Asked Questions

Can I hold both USAGX and GDXJ in my portfolio?

With a correlation of 0.95, USAGX and GDXJ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USAGX or GDXJ?

GDXJ has higher volatility (16.66%) compared to USAGX (14.19%). In terms of maximum drawdown, USAGX dropped -80.89% vs GDXJ's -88.66%.

Which has better risk-adjusted returns?

USAGX currently has the higher Sharpe Ratio (1.42 vs 1.31), 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.