UVIX vs. GDX
UVIX (2x Long VIX Futures ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - UVIX is a Volatility fund tracking the Long VIX Futures Index (200% Daily), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 3 years, UVIX returned -81.87%/yr vs 38.64%/yr for GDX. Their -0.20 correlation means they have often moved in opposite directions in the past. UVIX charges 2.78%/yr vs 0.51%/yr for GDX.
Performance
UVIX vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, UVIX achieves a -52.21% return, which is significantly lower than GDX's -11.33% return.
UVIX
- 1D
- -2.05%
- 1M
- -11.91%
- 6M
- -48.80%
- YTD
- -52.21%
- 1Y
- -86.41%
- 3Y*
- -81.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -83.90%
GDX
- 1D
- 2.63%
- 1M
- -3.03%
- 6M
- -19.26%
- YTD
- -11.33%
- 1Y
- 46.05%
- 3Y*
- 38.64%
- 5Y*
- 18.57%
- 10Y*
- 10.74%
- ALL TIME*
- 4.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.27B | $1.28B | $1.79B | |
| $104.04M | $96.41M | $155.15M |
UVIX vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UVIX 2x Long VIX Futures ETF | -52.21% | -83.21% | -75.24% | -95.28% | -61.86% |
GDX VanEck Gold Miners ETF | -11.33% | 154.77% | 10.63% | 9.98% | -23.74% |
Correlation
The correlation between UVIX and GDX is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.20 |
The correlation between UVIX and GDX shifts across timeframes, from -0.28 (1 year) to -0.16 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UVIX vs. GDX — Risk / Return Rank
UVIX
GDX
UVIX vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 2x Long VIX Futures ETF (UVIX) 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.
| UVIX | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.72 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.19 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | 1.19 | -2.21 |
| Martin ratioReturn relative to average drawdown | -1.43 | 2.55 | -3.98 |
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Drawdowns
UVIX vs. GDX - Drawdown Comparison
The maximum UVIX drawdown since its inception was -99.98%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for UVIX and GDX.
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Drawdown Indicators
| UVIX | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -80.34% | -19.64% |
Max Drawdown (1Y)Largest decline over 1 year | -84.53% | -38.93% | -45.60% |
Max Drawdown (3Y)Largest decline over 3 years | -99.42% | -38.93% | -60.49% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -99.98% | -34.35% | -65.63% |
Average DrawdownAverage peak-to-trough decline | -88.87% | -40.37% | -48.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.63% | 18.10% | +46.53% |
Volatility
UVIX vs. GDX - Volatility Comparison
2x Long VIX Futures ETF (UVIX) has a higher volatility of 28.43% compared to VanEck Gold Miners ETF (GDX) at 12.19%. This indicates that UVIX'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.
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Volatility by Period
| UVIX | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.43% | 12.19% | +16.24% |
Volatility (6M)Calculated over the trailing 6-month period | 85.88% | 37.71% | +48.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 113.77% | 48.63% | +65.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 135.10% | 37.26% | +97.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 135.10% | 37.36% | +97.74% |
UVIX vs. GDX - Expense Ratio Comparison
UVIX has a 2.78% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
UVIX vs. GDX - Dividend Comparison
UVIX has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.83%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.83% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
UVIX 2x Long VIX Futures ETF | 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
UVIX and GDX have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVIX has higher volatility (28.43%) compared to GDX (12.19%). In terms of maximum drawdown, UVIX dropped -99.98% vs GDX's -80.34%.
On 3-year performance, GDX leads with 38.64% vs -81.87% for UVIX. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 12.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDX has performed better with a 38.64% return vs -81.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 2.78% for UVIX.
GDX has the higher dividend yield at 0.83%, compared with 0.00% for UVIX.
UVIX is categorized as Volatility, while GDX is Gold. UVIX tracks Long VIX Futures Index (200% Daily), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Volatility Shares and VanEck. Their fees differ too: 2.78% for UVIX and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (0.95 vs -0.76), 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.
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