VALE vs. GDX

Last updated Jun 13, 2026

VALE (Vale S.A.) 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, VALE returned 22.05%/yr vs 13.29%/yr for GDX. At a 0.37 correlation, their price movements are largely independent.

Performance

VALE vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vale S.A. (VALE) 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, VALE achieves a 20.57% return, which is significantly higher than GDX's -6.69% return. Over the past 10 years, VALE has outperformed GDX with an annualized return of 22.05%, while GDX has yielded a comparatively lower 13.29% annualized return.

VALE

• 1D: 2.28%
• 1M: -6.71%
• YTD: 20.57%
• 6M: 23.80%
• 1Y: 73.31%
• 3Y*: 12.85%
• 5Y*: 2.38%
• 10Y*: 22.05%

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)

VALE vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VALE Vale S.A.	20.57%	60.70%	-38.83%	1.57%	32.54%	-1.45%	32.40%	2.72%	12.25%	68.03%
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 VALE and GDX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since May 22, 2006	0.37

The correlation between VALE and GDX shifts across timeframes, from 0.30 (10 years) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VALE vs. GDX — Risk / Return Rank

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

VALE

VALE Risk / Return Rank: 89
VALE Sharpe Ratio Rank: 92
VALE Sortino Ratio Rank: 88
VALE Omega Ratio Rank: 88
VALE Calmar Ratio Rank: 88
VALE Martin Ratio Rank: 91

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.

VALE vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vale S.A. (VALE) 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.

	VALE	GDX	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.09	+1.21
Sortino ratio: Return per unit of downside risk	2.85	1.51	+1.34
Omega ratio: Gain probability vs. loss probability	1.37	1.21	+0.16
Calmar ratio: Return relative to maximum drawdown	3.71	1.40	+2.31
Martin ratio: Return relative to average drawdown	12.21	3.87	+8.34

VALE vs. GDX - Sharpe Ratio Comparison

The current VALE Sharpe Ratio is 2.30, which is higher than the GDX Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of VALE 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

VALE vs. GDX - Drawdown Comparison

The maximum VALE drawdown since its inception was -92.78%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for VALE and GDX.

Drawdown Indicators

	VALE	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-92.78%	-80.34%	-12.44%
Max Drawdown (1Y) Largest decline over 1 year	-19.85%	-36.28%	+16.43%
Max Drawdown (3Y) Largest decline over 3 years	-41.94%	-36.28%	-5.66%
Max Drawdown (5Y) Largest decline over 5 years	-49.79%	-46.51%	-3.28%
Max Drawdown (10Y) Largest decline over 10 years	-57.60%	-49.79%	-7.81%
Current Drawdown Current decline from peak	-11.84%	-30.91%	+19.07%
Average Drawdown Average peak-to-trough decline	-36.69%	-40.41%	+3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.02%	13.11%	-7.09%

Volatility

VALE vs. GDX - Volatility Comparison

The current volatility for Vale S.A. (VALE) is 9.16%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.20%. This indicates that VALE 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

	VALE	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.16%	17.20%	-8.04%
Volatility (6M) Calculated over the trailing 6-month period	26.35%	39.15%	-12.80%
Volatility (1Y) Calculated over the trailing 1-year period	32.06%	46.89%	-14.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.47%	36.74%	-1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.84%	37.34%	+3.50%

Dividends

VALE vs. GDX - Dividend Comparison

VALE's dividend yield for the trailing twelve months is around 3.66%, 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%
VALE Vale S.A.	3.66%	7.29%	11.41%	7.75%	8.63%	19.70%	2.72%	2.63%	4.16%	3.77%	1.06%	7.48%

Frequently Asked Questions

Can I hold both VALE and GDX in my portfolio?

VALE and GDX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VALE or GDX?

GDX has higher volatility (17.20%) compared to VALE (9.16%). In terms of maximum drawdown, VALE dropped -92.78% vs GDX's -80.34%.

Which has better risk-adjusted returns?

VALE currently has the higher Sharpe Ratio (2.30 vs 1.09), 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.