VCMDX vs. GDXJ

Last updated Jun 9, 2026

VCMDX (Vanguard Commodity Strategy Fund Admiral Shares) and GDXJ (VanEck Junior Gold Miners ETF) are both funds - VCMDX is a Commodities fund managed by Vanguard, while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Over the past 5 years, VCMDX returned 11.09%/yr vs 15.86%/yr for GDXJ. At a 0.39 correlation, their price movements are largely independent. VCMDX charges 0.20%/yr vs 0.52%/yr for GDXJ.

Performance

VCMDX vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) 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, VCMDX achieves a 18.92% return, which is significantly higher than GDXJ's -10.70% return.

VCMDX

• 1D: -2.09%
• 1M: -3.55%
• YTD: 18.92%
• 6M: 19.63%
• 1Y: 29.79%
• 3Y*: 14.31%
• 5Y*: 11.09%
• 10Y*: —

GDXJ

• 1D: 1.01%
• 1M: -19.25%
• YTD: -10.70%
• 6M: -0.52%
• 1Y: 50.65%
• 3Y*: 42.13%
• 5Y*: 15.86%
• 10Y*: 11.53%

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

VCMDX vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	18.92%	18.20%	5.27%	-7.45%	13.83%	34.82%	5.07%	2.74%
GDXJ VanEck Junior Gold Miners ETF	-10.70%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	21.82%

Correlation

The correlation between VCMDX and GDXJ is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 27, 2019	0.39

The correlation between VCMDX and GDXJ shifts across timeframes, from 0.25 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

VCMDX vs. GDXJ — Risk / Return Rank

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

VCMDX

VCMDX Risk / Return Rank: 59
VCMDX Sharpe Ratio Rank: 50
VCMDX Sortino Ratio Rank: 41
VCMDX Omega Ratio Rank: 47
VCMDX Calmar Ratio Rank: 87
VCMDX Martin Ratio Rank: 67

GDXJ

GDXJ Risk / Return Rank: 31
GDXJ Sharpe Ratio Rank: 30
GDXJ Sortino Ratio Rank: 29
GDXJ Omega Ratio Rank: 33
GDXJ Calmar Ratio Rank: 32
GDXJ Martin Ratio Rank: 29

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.

VCMDX vs. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) 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.

	VCMDX	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.00	+1.01
Sortino ratio: Return per unit of downside risk	2.60	1.45	+1.15
Omega ratio: Gain probability vs. loss probability	1.36	1.20	+0.16
Calmar ratio: Return relative to maximum drawdown	4.17	1.43	+2.74
Martin ratio: Return relative to average drawdown	12.39	3.72	+8.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VCMDX vs. GDXJ - Sharpe Ratio Comparison

The current VCMDX Sharpe Ratio is 2.01, which is higher than the GDXJ Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of VCMDX 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

	VCMDX	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.01	1.00	+1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.39	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.05	+0.77

Drawdowns

VCMDX vs. GDXJ - Drawdown Comparison

The maximum VCMDX drawdown since its inception was -26.67%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for VCMDX and GDXJ.

Drawdown Indicators

	VCMDX	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-26.67%	-88.66%	+61.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.25%	-35.60%	+28.35%
Max Drawdown (3Y) Largest decline over 3 years	-9.90%	-35.60%	+25.70%
Max Drawdown (5Y) Largest decline over 5 years	-25.45%	-50.99%	+25.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.77%	—
Current Drawdown Current decline from peak	-6.53%	-34.94%	+28.41%
Average Drawdown Average peak-to-trough decline	-10.85%	-60.48%	+49.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	13.67%	-11.24%

Volatility

VCMDX vs. GDXJ - Volatility Comparison

The current volatility for Vanguard Commodity Strategy Fund Admiral Shares (VCMDX) is 4.98%, while VanEck Junior Gold Miners ETF (GDXJ) has a volatility of 17.66%. This indicates that VCMDX 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

	VCMDX	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.98%	17.66%	-12.68%
Volatility (6M) Calculated over the trailing 6-month period	12.92%	42.71%	-29.79%
Volatility (1Y) Calculated over the trailing 1-year period	15.01%	50.84%	-35.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	41.34%	-25.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.40%	44.15%	-28.75%

VCMDX vs. GDXJ - Expense Ratio Comparison

VCMDX has a 0.20% expense ratio, which is lower than GDXJ's 0.52% expense ratio.

Dividends

VCMDX vs. GDXJ - Dividend Comparison

VCMDX's dividend yield for the trailing twelve months is around 12.79%, more than GDXJ's 2.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.61%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
VCMDX Vanguard Commodity Strategy Fund Admiral Shares	12.79%	15.21%	2.19%	2.50%	14.21%	30.56%	0.50%	0.60%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VCMDX and GDXJ in my portfolio?

VCMDX and GDXJ have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCMDX or GDXJ?

GDXJ has higher volatility (17.66%) compared to VCMDX (4.98%). In terms of maximum drawdown, VCMDX dropped -26.67% vs GDXJ's -88.66%.

Which has better risk-adjusted returns?

VCMDX currently has the higher Sharpe Ratio (2.01 vs 1.00), 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.