VNM vs. GDX
VNM (VanEck Vectors Vietnam ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - VNM is a Asia Pacific Equities fund tracking the MVIS Vietnam Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, VNM returned 3.26%/yr vs 10.74%/yr for GDX. Their 0.16 correlation means their historical movements had little consistent relationship. VNM charges 0.68%/yr vs 0.51%/yr for GDX.
Performance
VNM vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, VNM achieves a -8.28% return, which is significantly higher than GDX's -11.33% return. Over the past 10 years, VNM has underperformed GDX with an annualized return of 3.26%, while GDX has yielded a comparatively higher 10.74% annualized return.
VNM
- 1D
- 3.06%
- 1M
- -5.35%
- 6M
- -6.77%
- YTD
- -8.28%
- 1Y
- 9.95%
- 3Y*
- 7.02%
- 5Y*
- -1.14%
- 10Y*
- 3.26%
- ALL TIME*
- -0.96%
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 | |
| $13.14M | $11.75M | $11.73M |
VNM vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNM VanEck Vectors Vietnam ETF | -8.28% | 66.55% | -11.15% | 15.01% | -43.74% | 22.05% | 9.84% | 9.24% | -16.83% | 38.80% |
GDX VanEck Gold Miners ETF | -11.33% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between VNM and GDX is 0.23, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.23 |
Correlation (3Y) Balances recent behavior with more history. | 0.14 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Aug 14, 2009 | 0.16 |
The correlation between VNM and GDX shifts across timeframes, from 0.12 (10 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VNM vs. GDX — Risk / Return Rank
VNM
GDX
VNM vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Vietnam ETF (VNM) 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.
| VNM | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.19 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 1.19 | -0.62 |
| Martin ratioReturn relative to average drawdown | 1.25 | 2.55 | -1.30 |
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Drawdowns
VNM vs. GDX - Drawdown Comparison
The maximum VNM drawdown since its inception was -63.19%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for VNM and GDX.
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Drawdown Indicators
| VNM | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.19% | -80.34% | +17.15% |
Max Drawdown (1Y)Largest decline over 1 year | -17.47% | -38.93% | +21.46% |
Max Drawdown (3Y)Largest decline over 3 years | -31.60% | -38.93% | +7.33% |
Max Drawdown (5Y)Largest decline over 5 years | -49.95% | -46.51% | -3.44% |
Max Drawdown (10Y)Largest decline over 10 years | -51.67% | -49.79% | -1.88% |
Current DrawdownCurrent decline from peak | -28.57% | -34.35% | +5.78% |
Average DrawdownAverage peak-to-trough decline | -37.73% | -40.37% | +2.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.98% | 18.10% | -10.12% |
Volatility
VNM vs. GDX - Volatility Comparison
The current volatility for VanEck Vectors Vietnam ETF (VNM) is 8.83%, while VanEck Gold Miners ETF (GDX) has a volatility of 12.19%. This indicates that VNM 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.
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Volatility by Period
| VNM | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.83% | 12.19% | -3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 18.63% | 37.71% | -19.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.88% | 48.63% | -21.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.49% | 37.26% | -12.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.53% | 37.36% | -13.83% |
VNM vs. GDX - Expense Ratio Comparison
VNM has a 0.68% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
VNM vs. GDX - Dividend Comparison
VNM's dividend yield for the trailing twelve months is around 0.22%, less than GDX's 0.83% yield.
| 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% |
VNM VanEck Vectors Vietnam ETF | 0.22% | 0.20% | 0.00% | 5.21% | 0.96% | 0.49% | 0.40% | 0.76% | 0.83% | 1.14% | 2.44% | 3.69% |
Frequently Asked Questions
VNM and GDX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDX has higher volatility (12.19%) compared to VNM (8.83%). In terms of maximum drawdown, VNM dropped -63.19% vs GDX's -80.34%.
On 10-year performance, GDX leads with 10.74% vs 3.26% for VNM. On fees, GDX is cheaper at 0.51% per year. On volatility, VNM has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 10.74% return vs 3.26%. 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 0.68% for VNM.
GDX has the higher dividend yield at 0.83%, compared with 0.22% for VNM.
VNM is categorized as Asia Pacific Equities, while GDX is Gold. VNM tracks MVIS Vietnam Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. Their fees differ too: 0.68% for VNM and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (0.95 vs 0.37), 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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