WPM vs. GDX

Last updated Jun 9, 2026

WPM (Wheaton Precious Metals Corp.) 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, WPM returned 19.95%/yr vs 12.82%/yr for GDX. Their correlation of 0.88 suggests significant overlap in exposure.

Performance

WPM vs. GDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wheaton Precious Metals Corp. (WPM) 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, WPM achieves a -1.95% return, which is significantly higher than GDX's -8.28% return. Over the past 10 years, WPM has outperformed GDX with an annualized return of 19.95%, while GDX has yielded a comparatively lower 12.82% annualized return.

WPM

• 1D: -1.17%
• 1M: -17.15%
• YTD: -1.95%
• 6M: 9.78%
• 1Y: 30.34%
• 3Y*: 38.10%
• 5Y*: 20.76%
• 10Y*: 19.95%

GDX

• 1D: -0.22%
• 1M: -16.83%
• YTD: -8.28%
• 6M: 0.10%
• 1Y: 53.51%
• 3Y*: 37.89%
• 5Y*: 17.28%
• 10Y*: 12.82%

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

WPM vs. GDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WPM Wheaton Precious Metals Corp.	-1.95%	110.52%	15.24%	27.91%	-7.53%	4.22%	41.82%	54.62%	-10.04%	16.41%
GDX VanEck Gold Miners ETF	-8.28%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-8.77%	11.99%

Correlation

The correlation between WPM and GDX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.88

The correlation between WPM and GDX has been stable across timeframes, ranging from 0.88 to 0.91 - a consistent structural relationship.

Return for Risk

WPM vs. GDX — Risk / Return Rank

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

WPM

WPM Risk / Return Rank: 62
WPM Sharpe Ratio Rank: 65
WPM Sortino Ratio Rank: 57
WPM Omega Ratio Rank: 59
WPM Calmar Ratio Rank: 63
WPM Martin Ratio Rank: 65

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 35
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 37
GDX Calmar Ratio Rank: 37
GDX 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.

WPM vs. GDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wheaton Precious Metals Corp. (WPM) 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.

	WPM	GDX	Difference
Sharpe ratio: Return per unit of total volatility	0.67	1.16	-0.49
Sortino ratio: Return per unit of downside risk	1.08	1.58	-0.50
Omega ratio: Gain probability vs. loss probability	1.15	1.22	-0.07
Calmar ratio: Return relative to maximum drawdown	0.99	1.68	-0.69
Martin ratio: Return relative to average drawdown	2.64	4.32	-1.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WPM vs. GDX - Sharpe Ratio Comparison

The current WPM Sharpe Ratio is 0.67, which is lower than the GDX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of WPM 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.

Sharpe Ratios by Period

	WPM	GDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	1.16	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.47	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.35	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.12	+0.56

Drawdowns

WPM vs. GDX - Drawdown Comparison

The maximum WPM drawdown since its inception was -48.64%, smaller than the maximum GDX drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for WPM and GDX.

Drawdown Indicators

	WPM	GDX	Difference
Max Drawdown Largest peak-to-trough decline	-48.64%	-80.34%	+31.70%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-32.09%	+1.25%
Max Drawdown (3Y) Largest decline over 3 years	-30.84%	-32.09%	+1.25%
Max Drawdown (5Y) Largest decline over 5 years	-43.29%	-46.51%	+3.22%
Max Drawdown (10Y) Largest decline over 10 years	-48.64%	-49.79%	+1.15%
Current Drawdown Current decline from peak	-30.47%	-32.09%	+1.62%
Average Drawdown Average peak-to-trough decline	-18.85%	-40.43%	+21.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.53%	12.42%	-0.89%

Volatility

WPM vs. GDX - Volatility Comparison

Wheaton Precious Metals Corp. (WPM) and VanEck Gold Miners ETF (GDX) have volatilities of 16.65% and 16.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WPM	GDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.65%	16.05%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	38.92%	38.61%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	45.46%	46.36%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.33%	36.61%	-1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.72%	37.27%	-0.55%

Dividends

WPM vs. GDX - Dividend Comparison

WPM's dividend yield for the trailing twelve months is around 0.63%, less than GDX's 0.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.80%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
WPM Wheaton Precious Metals Corp.	0.63%	0.56%	1.10%	1.22%	1.54%	1.33%	1.01%	1.21%	1.84%	1.49%	1.09%	0.00%

Frequently Asked Questions

Can I hold both WPM and GDX in my portfolio?

With a correlation of 0.91, WPM and GDX 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, WPM or GDX?

WPM has higher volatility (16.65%) compared to GDX (16.05%). In terms of maximum drawdown, WPM dropped -48.64% vs GDX's -80.34%.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.16 vs 0.67), 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.