XFN.TO vs. GDX
XFN.TO (iShares S&P/TSX Capped Financials Index ETF) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - XFN.TO is a Financials Equities fund tracking the Morningstar Gbl Fin Svc GR CAD, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, XFN.TO returned 15.21%/yr vs 14.26%/yr for GDX. At a 0.11 correlation, their price movements are largely independent. XFN.TO charges 0.61%/yr vs 0.51%/yr for GDX.
Performance
XFN.TO vs. GDX - Performance Comparison
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Different Trading Currencies
XFN.TO is traded in CAD, while GDX is traded in USD. To make them comparable, the GDX values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XFN.TO achieves a 17.97% return, which is significantly higher than GDX's -4.80% return. Over the past 10 years, XFN.TO has outperformed GDX with an annualized return of 15.21%, while GDX has yielded a comparatively lower 14.26% annualized return.
XFN.TO
- 1D
- 0.81%
- 1M
- 7.31%
- YTD
- 17.97%
- 6M
- 19.57%
- 1Y
- 49.33%
- 3Y*
- 31.45%
- 5Y*
- 18.22%
- 10Y*
- 15.21%
GDX
- 1D
- 3.16%
- 1M
- -13.15%
- YTD
- -4.80%
- 6M
- -4.55%
- 1Y
- 52.11%
- 3Y*
- 41.05%
- 5Y*
- 20.95%
- 10Y*
- 14.26%
XFN.TO vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XFN.TO iShares S&P/TSX Capped Financials Index ETF | 17.97% | 34.40% | 29.32% | 13.09% | -9.92% | 35.57% | 0.99% | 20.66% | -9.76% | 12.54% |
GDX VanEck Gold Miners ETF | -4.80% | 143.14% | 20.00% | 7.36% | -3.24% | -9.57% | 20.73% | 34.08% | -1.10% | 4.40% |
Correlation
The correlation between XFN.TO and GDX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.11 |
The correlation between XFN.TO and GDX shifts across timeframes, from 0.09 (10 years) to 0.28 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XFN.TO vs. GDX — Risk / Return Rank
XFN.TO
GDX
XFN.TO vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Financials Index ETF (XFN.TO) 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.
| XFN.TO | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.79 | ||
| Sortino ratioReturn per unit of downside risk | +3.91 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.22 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 6.20 | 1.55 | +4.65 |
| Martin ratioReturn relative to average drawdown | 25.03 | 4.20 | +20.83 |
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Drawdowns
XFN.TO vs. GDX - Drawdown Comparison
The maximum XFN.TO drawdown since its inception was -55.53%, smaller than the maximum GDX drawdown of -72.57%. Use the drawdown chart below to compare losses from any high point for XFN.TO and GDX.
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Drawdown Indicators
| XFN.TO | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.53% | -72.57% | +17.04% |
Max Drawdown (1Y)Largest decline over 1 year | -7.80% | -34.99% | +27.19% |
Max Drawdown (3Y)Largest decline over 3 years | -12.37% | -34.99% | +22.62% |
Max Drawdown (5Y)Largest decline over 5 years | -21.90% | -42.42% | +20.52% |
Max Drawdown (10Y)Largest decline over 10 years | -39.93% | -49.03% | +9.10% |
Current DrawdownCurrent decline from peak | 0.00% | -29.41% | +29.41% |
Average DrawdownAverage peak-to-trough decline | -6.95% | -31.56% | +24.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.93% | 12.88% | -10.95% |
Volatility
XFN.TO vs. GDX - Volatility Comparison
The current volatility for iShares S&P/TSX Capped Financials Index ETF (XFN.TO) is 4.08%, while VanEck Gold Miners ETF (GDX) has a volatility of 17.30%. This indicates that XFN.TO 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
| XFN.TO | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 17.30% | -13.22% |
Volatility (6M)Calculated over the trailing 6-month period | 10.20% | 39.26% | -29.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.24% | 46.97% | -34.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.50% | 37.18% | -23.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.54% | 37.86% | -21.32% |
XFN.TO vs. GDX - Expense Ratio Comparison
XFN.TO has a 0.61% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
XFN.TO vs. GDX - Dividend Comparison
XFN.TO's dividend yield for the trailing twelve months is around 2.07%, 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% |
XFN.TO iShares S&P/TSX Capped Financials Index ETF | 2.07% | 2.39% | 3.16% | 3.60% | 3.48% | 2.67% | 3.35% | 3.00% | 3.43% | 2.73% | 2.83% | 3.17% |
Frequently Asked Questions
XFN.TO and GDX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GDX is cheaper at 0.51% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GDX is cheaper with a 0.51% expense ratio, compared with 0.61% for XFN.TO.
XFN.TO is categorized as Financials Equities, while GDX is Gold. XFN.TO tracks Morningstar Gbl Fin Svc GR CAD, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.61% for XFN.TO and 0.51% for GDX.
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