XLB vs. GDXJ

Last updated Jun 4, 2026

XLB (Materials Select Sector SPDR ETF) and GDXJ (VanEck Vectors Junior Gold Miners ETF) are both Materials funds - XLB tracks the Materials Select Sector Index while GDXJ tracks the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, XLB returned 10.23%/yr vs 13.07%/yr for GDXJ. At a 0.35 correlation, their price movements are largely independent. XLB charges 0.13%/yr vs 0.54%/yr for GDXJ.

Performance

XLB vs. GDXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Materials Select Sector SPDR ETF (XLB) and VanEck Vectors 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, XLB achieves a 14.35% return, which is significantly higher than GDXJ's -2.55% return. Over the past 10 years, XLB has underperformed GDXJ with an annualized return of 10.23%, while GDXJ has yielded a comparatively higher 13.07% annualized return.

XLB

• 1D: 0.21%
• 1M: 1.93%
• YTD: 14.35%
• 6M: 17.15%
• 1Y: 19.99%
• 3Y*: 11.71%
• 5Y*: 5.35%
• 10Y*: 10.23%

GDXJ

• 1D: -4.40%
• 1M: -1.95%
• YTD: -2.55%
• 6M: 6.26%
• 1Y: 65.12%
• 3Y*: 46.12%
• 5Y*: 17.46%
• 10Y*: 13.07%

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

XLB vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLB Materials Select Sector SPDR ETF	14.35%	9.94%	0.15%	12.46%	-12.30%	27.44%	20.46%	24.13%	-14.88%	24.01%
GDXJ VanEck Vectors Junior Gold Miners ETF	-2.55%	172.28%	15.67%	7.12%	-14.53%	-21.25%	30.40%	40.44%	-11.02%	8.22%

Correlation

The correlation between XLB and GDXJ is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Nov 12, 2009	0.35

The correlation between XLB and GDXJ shifts across timeframes, from 0.31 (10 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

XLB vs. GDXJ - Sectors Allocation Comparison

Sectors	XLB	GDXJ
Basic Materials	87.6%	100.0%
Consumer Cyclical	12.4%	-
Industrials	1.5%	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XLB vs. GDXJ — Risk / Return Rank

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

XLB

XLB Risk / Return Rank: 32
XLB Sharpe Ratio Rank: 32
XLB Sortino Ratio Rank: 32
XLB Omega Ratio Rank: 30
XLB Calmar Ratio Rank: 32
XLB Martin Ratio Rank: 33

GDXJ

GDXJ Risk / Return Rank: 35
GDXJ Sharpe Ratio Rank: 36
GDXJ Sortino Ratio Rank: 32
GDXJ Omega Ratio Rank: 35
GDXJ Calmar Ratio Rank: 39
GDXJ 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.

XLB vs. GDXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Materials Select Sector SPDR ETF (XLB) and VanEck Vectors 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.

	XLB	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.20	1.32	-0.12
Sortino ratio: Return per unit of downside risk	1.76	1.74	+0.02
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.62	1.99	-0.37
Martin ratio: Return relative to average drawdown	5.06	4.95	+0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLB vs. GDXJ - Sharpe Ratio Comparison

The current XLB Sharpe Ratio is 1.20, which is comparable to the GDXJ Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of XLB 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

	XLB	GDXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	1.32	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.43	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.50	0.30	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.06	+0.30

Drawdowns

XLB vs. GDXJ - Drawdown Comparison

The maximum XLB drawdown since its inception was -59.83%, smaller than the maximum GDXJ drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for XLB and GDXJ.

Drawdown Indicators

	XLB	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-59.83%	-88.66%	+28.83%
Max Drawdown (1Y) Largest decline over 1 year	-12.38%	-32.92%	+20.54%
Max Drawdown (3Y) Largest decline over 3 years	-23.17%	-32.92%	+9.75%
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	-50.99%	+26.27%
Max Drawdown (10Y) Largest decline over 10 years	-37.27%	-57.77%	+20.50%
Current Drawdown Current decline from peak	-3.28%	-29.01%	+25.73%
Average Drawdown Average peak-to-trough decline	-10.84%	-60.50%	+49.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.96%	13.19%	-9.23%

Volatility

XLB vs. GDXJ - Volatility Comparison

The current volatility for Materials Select Sector SPDR ETF (XLB) is 5.73%, while VanEck Vectors Junior Gold Miners ETF (GDXJ) has a volatility of 16.66%. This indicates that XLB 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

	XLB	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	16.66%	-10.93%
Volatility (6M) Calculated over the trailing 6-month period	12.85%	41.34%	-28.49%
Volatility (1Y) Calculated over the trailing 1-year period	16.78%	49.79%	-33.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.94%	41.10%	-22.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.65%	44.06%	-23.41%

XLB vs. GDXJ - Expense Ratio Comparison

XLB has a 0.13% expense ratio, which is lower than GDXJ's 0.54% expense ratio.

Dividends

XLB vs. GDXJ - Dividend Comparison

XLB's dividend yield for the trailing twelve months is around 1.69%, less than GDXJ's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Vectors Junior Gold Miners ETF	2.39%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
XLB Materials Select Sector SPDR ETF	1.69%	1.92%	1.92%	2.00%	2.26%	1.62%	1.72%	1.98%	2.20%	1.66%	1.95%	2.24%

Frequently Asked Questions

Can I hold both XLB and GDXJ in my portfolio?

XLB and GDXJ have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLB or GDXJ?

GDXJ has higher volatility (16.66%) compared to XLB (5.73%). In terms of maximum drawdown, XLB dropped -59.83% vs GDXJ's -88.66%.

Which ETF is better, XLB or GDXJ?

On 10-year performance, GDXJ leads with 13.07% vs 10.23% for XLB. On fees, XLB is cheaper at 0.13% per year. On volatility, XLB has been the lower-risk option at 5.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLB or GDXJ?

Over the 10-year period, GDXJ has performed better with a 13.07% return vs 10.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLB or GDXJ?

XLB is cheaper with a 0.13% expense ratio, compared with 0.54% for GDXJ.

Which ETF pays a higher dividend yield, XLB or GDXJ?

GDXJ has the higher dividend yield at 2.39%, compared with 1.69% for XLB.

What is the main difference between XLB and GDXJ?

XLB tracks Materials Select Sector Index, while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.13% for XLB and 0.54% for GDXJ.

Which has better risk-adjusted returns?

GDXJ currently has the higher Sharpe Ratio (1.31 vs 1.20), 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.