XME vs. GDX
Compare and contrast key facts about SPDR S&P Metals & Mining ETF (XME) and VanEck Gold Miners ETF (GDX).
XME and GDX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XME is a passively managed fund by State Street that tracks the performance of the S&P Metals & Mining Select Industry Index. It was launched on Jun 19, 2006. GDX is a passively managed fund by VanEck that tracks the performance of the NYSE MarketVector Global Gold Miners Index. It was launched on May 16, 2006. Both XME and GDX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
XME vs. GDX - Performance Comparison
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XME vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XME SPDR S&P Metals & Mining ETF | 4.31% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
GDX VanEck Gold Miners ETF | 7.00% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Returns By Period
In the year-to-date period, XME achieves a 4.31% return, which is significantly lower than GDX's 7.00% return. Over the past 10 years, XME has outperformed GDX with an annualized return of 19.54%, while GDX has yielded a comparatively lower 17.53% annualized return.
XME
- 1D
- 4.40%
- 1M
- -9.45%
- YTD
- 4.31%
- 6M
- 16.12%
- 1Y
- 93.75%
- 3Y*
- 27.50%
- 5Y*
- 22.88%
- 10Y*
- 19.54%
GDX
- 1D
- 6.97%
- 1M
- -20.78%
- YTD
- 7.00%
- 6M
- 20.99%
- 1Y
- 101.08%
- 3Y*
- 43.23%
- 5Y*
- 23.96%
- 10Y*
- 17.53%
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XME vs. GDX - Expense Ratio Comparison
XME has a 0.35% expense ratio, which is lower than GDX's 0.51% expense ratio.
Return for Risk
XME vs. GDX — Risk / Return Rank
XME
GDX
XME vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.
| XME | GDX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.63 | 2.21 | +0.42 |
Sortino ratioReturn per unit of downside risk | 3.07 | 2.45 | +0.63 |
Omega ratioGain probability vs. loss probability | 1.42 | 1.36 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | 4.05 | 3.34 | +0.72 |
Martin ratioReturn relative to average drawdown | 11.64 | 12.07 | -0.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XME | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.63 | 2.21 | +0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | 0.67 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.59 | 0.47 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.14 | +0.02 |
Correlation
The correlation between XME and GDX is 0.54, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
XME vs. GDX - Dividend Comparison
XME's dividend yield for the trailing twelve months is around 0.35%, less than GDX's 0.69% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XME SPDR S&P Metals & Mining ETF | 0.35% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
GDX VanEck Gold Miners ETF | 0.69% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Drawdowns
XME vs. GDX - Drawdown Comparison
The maximum XME drawdown since its inception was -85.89%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for XME and GDX.
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Drawdown Indicators
| XME | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.89% | -80.34% | -5.55% |
Max Drawdown (1Y)Largest decline over 1 year | -22.60% | -30.84% | +8.24% |
Max Drawdown (5Y)Largest decline over 5 years | -37.27% | -46.51% | +9.24% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | -49.79% | -11.90% |
Current DrawdownCurrent decline from peak | -17.77% | -20.78% | +3.01% |
Average DrawdownAverage peak-to-trough decline | -44.45% | -40.61% | -3.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 8.52% | -0.65% |
Volatility
XME vs. GDX - Volatility Comparison
The current volatility for SPDR S&P Metals & Mining ETF (XME) is 11.55%, while VanEck Gold Miners ETF (GDX) has a volatility of 18.51%. This indicates that XME 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
| XME | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.55% | 18.51% | -6.96% |
Volatility (6M)Calculated over the trailing 6-month period | 28.02% | 38.19% | -10.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.81% | 46.00% | -10.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.46% | 35.73% | -3.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.98% | 37.44% | -4.46% |