GDX: VanEck Gold Miners ETF returns, drawdowns and risk
Funds on a theme: clean energy, robotics, cybersecurity, uranium, gold miners and others.
Data updated October 2026
GDX · US exchange · USDCategory: Thematic ETFsData from October 2006
From October 2006 to October 2026 GDX returned 5.3% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $28,323.
Its deepest fall was 80.6%, from September 2011 to January 2016, and it took about 167 months to get back to the previous high. Annual volatility was 41.4%; at the last close it was 25.1% below its high.
Against SPY (SPDR S&P 500 ETF Trust), over the 240 months both have data, the correlation of monthly returns was 0.24: they moved largely independently. Beta was 0.59. In months when SPY rose, GDX moved 70% as much on average; in months when SPY fell, 44% as much.
Key figures
- Annual return (CAGR)
- +5.3%
- 1-year return
- +20.0%
- 5 years, a year
- +23.2%
- 10 years, a year
- +14.5%
- Annual volatility
- 41.4%
- Maximum drawdown
- −80.6%
- Sharpe ratio
- 0.29
- Worst year
- 2013: −54.0%
Trailing returns
| Period | GDX | SPY |
|---|---|---|
| 1 year | +20.0% | +16.6% |
| 3 years, a year | +45.0% | +23.1% |
| 5 years, a year | +23.2% | +12.7% |
| 10 years, a year | +14.5% | +15.4% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: GDX vs SPY
Month-end values from November 2006, the first month both funds have data.
GDX drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | GDX | SPY |
|---|---|---|
| 2026(partial) | +1.1% | +13.3% |
| 2025 | +154.8% | +17.7% |
| 2024 | +10.6% | +24.9% |
| 2023 | +10.0% | +26.2% |
| 2022 | −9.0% | −18.2% |
| 2021 | −9.5% | +28.7% |
| 2020 | +23.7% | +18.3% |
| 2019 | +39.8% | +31.2% |
| 2018 | −8.8% | −4.6% |
| 2017 | +12.0% | +21.7% |
| 2016 | +52.9% | +12.0% |
| 2015 | −24.7% | +1.2% |
| 2014 | −12.4% | +13.5% |
| 2013 | −54.0% | +32.3% |
| 2012 | −8.9% | +16.0% |
| 2011 | −16.1% | +1.9% |
| 2010 | +33.9% | +15.1% |
| 2009 | +36.7% | +26.4% |
| 2008 | −26.1% | −36.8% |
| 2007 | +16.9% | +5.1% |
| 2006(partial) | +10.8% | — |
GDX compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of GDX?
From October 2006 to October 2026 GDX returned 5.3% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +23.2% a year. Over the last 12 months: +20.0%.
What was the worst drawdown of GDX?
80.6%, from September 2011 to January 2016; it took about 167 months from the previous high to get back to it.
How volatile is GDX?
Annual volatility was 41.4% over the period. Its worst month was −36.2% and 53% of months were positive. Worst calendar year: 2013 (−54.0%).
How closely does GDX follow SPY?
Over 240 months the correlation of monthly returns was 0.24, so they moved largely independently, with a beta of 0.59.
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Other Thematic ETFs
- All Thematic ETFsReturns and risk side by side
- ARKK — ARK Innovation ETFCAGR +13.7%
- ICLN — iShares Global Clean Energy ETFCAGR −4.2%
- TAN — Invesco Solar ETFCAGR −8.0%
- URA — Global X Uranium ETFCAGR +23.9%
- LIT — Global X Lithium & Battery Tech ETFCAGR +5.9%
- BOTZ — Global X Robotics & Artificial Intelligence ETFCAGR +8.9%
- AIQ — Global X Artificial Intelligence & Technology ETFCAGR +19.1%
- CIBR — First Trust NASDAQ Cybersecurity ETFCAGR +16.3%
- HACK — Amplify Cybersecurity ETFCAGR +14.6%
- SKYY — First Trust Cloud Computing ETFCAGR +15.1%
- PAVE — Global X U.S. Infrastructure Development ETFCAGR +22.6%
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.