TAN vs GDX: returns, risk and drawdowns compared
Invesco Solar ETF against VanEck Gold Miners ETF, over the same 18 years (May 2008 to October 2026) with dividends reinvested.
Data updated October 2026
From May 2008 to October 2026, TAN returned 8.0% a year and GDX 4.6% a year on average, so GDX came out ahead by 12.6% a year. TAN was the more volatile of the two (43.7% against 38.7% a year), and the deepest falls from a month-end high were 94.6% for TAN and 77.5% for GDX.
The correlation of monthly returns was 0.27: they moved largely independently. Over 187 rolling 3-year periods, TAN did better in 46% and GDX in 54%.
Side by side
| TAN | GDX | |
|---|---|---|
| Annual return (CAGR) | −8.0% | +4.6% |
| Total return | −79% | +130% |
| Annual volatility | 43.7% | 38.7% |
| Maximum drawdown (month-end) | −94.6% | −77.5% |
| Worst month | −42.0% | −36.2% |
| Best month | +29.7% | +40.0% |
| Positive months | 48% | 54% |
| Best year | 2020: +234.0% | 2025: +154.8% |
| Worst year | 2011: −66.2% | 2013: −54.0% |
| 1-year return | −9.1% | +20.0% |
| 5 years, a year | −13.8% | +23.2% |
| 10 years, a year | +8.4% | +14.5% |
| Trading currency | USD | USD |
First nine rows: the same 222 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: TAN vs GDX
Returns by calendar year
| Year | TAN | GDX |
|---|---|---|
| 2025 | +48.3% | +154.8% |
| 2024 | −37.6% | +10.6% |
| 2023 | −26.8% | +10.0% |
| 2022 | −5.2% | −9.0% |
| 2021 | −25.1% | −9.5% |
| 2020 | +234.0% | +23.7% |
| 2019 | +66.5% | +39.8% |
| 2018 | −25.7% | −8.8% |
| 2017 | +54.4% | +12.0% |
| 2016 | −43.2% | +52.9% |
| 2015 | −8.7% | −24.7% |
| 2014 | −1.2% | −12.4% |
| 2013 | +127.9% | −54.0% |
| 2012 | −30.8% | −8.9% |
| 2011 | −66.2% | −16.1% |
| 2010 | −25.9% | +33.9% |
| 2009 | +16.9% | +36.7% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, TAN or GDX?
From May 2008 to October 2026, TAN returned −8.0% a year and GDX +4.6% a year, with dividends reinvested. Over rolling 3-year periods TAN did better in 46% of cases. Past returns do not predict future returns.
Which is riskier, TAN or GDX?
Over the same months annual volatility was 43.7% for TAN and 38.7% for GDX; the deepest fall from a month-end high was 94.6% and 77.5%, and the worst single month −42.0% and −36.2%.
How correlated are TAN and GDX?
The correlation of their monthly returns was 0.27: they moved largely independently. Combining them has historically smoothed the ups and downs of either one alone.
More comparisons
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.