VanEck Gold Miners ETF

10-Year Study

GDX.US · · US · ETF

Executive Summary: VanEck Gold Miners ETF has compounded at 17.1% annually over the last 10 years, with a maximum drawdown of 43.3% and an annualized volatility of 35.6%.

1Y CAGR
+106.2%
3Y CAGR
+50.1%
5Y CAGR
+22.0%
10Y CAGR
+17.1%

History & Riski10-year historical performance analysis including CAGR, Max Drawdown, Sharpe & Sortino ratios, annual returns, and rolling volatility — all computed from daily market data.

10-Year Growth of $10,000

Max DrawdownMax DrawdownThe largest peak-to-trough decline in the asset's value over the measurement period.Click for full definition →
43.3%
Sharpe RatioSharpe RatioRisk-adjusted return: how much excess return you earn per unit of total risk (volatility).Click for full definition →
0.59
Sortino RatioSortino RatioLike Sharpe, but only penalizes downside volatility — a more accurate risk measure for asymmetric return distributions.Click for full definition →
1.27
Ann. VolatilityAnnualized VolatilityThe annualized standard deviation of an asset's returns — a measure of how much prices fluctuate.Click for full definition →
35.5%
Best YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2025 · +154.8%
Worst YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2021 · -9.5%
% Positive Years% Positive YearsThe percentage of calendar years in the measurement period where the asset delivered a positive return.Click for full definition →
70%

Annual Returns

Rolling 12-Month Returns

Rolling 12-Month Annualised Volatility

Historical Drawdowns

Monthly Returns

Monthly Returns Heatmap

YearJanFebMarAprMayJunJulAugSepOctNovDecAnn.
20269.823.0-20.86.4————————13.9%
202514.92.015.76.63.32.8-0.822.320.9-5.715.53.8154.8%
2024-9.9-5.720.04.86.5-3.911.81.83.11.3-6.6-8.910.6%
202311.7-14.117.63.8-8.0-2.64.3-6.8-8.04.111.80.610.0%
2022-5.613.711.5-8.8-9.3-13.7-4.1-9.41.30.220.20.3-9.0%
2021-4.2-9.84.45.714.7-13.82.8-6.6-9.67.60.32.5-9.5%
2020-1.0-9.6-12.140.06.46.917.1-1.6-7.4-4.3-7.54.423.7%
20197.6-2.00.8-6.83.418.43.712.7-10.55.4-3.88.939.8%
20182.2-10.13.01.40.3-0.1-4.6-12.8-0.22.20.811.1-8.8%
201714.4-4.5-0.2-2.52.1-2.73.58.1-7.1-2.1-0.04.312.0%
2016———29.3-12.622.710.4-16.73.7-7.2-15.00.75.1%

Risk X-RayiA 19-factor macroeconomic risk decomposition showing exactly which market forces (equity beta, rates, inflation, credit, commodity, crypto) drive this asset's volatility. Powered by multivariate regression against daily factor returns.

Risk Profile Insight: This asset has an estimated annualized volatility of 35.6%. The dominant macroeconomic risk driver is GLD.US, accounting for 47.6% of variance. Idiosyncratic stock-specific factors contribute 12.4%.

10-Year Historical Price Series (Growth of $10,000)
DateSimulated Value
2016-03-0110000
2016-04-0112934.410478420286
2016-05-0111306.986349781331
2016-06-0113875.844855767105
2016-07-0115318.00812828555
2016-08-0112764.169280381677
2016-09-0113234.914078720678
2016-10-0112278.460043291956
2016-11-0110430.65556389981
2016-12-0110506.029950965234
2017-01-0112017.65914211247
2017-02-0111475.294871228522
2017-03-0111455.195034677741
2017-04-0111163.913062684986
2017-05-0111394.895525025402
2017-06-0111088.593894950745
2017-07-0111480.319830366214
2017-08-0112414.410036665635
2017-09-0111530.51420241198
2017-10-0111289.481821796175
2017-11-0111284.45686265848
2017-12-0111765.306798604057
2018-01-0112023.457171886734
2018-02-0110808.466227857047
2018-03-0111127.413084772717
2018-04-0111279.266245527235
2018-05-0111309.692097009322
2018-06-0111294.50678093387
2018-07-0110773.015417237266
2018-08-019390.98599637761
2018-09-019375.800680302158
2018-10-019583.370146220788
2018-11-019664.376905066925
2018-12-0110733.367937447541
2019-01-0111547.632195078852
2019-02-0111318.637628661041
2019-03-0111410.246499094403
2019-04-0110631.543490745238
2019-05-0110987.818615540928
2019-06-0113008.238724212573
2019-07-0113486.659009586076
2019-08-0115196.691257675488
2019-09-0113593.508415426073
2019-10-0114326.379378892963
2019-11-0113781.861554092859
2019-12-0115007.123293722667
2020-01-0114858.528073507972
2020-02-0113438.783849450016
2020-03-0111808.874850907807
2020-04-0116534.48999425719
2020-05-0117590.33882581614
2020-06-0118799.91827538985
2020-07-0122008.437513804834
2020-08-0121665.028493174887
2020-09-0120071.01205990193
2020-10-0119215.057207227102
2020-11-0117774.826611300086
2020-12-0118558.05760480629
2021-01-0117780.07244776251
2021-02-0116038.620400229713
2021-03-0116744.489110747887
2021-04-0117702.765384105664
2021-05-0120309.780447939218
2021-06-0117507.0128550603
2021-07-0117991.28638953925
2021-08-0116796.008746742056
2021-09-0115183.383398860273
2021-10-0116337.467420594603
2021-11-0116383.851658788708
2021-12-0116790.92856827318
2022-01-0115847.28541767902
2022-02-0118022.816627645003
2022-03-0120103.978000618456
2022-04-0118342.591774528428
2022-05-0116633.663913062686
2022-06-0114353.27119317931
2022-07-0113771.369881167999
2022-08-0112476.531784247029
2022-09-0112644.288112382383
2022-10-0112665.271458232097
2022-11-0115228.718469761894
2022-12-0115278.58152582056
2023-01-0117069.78619074966
2023-02-0114665.481291690594
2023-03-0117245.659760568982
2023-04-0117901.389318372574
2023-05-0116478.00061845651
2023-06-0116051.541723726641
2023-07-0116744.544330079076
2023-08-0115598.411892035165
2023-09-0114345.65092547599
2023-10-0114932.025003313158
2023-11-0116696.61395061183
2023-12-0116802.800724477627
2024-01-0115139.31837257587
2024-02-0114283.197861907494
2024-03-0117133.288421610636
2024-04-0117951.52847108716
2024-05-0119127.31368997659
2024-06-0118385.000220877322
2024-07-0120552.41418915934
2024-08-0120926.249061271366
2024-09-0121576.511905287804
2024-10-0121858.24093298582
2024-11-0120406.08296152317
2024-12-0118589.863939567964
2025-01-0121358.34032778195
2025-02-0121774.97018156116
2025-03-0125201.274462163714
2025-04-0126867.84909661174
2025-05-0127766.93024694085
2025-06-0128539.890444846933
2025-07-0128309.681053143082
2025-08-0134630.527455051466
2025-09-0141883.3657286743
2025-10-0139504.13040597252
2025-11-0145627.678137562405
2025-12-0147361.62035605425
2026-01-0152016.609974819985
2026-02-0163966.07324292089
2026-03-0150674.780227061885
2026-04-0153927.198833767725
Annual Return Matrix
YearAnnual Return
20170.11986229370335333
2018-0.08771032314082561
20190.3981746811608369
20200.23661658810845831
2021-0.09522165919322545
2022-0.09006929165967825
20230.09976182645497289
20240.10635507998895788
20251.5477120494274552
20260.13862655940305468
Total Factor Risk
0.356396979389524
VTI.US Exposure
0.0950477944741972
VEA.US Exposure
0.24450979617057475
VWO.US Exposure
-0.03440884441452939
QQQ.US Exposure
-0.020902096335319587
VTV.US Exposure
-0.01693345008096671
IJR.US Exposure
-0.009849033310987099
QUAL.US Exposure
-0.0374709103677349
SHV.US Exposure
0.13312835792968464
TLT.US Exposure
0.006031433412793154
LQD.US Exposure
-0.007679103849907613
HYG.US Exposure
-0.017033902070210147
GLD.US Exposure
0.47616134512280217
USO.US Exposure
0.0018777925674745102
VNQ.US Exposure
-0.010943750762241109
BTC-USD.CC Exposure
0.021086805583465425
CPER.US Exposure
0.014608622236939874
VIX.INDX Exposure
0.007810791708363892
UUP.US Exposure
0.004553383081854676
TIP.US Exposure
0.026041998996393072
Idiosyncratic Exposure
0.12436296990735322
Value Score
50
Growth Score
50
Profit Score
37.5
Health Score
23.6
Yield Score
0
Moat Score
40

Factor Risk Decomposition

Share of annualised volatility attributable to each macro factor.

Total Est. Vol
35.6%

FundamentalsiCompany financial health metrics: P/E valuation, dividend yield, Piotroski F-Score (9-point profitability signal), Altman Z-Score (bankruptcy risk proxy), and a radar chart across 6 fundamental dimensions. Note: ETFs may show N/A for some metrics.

Fundamental Dimensions

Core Valuation

P/E Ratio (TTM)P/E RatioPrice-to-Earnings ratio — the market price of a stock divided by its earnings per share, a key valuation measure.Click for full definition →N/A
Dividend YieldDividend YieldAnnual dividend paid per share divided by the current share price — expressed as a percentage income return.Click for full definition →0.00%
Market Cap$0
Piotroski F-ScorePiotroski F-ScoreA 9-point scoring system evaluating a company's financial strength across profitability, leverage, and operating efficiency.Click for full definition →
9-point profitability signal
0.0/ 9
Weak
Altman Z-ScoreAltman Z-ScoreA bankruptcy prediction model that combines 5 financial ratios into a single score indicating financial distress risk.Click for full definition →
Bankruptcy risk proxy
1.18
Distress Zone
Income Simulation

Based on $10,000 initial investment.

Total Income Generated
$0
Avg Yield on Cost
0.00%

Momentum & MacroiPrice momentum indicators relative to key technical levels: distance from 50-Day SMA (intermediate trend), 200-Day SMA (long-term trend), 52-Week High (bullish proximity), and Beta (market sensitivity coefficient).

vs 50-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
-0.7%
Above/below 50-day moving average
vs 200-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+22.6%
Above/below 200-day moving average
vs 52-Week High52-Week HighThe highest price an asset reached in the past 52 weeks — a key reference for momentum and valuation context.Click for full definition →
15.7% from high
Distance from 52-week high
BetaBetaA measure of an asset's sensitivity to broad market movements relative to a benchmark (e.g. S&P 500).Click for full definition →
0.66
Market sensitivity coefficient

Frequently Asked Questions & Methodology

Is VanEck Gold Miners ETF a high-risk investment?

VanEck Gold Miners ETF (GDX.US) has an annualized volatility of 35.6% and experienced a maximum drawdown of 43.3% over the last 10 years. Its primary macro risk driver is GLD.US.

What is the 10-year return of GDX.US?

Over the past 10 years, GDX.US has generated a Compound Annual Growth Rate (CAGR) of 17.1%. It has had a positive return in 70% of the years measured.

Data Methodology & Trust

The risk and return information on this page is pre-calculated mathematically using daily market data spanning a 10-year period. Fundamentals (such as P/E Ratio, Market Cap, and Dividend Yield) represent trailing averages and may not immediately reflect real-time live market fluctuations. Advanced scoring models like the Piotroski F-Score and Altman Z-Score are proxies applied to publicly available trailing-twelve-month financial statements and may not account for recent off-balance-sheet events, qualitative company shifts, or sector-specific capital structures. Macroeconomic factor exposures are estimated via multivariate regression against standard market indices. This data is provided for quantitative insight and backtesting research, and should not be misconstrued as tailored financial advice.

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