VanEck Gold Miners ETF (GDX) Performance
GDX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −6.5% since Dec 31, 2025
- 1 year
- +9.5% total return
- 5 years
- +21.1% a year
- 10 years
- +13.6% a year
- Since first price
- +4.7% a year since 2006
GDX trailing returns vs SPY, QQQ, AGG
| Period | GDX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −14.3% | −14.3% | −1.0% | −5.0% | +0.9% |
| 3 months | +6.9% | +6.9% | +3.2% | +1.9% | −0.4% |
| 6 months | −13.0% | −13.0% | +7.8% | +8.4% | −1.5% |
| YTD | −6.5% | −6.5% | +12.3% | +15.1% | −1.0% |
| 1 year | +9.5% | +8.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +184.1%+41.6%/yr | +174.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +160.6%+21.1%/yr | +143.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +259.2%+13.6%/yr | +225.8% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +70.1%+3.6%/yr | +48.6% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| 20 years | +161.9%+4.9%/yr | +122.3% | +696.9%+10.9%/yr | +1,839.9%+16.0%/yr | +79.6%+3.0%/yr |
| Since inceptionMay 22, 2006 | +153.8%+4.7%/yr | +115.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GDX vs SPY
From May 22, 2006: GDX grew to $25,384, SPY to $87,619.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GDX returns by calendar year
10 of 19 full years positive. Best 2025 (+154.8%), worst 2013 (−54.0%). 2026 is year to date.
GDX annual returns table
| Year | GDX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −6.5% | −38.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +154.8% | −19.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +10.6% | −22.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +10.0% | −27.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −9.0% | −46.5% | −18.2% | −32.6% | −13.0% |
| 2021 | −9.5% | −27.1% | +28.7% | +27.4% | −1.8% |
| 2020 | +23.7% | −38.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +39.8% | −15.4% | +31.2% | +39.0% | +8.5% |
| 2018 | −8.8% | −28.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +12.0% | −17.5% | +21.7% | +32.7% | +3.6% |
| 2016 | +52.9% | −39.4% | +12.0% | +7.1% | +2.4% |
| 2015 | −24.7% | −43.2% | +1.2% | +9.4% | +0.5% |
| 2014 | −12.4% | −40.2% | +13.5% | +19.2% | +6.0% |
| 2013 | −54.0% | −56.5% | +32.3% | +36.6% | −2.0% |
| 2012 | −8.9% | −31.5% | +16.0% | +18.1% | +3.8% |
| 2011 | −16.1% | −24.7% | +1.9% | +3.4% | +7.7% |
| 2010 | +33.9% | −19.8% | +15.1% | +19.9% | +6.4% |
| 2009 | +36.7% | −21.1% | +26.4% | +54.7% | +3.0% |
| 2008 | −26.1% | −71.0% | −36.8% | −41.7% | +7.9% |
| 2007 | +16.8% | −20.0% | +5.1% | +19.0% | +6.6% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GDX largest drawdowns
Now 30.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 8, 2011 | −80.6% | Jan 19, 2016 | Aug 21, 2025 | 4.4 years | 14.0 years |
| Mar 14, 2008 | −71.0% | Oct 27, 2008 | Sep 22, 2010 | 7 months | 2.5 years |
| Feb 27, 2026 | −38.9% | Jul 20, 2026 | not yet | 5 months | 8 months so far |
| Sep 5, 2006 | −20.5% | Oct 3, 2006 | Feb 26, 2007 | 28 days | 6 months |
| Jul 19, 2007 | −20.0% | Aug 16, 2007 | Sep 18, 2007 | 28 days | 2 months |
| Oct 16, 2025 | −19.1% | Nov 4, 2025 | Dec 11, 2025 | 19 days | 56 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GDX risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2006 |
|---|---|---|---|---|
| Annualized return | +50.1% | +26.1% | +13.9% | +4.9% |
| Volatility (annualized) | 40.3% | 38.0% | 35.1% | 38.0% |
| Sharpe ratio | 1.10 | 0.70 | 0.47 | 0.28 |
| Sortino ratio | 2.24 | 1.31 | 0.86 | 0.45 |
| Best month | +32.9% | +32.9% | +40.0% | +40.0% |
| Worst month | −20.8% | −20.8% | −20.8% | −38.0% |
| Best 12 months | +193.8% | +193.8% | +193.8% | +193.8% |
| Worst 12 months | +10.6% | −22.5% | −25.7% | −57.9% |
| Positive months | 67% | 62% | 56% | 54% |
| Beta vs S&P 500 | 0.28 | 0.68 | 0.68 | — |
| Correlation with S&P 500 | 0.09 | 0.28 | 0.30 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GDX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 234 | −57.9% | +4.2% | +193.8% | 56% |
| 3-year (a year) | 210 | −36.0% | +4.8% | +63.4% | 67% |
| 5-year (a year) | 186 | −25.4% | +4.1% | +31.9% | 59% |
| 10-year (a year) | 126 | −8.2% | −3.3% | +22.0% | 34% |
Every holding period starting at a month-end since 2006. Returns for 3 years and longer are annualized.
GDX performance overview
VanEck Gold Miners ETF (GDX) returned +9.5% over the past year and +13.6% a year over ten years, with distributions reinvested. Since its first recorded price in 2006 it has returned +4.7% a year, turning $10,000 into about $25,384. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −80.6%, from Sep 8, 2011 to Jan 19, 2016, and it took 9.6 years to get back to the old high. GDX finished 10 of its 19 full calendar years with a gain; the best year was 2025 (+154.8%) and the worst 2013 (−54.0%). Volatility has been 38.0% a year.
Related: GDX chart, GDX holdings, GDX dividends. See the GDX overview for the latest quote and fund facts.
GDX performance FAQ
What is the GDX return over the past year?
GDX returned +9.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 8.7%.
What is the average annual return of GDX?
GDX has returned +21.1% a year over 5 years, +13.6% a year over 10 years, +4.7% a year since May 22, 2006 (total return, distributions reinvested).
How much would $10,000 invested in GDX be worth?
$10,000 invested in GDX at its first recorded close on May 22, 2006 would be worth about $25,384 on October 23, 2026 with distributions reinvested.
What was the worst year for GDX?
The worst calendar year was 2013, with a total return of −54.0%. The best was 2025 at +154.8%.
What is the biggest drawdown of GDX?
The largest peak-to-trough decline was −80.6% between September 8, 2011 and January 19, 2016. It recovered to the old high on August 21, 2025, 9.6 years after the bottom.
How volatile is GDX?
Over the past 3 years GDX had an annualized volatility of 40.3% and a Sharpe ratio of 1.10 (excess return over 1–3 month T-bills per unit of risk).