GDX vs EEM
Comparison between VANECK GOLD MINERS ETF (GDX, ETF) and ISHARES MSCI EMERGING MARKETS ETF (EEM, ETF).
5-Year PerformanceGDX has outperformed EEM, delivering a return of +22.8% compared to +7.8%
GDX vs EEM - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
GDX
$27B
Winner
EEM
$28B
Expense Ratio
Winner
GDX
0.51%
EEM
0.72%
Max Drawdown
GDX
81.28%
Winner
EEM
67.23%
Sharpe Ratio
GDX
1.62
Winner
EEM
2.04
5Y Beta
Winner
GDX
0.69
EEM
0.79
P/E Ratio
GDX
18.95
EEM
N/A
Forward P/E
GDX
12.79
EEM
N/A
5Y Dividends CAGR
Winner
GDX
21.83%
EEM
2.97%
5Y EPS CAGR
GDX
50.56%
EEM
N/A
Debt to Equity
GDX
15.12%
EEM
N/A
P/S Ratio
GDX
3.34
EEM
N/A
P/B Ratio
GDX
3.53
EEM
N/A
GDX vs EEM - Holdings Comparison
GDX and EEM have 3 common holdings. Overlap is 0.26%
GDX's top 25 holdings weight is 85.50%. EEM's top 25 holdings weight is 40.83%.
| Rank | GDX | EEM |
|---|---|---|
| #1 | NEWMONT CORP (NEM) - 13.08% | n/a (n/a) - 13.41% |
| #2 | AGNICO EAGLE MINES LTD (AEM) - 11.46% | SAMSUNG ELECTRONICS CO LTD (n/a) - 5.61% |
| #3 | BARRICK MINING CORP (B) - 7.37% | TENCENT HOLDINGS LTD (n/a) - 3.79% |
| #4 | WHEATON PRECIOUS METALS CORP (WPM) - 7.10% | SK HYNIX INC (n/a) - 3.04% |
| #5 | FRANCO-NEVADA CORP (FNV) - 5.74% | n/a (n/a) - 2.52% |
| #6 | GOLD FIELDS LTD ADR (GFI) - 5.11% | CHINA CONSTRUCTION BANK CORP CLASS H (n/a) - 0.97% |
| #7 | ANGLOGOLD ASHANTI PLC (AU) - 4.59% | DELTA ELECTRONICS INC (n/a) - 0.84% |
| #8 | KINROSS GOLD CORP (KGC) - 4.15% | HDFC BANK LTD (n/a) - 0.84% |
| #9 | ZIJIN MINING GROUP CO LTD CLASS H (n/a) - 3.37% | RELIANCE INDUSTRIES LTD (n/a) - 0.82% |
| #10 | NORTHERN STAR RESOURCES LTD (n/a) - 2.95% | HON HAI PRECISION INDUSTRY CO LTD (n/a) - 0.73% |
| #11 | PAN AMERICAN SILVER CORP (PAAS) - 2.28% | PDD HOLDINGS INC ADR (PDD) - 0.68% |
| #12 | ALAMOS GOLD INC CLASS A (AGI) - 1.98% | MEDIATEK INC (n/a) - 0.66% |
| #13 | ROYAL GOLD INC (RGLD) - 1.87% | XIAOMI CORP CLASS B (n/a) - 0.66% |
| #14 | EVOLUTION MINING LTD (n/a) - 1.85% | n/a (n/a) - 0.65% |
| #15 | ZHAOJIN MINING INDUSTRY CO LTD CLASS H (n/a) - 1.61% | ICICI BANK LTD (n/a) - 0.64% |
| #16 | COEUR MINING INC (CDE) - 1.55% | n/a (n/a) - 0.58% |
| #17 | ENDEAVOUR MINING PLC (n/a) - 1.41% | VALE SA (n/a) - 0.55% |
| #18 | HARMONY GOLD MINING CO LTD ADR (HMY) - 1.41% | n/a (n/a) - 0.54% |
| #19 | n/a (EQX) - 1.19% | AL RAJHI BANK (n/a) - 0.52% |
| #20 | HECLA MINING CO (HL) - 1.07% | MEITUAN CLASS B (n/a) - 0.49% |
| #21 | OR ROYALTIES INC (OR) - 0.98% | ANGLOGOLD ASHANTI PLC (AU) - 0.49% |
| #22 | IAMGOLD CORP (IAG) - 0.94% | BYD CO LTD CLASS H (n/a) - 0.46% |
| #23 | B2GOLD CORP (BTG) - 0.85% | NU HOLDINGS LTD ORDINARY SHARES CLASS A (NU) - 0.46% |
| #24 | ELDORADO GOLD CORP (EGO) - 0.83% | BHARTI AIRTEL LTD (n/a) - 0.45% |
| #25 | NEW GOLD INC (NGD) - 0.76% | BANK OF CHINA LTD CLASS H (n/a) - 0.43% |
| Total Holdings | 65 | 1250 |
GDX vs EEM - Historical Returns
Returns include dividend reinvestment.
1M
GDX
-2.58%
Winner
EEM
+10.05%
3M
GDX
-7.42%
Winner
EEM
+9.96%
6M
Winner
GDX
+25.77%
EEM
+24.12%
1Y
Winner
GDX
+108.22%
EEM
+49.76%
5Y(CAGR)
Winner
GDX
+22.80%
EEM
+7.76%
10Y(CAGR)
Winner
GDX
+15.65%
EEM
+10.04%
Max(CAGR)
GDX
+5.88%
Winner
EEM
+10.13%
GDX vs EEM - Annual Returns (2003 - 2026)
Returns include dividend reinvestment.
| Year | GDX | EEM |
|---|---|---|
| 2026 | +12.25% | +19.51% |
| 2025 | +144.40% | +34.17% |
| 2024 | +12.26% | +7.76% |
| 2023 | +6.25% | +8.08% |
| 2022 | -6.71% | -21.12% |
| 2021 | -15.37% | -4.23% |
| 2020 | +23.37% | +14.71% |
| 2019 | +40.08% | +17.90% |
| 2018 | -11.01% | -16.88% |
| 2017 | +7.65% | +35.65% |
| 2016 | +48.90% | +13.99% |
| 2015 | -26.95% | -15.06% |
| 2014 | -15.99% | -0.08% |
| 2013 | -54.72% | -5.57% |
| 2012 | -12.89% | +15.57% |
| 2011 | -14.17% | -19.59% |
| 2010 | +29.70% | +13.21% |
| 2009 | +39.01% | +61.25% |
| 2008 | -31.19% | -48.03% |
| 2007 | +23.26% | +32.18% |
| 2006 | +7.43% | +26.46% |
| 2005 | N/A | +34.01% |
| 2004 | N/A | +21.91% |
| 2003 | N/A | +63.14% |
GDX vs EEM Drawdown Comparison
The maximum drawdown for GDX was -80.35%, occurring on Jan 19, 2016. Recovery took 3499 trading sessions.
The maximum drawdown for EEM was -66.45%, occurring on Nov 20, 2008. Recovery took 2488 trading sessions.
The current GDX drawdown is -16.93%. The current EEM drawdown is -1.07%.
| Rank | GDX | EEM |
|---|---|---|
| #1 | -80.35% Sep 8, 2011 - Aug 8, 2025 | -66.45% Oct 31, 2007 - Sep 19, 2017 |
| #2 | -70.79% Mar 14, 2008 - Sep 22, 2010 | -39.80% Feb 17, 2021 - Sep 11, 2025 |
| #3 | -30.84% Feb 27, 2026 - Mar 20, 2026 | -38.22% Jan 26, 2018 - Nov 24, 2020 |
| #4 | -20.52% Sep 5, 2006 - Feb 26, 2007 | -26.24% May 9, 2006 - Dec 4, 2006 |
| #5 | -19.96% Jul 19, 2007 - Sep 18, 2007 | -21.38% Apr 12, 2004 - Nov 4, 2004 |
| #6 | -19.14% Oct 16, 2025 - Dec 11, 2025 | -17.73% Jul 23, 2007 - Sep 21, 2007 |
| #7 | -19.03% Apr 8, 2011 - Sep 2, 2011 | -13.52% Feb 25, 2026 - Apr 17, 2026 |
| #8 | -18.56% Nov 6, 2007 - Jan 3, 2008 | -12.02% Oct 3, 2005 - Dec 1, 2005 |
| #9 | -17.71% Jun 2, 2006 - Jul 3, 2006 | -11.97% Mar 7, 2005 - Jul 12, 2005 |
| #10 | -17.58% Jan 28, 2026 - Feb 26, 2026 | -11.25% Feb 21, 2007 - Apr 3, 2007 |
| #11 | -16.18% Dec 6, 2010 - Apr 8, 2011 | -8.02% Jan 31, 2006 - Apr 3, 2006 |
| #12 | -13.48% Apr 16, 2007 - Jul 19, 2007 | -7.27% Mar 1, 2004 - Apr 2, 2004 |
| #13 | -12.82% Feb 26, 2007 - Apr 16, 2007 | -5.94% Jan 3, 2007 - Jan 24, 2007 |
| #14 | -12.32% Jan 14, 2008 - Feb 28, 2008 | -5.72% Aug 10, 2005 - Sep 6, 2005 |
| #15 | -10.99% Jul 3, 2006 - Aug 2, 2006 | -5.42% Dec 31, 2004 - Feb 1, 2005 |
Correlation
Correlation between GDX and EEM is 0.50 which considered as a moderate positive correlation - the stocks show some tendency to move together.
0.50
-101
Dividend Comparison (2003 - 2025)
GDX vs EEM dividend yield comparison.
| Year | GDX | EEM |
|---|---|---|
| 2025 | 0.74% | 2.22% |
| 2024 | 1.19% | 2.43% |
| 2023 | 1.61% | 2.63% |
| 2022 | 1.66% | 2.50% |
| 2021 | 1.67% | 1.99% |
| 2020 | 0.53% | 1.45% |
| 2019 | 0.67% | 2.76% |
| 2018 | 0.50% | 2.24% |
| 2017 | 0.76% | 1.88% |
| 2016 | 0.26% | 1.89% |
| 2015 | 0.85% | 2.49% |
| 2014 | 0.66% | 2.23% |
| 2013 | 0.90% | 2.05% |
| 2012 | 1.00% | 1.68% |
| 2011 | 1.46% | 2.13% |
| 2010 | 0.65% | 1.36% |
| 2009 | 0.24% | 1.40% |
| 2008 | 0.00% | 3.43% |
| 2007 | 3.25% | 1.30% |
| 2006 | 0.29% | 1.38% |
| 2005 | 0.00% | 1.12% |
| 2004 | 0.00% | 1.20% |
| 2003 | 0.00% | 0.50% |
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