Data as of Oct 28, 2026.
GDX vs IDEF: Holdings Overlap & Returns
Over the year to Oct 28, 2026, GDX returned +19.0% to IDEF's −5.7%; 0% of their weight is in the same names.
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Net assets: $25.6bn on Oct 27, 2026 for VanEck Gold Miners ETF, and $3.7bn on Oct 28, 2026 for iShares Defense Industrials and Tech Active ETF.
12% of GDX's weight is in S&P 500 companies and 88% is outside the index. Holdings as of Oct 22, 2026.
43% of IDEF's weight is in S&P 500 companies and 58% is outside the index. Holdings as of Oct 27, 2026.
Pair scorecard
GDX costs 0.04 points a year less; their one-year returns differ by 24.7 points; GDX is 6.9 times larger.
Points (pts) are percentage points.
| Measure | GDX | IDEF |
|---|---|---|
| Return | ||
| Total return, 1 year | +19.0% | −5.7% |
| Drawdown | ||
| Below its all-time high | 27.5%, high on Feb 27, 2026 | 17.0%, high on Mar 2, 2026 |
| Against its benchmark | ||
| What it tracks | Gold miners | Defense |
| Its benchmark, total return, 1 year | +13.4% | |
| Against its benchmark, 1 year | ahead by 5.6 pts | |
| Cost and size | ||
| Expense ratio | 0.51% | 0.55% |
| Net assets, as of Oct 27, 2026 | $25.6bn | $3.7bn |
| Holdings | ||
| Holdings in common | 0% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
May 30, 2025 to Oct 23, 2026 · 73 weekly returnsGDX returned more: +59.5% to +14.9%. IDEF swung less: 22.4% to 47.3%. IDEF fell less at its worst: −17.1% to −38.4%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | GDX | IDEF | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +59.5% | +14.9% | GDX | Price change plus distributions, reinvested. |
| Annualized | +39.4% | +10.4% | GDX | Total return as a yearly rate. |
| Price return | +58.3% | +14.5% | GDX | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 47.3% | 22.4% | IDEF | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 30.0% | 14.7% | IDEF | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −38.4% | −17.1% | IDEF | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.85 | 0.38 | GDX | Return above Treasury bills per unit of volatility. |
| Sortino | 1.35 | 0.58 | GDX | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.03 | 0.61 | GDX | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 73 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, GDX and IDEF hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | GDX | IDEF | GDX | IDEF |
| 3 months | +14.1% | −3.0% | +9.7 pts vs ACWI | not measured |
| 6 months | −2.6% | −5.8% | −10.0 pts vs ACWI | not measured |
| 1 year | +19.0% | −5.7% | +5.6 pts vs ACWI | not measured |
| 3 years | +197.7% | – | +108.8 pts vs ACWI | – |
| Since launchNot the same days: GDX May 2006 · IDEF May 2025 | +173.0% | +22.1% | not measured | not measured |
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Side by side
As of Oct 28, 2026. Source: ETFIQ.
0% of the two portfolios are the same securities at the same weight.
GDX and IDEF are built for the same job. How do they differ in cost, holdings and results?
- Theme. GDX covers Gold miners and IDEF covers Defense.
- Concentration. The top ten holdings are 60.1% of GDX and 37.3% of IDEF, a gap of 22.8 points.
- What each follows. GDX follows Gold miners and IDEF follows Defense.
Data as of Oct 28, 2026.
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GDX
By weight, 12% of GDX's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 60% of the fund across 59 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned +19.0% with distributions reinvested against +13.4% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 5.6 pts. It sits 27.5% below its all-time high of Feb 27, 2026.
IDEF
By weight, 42% of IDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 37% of the fund across 155 positions, as published by its issuer for Oct 27, 2026. Over the year to Oct 28, 2026 the fund returned −5.7% with distributions reinvested. It sits 17.0% below its all-time high of Mar 2, 2026.
Questions people ask
- Do GDX and IDEF hold the same stocks?
- By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, GDX against IDEF, data as of Oct 28, 2026. https://etfiq.com/compare/themes/gdx-vs-idef
ETFIQ. (Oct 28, 2026). GDX against IDEF. Retrieved from https://etfiq.com/compare/themes/gdx-vs-idef
[GDX against IDEF (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/themes/gdx-vs-idef)
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