GDX’s worst drop since 2006 was 81%
VanEck Gold Miners ETF (GDX) fell 81% from Sep 2011 to Jan 2016. It took 13.9 years from that peak to close at a new high, in Aug 2025. Over the same years the S&P 500 fell as much as 55%.
That drop ranks 21st deepest among the 203 ETFs PortfolioAutopsy tracks.
Drawdown from the last high, 2006 to now
How GDX held up in each crash
| Crash | Years | GDX | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −71.0% | −55.2% |
| COVID crash | 2020 | −38.8% | −33.7% |
| 2022 rate shock | 2022 | −46.5% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
See how GDX behaves inside your whole mix, with the worst 12 months, loss odds and crash replays. Free, no signup, and the math runs in your browser.
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What was GDX’s maximum drawdown?
GDX’s deepest fall since 2006 was 80.5%, from its high on September 8, 2011 to its low on January 19, 2016. The figure uses daily prices with dividends reinvested.
How long did GDX take to recover?
13.9 years. GDX first closed above its Sep 2011 high again on August 21, 2025.
Was GDX riskier than the S&P 500?
Over the same years, GDX’s worst drop was 80.5% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −65.6% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, May 23, 2006 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.