-
GDX has delivered far higher one-year returns but with much steeper drawdowns than GLD.
-
GLD tracks gold bullion prices directly, while GDX holds shares of gold mining companies and introduces equity risk.
-
GDX carries a slightly higher expense ratio and is much smaller in assets under management than GLD.
SPDR Gold Shares (NYSEMKT:GLD) and VanEck Gold Miners ETF (NYSEMKT:GDX) both offer exposure to gold, but GLD tracks physical bullion prices while GDX invests in gold mining stocks, resulting in different risk profiles, returns, and cost structures.
Both GLD and GDX may appeal to investors seeking gold exposure, yet their approaches differ significantly: GLD reflects the price of gold itself, while GDX tracks an index of global gold mining companies. This comparison highlights the trade-offs between direct commodity exposure and equity-linked gold strategies.
|
Metric |
GLD |
GDX |
|---|---|---|
|
Issuer |
SPDR |
VanEck |
|
Expense ratio |
0.40% |
0.51% |
|
1-yr return (as of 2026-01-22) |
77.6% |
180.2% |
|
Beta |
0.51 |
0.90 |
|
AUM |
$148.2 billion |
$25.8 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The 1-yr return represents total return over the trailing 12 months.
GLD is more affordable on an ongoing basis, with a 0.40% annual expense ratio compared to GDX’s 0.51%, though GDX’s higher fee may be offset for some by its potential for outsized returns, as seen over the past year.
|
Metric |
GLD |
GDX |
|---|---|---|
|
Max drawdown (5 y) |
-21.03% |
-46.52% |
|
Growth of $1,000 over 5 years |
$2,596 |
$2,989 |
GDX holds 55 global gold mining stocks, offering indirect exposure to gold through company shares. Its top holdings include Agnico Eagle Mines (NYSE:AEM), Newmont (NYSE:NEM), and Barrick Mining (NYSE:B), which together make up a significant portion of the portfolio. The fund is nearly 20 years old and is fully concentrated in the basic materials sector, specifically gold mining. There are no notable structural quirks or leverage, making GDX straightforward for those seeking gold-linked equity exposure.
By contrast, GLD is a pure play on physical gold prices, with 100% of its portfolio in gold bullion and no company stocks. It does not list individual holdings because it represents allocated gold held in trust, not shares of mining companies. This makes GLD more directly tied to gold price movements, without the added operational or equity market risks inherent in mining stocks.
For more guidance on ETF investing, check out the full guide at this link.
