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GDX has generated much higher one-year returns, but with much steeper declines, than GLD.
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GLD directly tracks gold bullion prices, while GDX owns shares of gold mining companies and introduces equity risk.
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GDX has a slightly higher expense ratio and its assets under management are much smaller than GLD.
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SPDR Gold Stock (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 be attractive to investors seeking exposure to gold, but 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 |
|---|---|---|
|
Editor |
SPDR |
VanEck |
|
Expense ratio |
0.40% |
0.51% |
|
1 year return (as of 01/22/2026) |
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-year return represents the total return over the past 12 months.
GLD is more affordable on an ongoing basis, with an annual expense ratio of 0.40% compared to GDX’s 0.51%, although GDX’s higher fee may be offset for some by its potential for outsized returns, as seen over the past year.
|
Metric |
GLD |
GDX |
|---|---|---|
|
Maximum reduction (5 years) |
-21.03% |
-46.52% |
|
$1,000 growth in 5 years |
$2,596 |
$2,989 |
GDX owns 55 gold mining stocks globally and offers indirect exposure to gold through company shares. Its main holdings include Agnico Eagle Mines (NYSE:AEM), Newmont (NYSE:NEM)and Barrick Mining (NYSE: B)which together constitute an important part of the portfolio. The fund is almost 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 easy for those seeking exposure to gold-linked stocks.
In contrast, GLD is dedicated exclusively to physical gold prices, with 100% of its portfolio in gold bullion and no company shares. It does not include individual holdings because it represents gold allocated in trust, not shares of mining companies. This makes GLD more directly linked to gold price movements, without the additional operational or stock market risks inherent in mining stocks.
For more guidance on investing in ETFs, check out the full guide at this link.