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ETF Comparison

GDX vs GLD: Mine the Gold, or Own the Metal?

A head-to-head of VanEck's Gold Miners ETF and SPDR Gold Shares covering operating leverage, cost, and why they are not substitutes.

Updated October 8, 2026

How these figures are calculated: methodology.

Best for

  • GDXInvestors who want higher current income (0.73% while GLD makes no distribution).
  • GLDInvestors who want a non-correlated hedge against inflation and market stress.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

GDX has outpaced GLD over the trailing twelve months, posting a 13.49% total return against 3.37%. The lead holds up over 10 years too: GDX has compounded at 15.31% a year, against 12.20% for GLD. GLD has been the steadier holding, though — annualized volatility of 21.7% against 40.2% for GDX. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulative3Y annualized5Y annualized10Y annualizedSince May 2006Volatility Sharpe Sortino Max drawdown
GDX1.15%13.49%48.34%25.03%15.31%5.08%40.2%0.871.22-38.9%
GLD-4.94%3.37%29.90%18.18%12.20%9.01%21.7%1.011.38-26.4%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 8, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since May 2006” measures every fund from May 22, 2006 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Not a distribution payer

GLD (SPDR Gold Shares) has no distribution rate on file and its distribution frequency is None. GLD is not a payer. The blank yield is not a zero yield.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricGDXGLD
Full nameVanEck Gold Miners ETFSPDR Gold Shares
IssuerVanEckState Street
Underlying indexNYSE Arca Gold Miners IndexGold bullion spot price
Last Close$86.72 as of October 8, 2026$378.62 as of October 8, 2026
Distribution rate0.73%—
Trailing 12-month yield0.73%—
Distribution Safety Score™ 79—
Safety-Adjusted Yield 0.58%—
Expense ratio0.51%0.40%
AUM$26.2B$142B
Distribution frequencyAnnualNone
ObjectiveProvide exposure to the fund's underlying index or strategy per issuer materials.Reflect the performance of the price of gold bullion less trust expenses.
Asset classCommodityCommodity
Inception date05/16/200611/18/2004
Beta0.810.44
Last dividend$0.633—
Ex-dividend date12/22/2025—

Bottom lineChoose GDX if you want higher current income (0.73% while GLD makes no distribution). Choose GLD if you want a non-correlated hedge against inflation and market stress.

GDX vs GLD: miners or bullion?

GLD holds gold. GDX holds the companies that dig it up. Equity operating leverage versus the metal is the whole decision.

GDXGLD
What you ownGold-mining stocksPhysical gold in trust
Expense ratio0.51%0.40%
Distribution rate0.73%—
Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

VanEck
ETFs86
Total AUM$171B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

VanEck is known for offering specialized and thematic ETFs across a broad range of asset classes, from traditional equities and fixed income to alternatives and digital assets. The firm's lineup encompasses income-focused funds, sector strategies, commodity exposure, municipal bonds, and innovative thematic products covering areas like blockchain, artificial intelligence, and emerging markets. VanEck serves both income-oriented and growth-focused investors with a diversified product suite that extends beyond conventional equity and bond offerings.

See our curated list of related YouTube videos on GDX.

See all VanEck ETFs
State Street
ETFs179
Total AUM$2145B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.

See our curated list of related YouTube videos on GLD.

See all State Street ETFs

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Quick verdict

GDX (VanEck Gold Miners ETF) and GLD (SPDR Gold Shares) are both ETFs, but they take different approaches.

GDX currently shows a 0.73% distribution yield. GLD has not yet established a full distribution history, so a comparable yield figure is not available.

GLD is cheaper with an expense ratio of 0.40% compared to 0.51%.

They have different reference exposures: GDX is linked to NYSE Arca Gold Miners Index while GLD is linked to Gold bullion spot price, which means their performance drivers differ.

GLD is the larger fund by assets ($142B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose GDX

VanEck Gold Miners ETF

  • Want higher current income — GDX yields 0.73% while GLD makes no distribution.
  • Want a non-correlated hedge against inflation and equity stress.

Choose GLD

SPDR Gold Shares

  • Want a non-correlated hedge against inflation and equity stress.
  • Want to keep costs low — a 0.40% expense ratio vs 0.51% for GDX.
  • Prefer lower volatility — a beta of 0.4 vs 0.8 for GDX.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, GDX would generate roughly $73.00 cash per distribution, while GLD has no reported distribution yield yet, so a cash estimate is not available, at current distribution rates.

GDX yield0.73%
GLD yield—

Cost & efficiency

Over 10 years on $10,000, GDX would cost approximately $510 in fees vs $400 for GLD (simplified, not compounded). The $110.00 difference may be offset by yield or performance.

GDX ER0.51%
GLD ER0.40%

Strategy & risk

GDX tracks NYSE Arca Gold Miners Index with a metals approach, while GLD tracks Gold bullion spot price with a metals approach. Beta is 0.81 for GDX and 0.44 for GLD, making GLD the less volatile of the two by this measure.

GDX beta0.81
GLD beta0.44

Fund details

GDX is managed by VanEck (launched 05/16/2006) with $26.2B in assets. GLD is managed by State Street (launched 11/18/2004) with $142B in assets.

GDX AUM$26.2B
GLD AUM$142B
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Frequently asked questions

What is the difference between GDX and GLD?

GLD (SPDR Gold Shares) holds physical gold bullion and pays no income. GDX (VanEck Gold Miners ETF) holds gold-mining stocks, so it has equity, operating, and country risk on top of the metal. Cost is 0.51% versus 0.40%; GDX distributes 0.73% as of October 2026. They are not substitutes. Miners can fall when gold is flat.

Which of GDX or GLD pays more dividend income?

GDX currently reports a distribution yield, while GLD has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.

Can I hold both GDX and GLD?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has lower fees, GDX or GLD?

GDX has an expense ratio of 0.51% while GLD charges 0.40%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in GDX vs GLD generate?

At current rates, $10,000 in GDX would generate roughly $73.00 cash per distribution ($73.00 annually). GLD does not pay distributions, so there is no cash income to estimate.

Which has performed better historically, GDX or GLD?

GDX has outpaced GLD over the trailing twelve months, posting a 13.49% total return against 3.37%. The lead holds up over 10 years too: GDX has compounded at 15.31% a year, against 12.20% for GLD. GLD has been the steadier holding, though — annualized volatility of 21.7% against 40.2% for GDX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

GDX vs GLD — at a glance

Generated October 3, 2026.

Overview

GDX and GLD both track gold, but through fundamentally different paths. GLD is a physical gold ETF holding actual bullion and moving in lockstep with spot prices; GDX is an equity fund holding the stocks of gold mining companies. This means GDX adds a layer of leverage to gold price moves — miners amplify both upside and downside — while GLD is the pure commodity play.

How they differ

The core difference is strategy: GLD tracks the spot price of gold bullion directly, while GDX tracks the profitability and stock performance of companies that extract and sell it. That structural gap shows up in beta. GDX has a beta of 0.83, meaning it moves about 83% as much as the broad market; GLD's beta is 0.45, reflecting its commodity-hedge character. On fees, GLD is cheaper at 0.40% versus 0.51%, and GLD is much larger, with $142B in assets versus $26.2B.

Who each is best for

GLD: Fits investors wanting pure gold price exposure without equity-market correlation, typically as a portfolio hedge or during periods of currency or geopolitical concern.

GDX: Fits investors seeking amplified upside in a gold bull market and willing to accept equity-style volatility and company-specific operational risk in exchange for potential leverage to rising bullion prices.

Key risks to know

  • Equity risk in GDX: Mining stocks carry company-level operational, geological, and exploration risks unrelated to the gold price itself. A miner's share can fall even if gold rises, due to production mishaps, management changes, or reserve depletion.
  • Leverage and volatility in GDX: The higher beta (0.83 vs. GLD's 0.45) means GDX swings more sharply with broader market moves, amplifying losses during equity sell-offs even if gold itself stays flat.
  • Dividend sustainability in GDX: The 0.73% yield is modest but depends on miner profitability; if gold prices fall sharply or operating costs spike, dividends can be cut without warning.

Bottom line

If you want pure gold price exposure with minimal equity-market entanglement, GLD's lower fee and direct bullion backing stand out. If you're betting on gold prices rising and can tolerate equity volatility and company risk, GDX offers potential leverage—but you're no longer holding gold, you're holding mining stocks. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How to read a fund's stats How expense ratios eat returns Correlation between two funds

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These comparisons follow the Dividend Vision methodology.