GDX vs GLD: returns, risk and drawdowns compared
VanEck Gold Miners ETF against SPDR Gold Shares, over the same 20 years (November 2006 to October 2026) with dividends reinvested.
Data updated October 2026
GDX
VanEck Gold Miners ETF
10,000 became
26,921
- A year on average
- +5.1%
- Annual volatility
- 38.0%
- Deepest fall
- −77.5%
- Worst month
- −36.2%
GLD
SPDR Gold Shares
10,000 became
61,414
- A year on average
- +9.5%
- Annual volatility
- 17.4%
- Deepest fall
- −42.9%
- Worst month
- −16.1%
GLD came out ahead by 4.4 percentage points a year from November 2006 to October 2026. GDX swung more (38.0% against 17.4% a year). The correlation of monthly returns was 0.84: they usually moved together.
Growth of 10,000: GDX vs GLD
Who was ahead, and when
The gap between the two over the previous three years, at each month-end. Above zero GDX had returned more, below zero GLD. GDX was ahead in 38% of the 205 three-year periods.
Annualised 3-year return of GDX minus that of GLD, in percentage points a year.
Falls from the previous high
Month-end values. Deepest fall: GDX −77.5%, GLD −42.9%.
All the figures
| GDX | GLD | |
|---|---|---|
| Annual return (CAGR) | +5.1% | +9.5% |
| Total return | +169% | +514% |
| Annual volatility | 38.0% | 17.4% |
| Deepest fall (month-end) | −77.5% | −42.9% |
| Worst month | −36.2% | −16.1% |
| Best month | +40.0% | +12.8% |
| Positive months | 53% | 53% |
| Best year | 2025: +154.8% | 2025: +63.7% |
| Worst year | 2013: −54.0% | 2013: −28.3% |
| 1-year return | +20.0% | −2.0% |
| 5 years, a year | +23.2% | +17.1% |
| 10 years, a year | +14.5% | +11.8% |
| Trading currency | USD | USD |
First nine rows: the same 240 months for both funds. Trailing returns: to each fund’s last close.
Year by year
Full calendar years both funds were trading. The higher of the two each year is in bold.
Holding both: half GDX, half GLD
| GDX alone | GLD alone | 50/50 | |
|---|---|---|---|
| A year on average | +5.1% | +9.5% | +8.1% |
| Annual volatility | 38.0% | 17.4% | 26.7% |
| Deepest fall (month-end) | −77.5% | −42.9% | −62.8% |
| Worst month | −36.2% | −16.1% | −26.2% |
Because the two did not always move together, the mix swung less than the average of the two (26.7% against 27.7%). Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, GDX or GLD?
From November 2006 to October 2026, GDX returned +5.1% a year and GLD +9.5% a year, with dividends reinvested. Over rolling 3-year periods GDX did better in 38% of cases. Past returns do not predict future returns.
Which is riskier, GDX or GLD?
Over the same months annual volatility was 38.0% for GDX and 17.4% for GLD; the deepest fall from a month-end high was 77.5% and 42.9%, and the worst single month −36.2% and −16.1%.
How correlated are GDX and GLD?
The correlation of their monthly returns was 0.84: they usually moved together. Combining them has historically given some diversification.
What about holding both GDX and GLD?
Half in each, rebalanced every month, returned +8.1% a year over the same period, with 26.7% annual volatility and a deepest month-end fall of 62.8%.
More comparisons
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.