Compare/Updated Oct 26, 2026, refreshed every trading day
GDX vs GLD
VanEck Gold Miners ETF against SPDR Gold Shares: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
GDX did better over the period: $1,000 invested on October 28, 2022 would be worth $3,417, versus $2,394 for GLD. GDX’s 241.7% total return substantially exceeded GLD’s 139.4%, reflecting its 1.61% average move for every 1% move in GLD and greater sensitivity to gold prices. That outperformance came with materially higher risk: GDX’s 12-month volatility was 50.1% versus 28.5% for GLD, and its worst drawdown was -38.9% versus -26.4%. Recent performance was mixed, with both funds posting negative one-, six-month, and YTD returns, while GDX gained 10.7% over one year compared with GLD’s -2.9%. GDX had a lower asset base and a higher expense ratio (0.51% versus 0.40%). GLD was the steadier, lower-risk choice; GDX delivered higher long-term gains but greater downside exposure.
- Price is below its 200-day average ($91); 50-day at $93.
- RSI 34, neutral. Supertrend says sell. ADX 23, so the trend is developing.
- Price is below its 200-day average ($414); 50-day at $395.
- RSI 34, neutral. Supertrend says sell. ADX 22, so the trend is developing.
Head to head
Which has returned more, GDX or GLD?
GDX beat GLD in 23 of the last 48 months; GLD won the other 25. The typical monthly gap was 4.06 points.
Total return by period
Which is riskier?
GDX: Feb 27, 2026 to Jul 20, 2026; GLD: Jan 29, 2026 to Jul 16, 2026
- 0.830
- correlation of daily moves, 4 years
- 1.61
- GDX move per 1% in GLD
- 0.857
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 4.06 points.
When did they diverge?
| Month | GDX | GLD | Gap |
|---|---|---|---|
| August 2026 | +32.9% | +9.9% | +23.02 pts |
| August 2025 | +22.3% | +5.0% | +17.35 pts |
| February 2026 | +22.9% | +8.7% | +14.23 pts |
| November 2022 | +20.2% | +8.5% | +11.73 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with GDX and GLD?
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