GDX vs SPY
Comparison between VANECK GOLD MINERS ETF (GDX, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceGDX has outperformed SPY, delivering a return of +22.0% compared to +13.2%
GDX vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
GDX
$23B
Winner
SPY
$781B
Expense Ratio
GDX
0.51%
Winner
SPY
0.09%
Max Drawdown
GDX
81.28%
Winner
SPY
56.47%
Sharpe Ratio
GDX
1.00
Winner
SPY
1.43
5Y Beta
Winner
GDX
0.79
SPY
1.00
P/E Ratio
Winner
GDX
14.59
SPY
26.48
Forward P/E
Winner
GDX
10.82
SPY
20.89
PEG Ratio
GDX
N/A
SPY
0.30
5Y Dividends CAGR
Winner
GDX
21.83%
SPY
6.00%
5Y EPS CAGR
Winner
GDX
28.70%
SPY
26.40%
Debt to Equity
Winner
GDX
14.05%
SPY
48.17%
P/S Ratio
GDX
4.63
Winner
SPY
3.72
P/B Ratio
Winner
GDX
2.74
SPY
5.55
GDX vs SPY - Holdings Comparison
GDX and SPY have 2 common holdings. Overlap is 0.12%
GDX's top 25 holdings weight is 79.97%. SPY's top 25 holdings weight is 51.49%.
| Rank | GDX | SPY |
|---|---|---|
| #1 | NEWMONT CORP (NEM) - 10.79% | NVIDIA CORP (NVDA) - 7.76% |
| #2 | AGNICO EAGLE MINES LTD (AEM) - 9.94% | APPLE INC (AAPL) - 7.44% |
| #3 | BARRICK MINING CORP (B) - 7.90% | MICROSOFT CORP (MSFT) - 4.56% |
| #4 | WHEATON PRECIOUS METALS CORP (WPM) - 5.51% | AMAZON.COM INC (AMZN) - 3.74% |
| #5 | ANGLOGOLD ASHANTI PLC (AU) - 5.02% | ALPHABET INC CLASS A (GOOGL) - 3.14% |
| #6 | FRANCO-NEVADA CORP (FNV) - 4.83% | BROADCOM INC (AVGO) - 2.83% |
| #7 | KINROSS GOLD CORP (KGC) - 4.48% | ALPHABET INC CLASS C (GOOG) - 2.53% |
| #8 | GOLD FIELDS LTD ADR (GFI) - 4.06% | META PLATFORMS INC CLASS A (META) - 2.18% |
| #9 | PAN AMERICAN SILVER CORP (n/a) - 2.94% | MICRON TECHNOLOGY INC (MU) - 1.69% |
| #10 | NORTHERN STAR RESOURCES LTD (n/a) - 2.87% | TESLA INC (TSLA) - 1.65% |
| #11 | COEUR MINING INC (CDE) - 2.36% | ELI LILLY AND CO (LLY) - 1.44% |
| #12 | ROYAL GOLD INC (RGLD) - 1.91% | JPMORGAN CHASE & CO (JPM) - 1.43% |
| #13 | ALAMOS GOLD INC CLASS A (AGI) - 1.84% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.39% |
| #14 | EVOLUTION MINING LTD (n/a) - 1.62% | ADVANCED MICRO DEVICES INC (AMD) - 1.37% |
| #15 | INDUSTRIAS PENOLES SAB DE CV (n/a) - 1.57% | EXXONMOBIL HOLDINGS CORP (XOM) - 0.97% |
| #16 | FIRST MAJESTIC SILVER CORP (AG) - 1.44% | JOHNSON & JOHNSON (JNJ) - 0.93% |
| #17 | HECLA MINING CO (HL) - 1.41% | VISA INC CLASS A (V) - 0.91% |
| #18 | ENDEAVOUR MINING PLC (n/a) - 1.37% | INTEL CORP (INTC) - 0.77% |
| #19 | IAMGOLD CORP (IAG) - 1.32% | WALMART INC (WMT) - 0.75% |
| #20 | ELDORADO GOLD CORP (EGO) - 1.26% | ABBVIE INC (ABBV) - 0.70% |
| #21 | n/a (EQX) - 1.24% | APPLIED MATERIALS INC (AMAT) - 0.69% |
| #22 | FRESNILLO PLC (n/a) - 1.19% | CISCO SYSTEMS INC (CSCO) - 0.68% |
| #23 | HARMONY GOLD MINING CO LTD ADR (HMY) - 1.09% | MASTERCARD INC CLASS A (MA) - 0.67% |
| #24 | LUNDIN GOLD INC (n/a) - 1.04% | COSTCO WHOLESALE CORP (COST) - 0.64% |
| #25 | DPM METALS INC (n/a) - 0.97% | CATERPILLAR INC (CAT) - 0.63% |
| Total Holdings | 67 | 505 |
GDX vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
Winner
GDX
+6.58%
SPY
+2.30%
3M
GDX
-9.22%
Winner
SPY
+5.00%
6M
GDX
-13.83%
Winner
SPY
+11.88%
1Y
Winner
GDX
+47.25%
SPY
+22.80%
5Y(CAGR)
Winner
GDX
+22.03%
SPY
+13.20%
10Y(CAGR)
GDX
+11.83%
Winner
SPY
+15.26%
Max(CAGR)
GDX
+5.09%
Winner
SPY
+8.59%
GDX vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | GDX | SPY |
|---|---|---|
| 2026 | -2.11% | +13.10% |
| 2025 | +144.40% | +18.00% |
| 2024 | +12.26% | +25.59% |
| 2023 | +6.25% | +26.72% |
| 2022 | -6.71% | -18.64% |
| 2021 | -15.37% | +30.52% |
| 2020 | +23.37% | +17.28% |
| 2019 | +40.08% | +31.09% |
| 2018 | -11.01% | -5.24% |
| 2017 | +7.65% | +20.78% |
| 2016 | +48.90% | +13.59% |
| 2015 | -26.95% | +1.31% |
| 2014 | -15.99% | +14.56% |
| 2013 | -54.72% | +29.00% |
| 2012 | -12.89% | +14.17% |
| 2011 | -14.17% | +0.85% |
| 2010 | +29.70% | +13.14% |
| 2009 | +39.01% | +22.67% |
| 2008 | -31.19% | -36.25% |
| 2007 | +23.26% | +5.32% |
| 2006 | +7.43% | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
GDX vs SPY Drawdown Comparison
The maximum drawdown for GDX was -80.35%, occurring on Jan 19, 2016. Recovery took 3499 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current GDX drawdown is -27.56%. The current SPY drawdown is -0.36%.
| Rank | GDX | SPY |
|---|---|---|
| #1 | -80.35% Sep 8, 2011 - Aug 8, 2025 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -70.79% Mar 14, 2008 - Sep 22, 2010 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -38.93% Feb 27, 2026 - Jul 20, 2026 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -20.52% Sep 5, 2006 - Feb 26, 2007 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -19.96% Jul 19, 2007 - Sep 18, 2007 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -19.14% Oct 16, 2025 - Dec 11, 2025 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -19.03% Apr 8, 2011 - Sep 2, 2011 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -18.56% Nov 6, 2007 - Jan 3, 2008 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -17.71% Jun 2, 2006 - Jul 3, 2006 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -17.58% Jan 28, 2026 - Feb 26, 2026 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -16.18% Dec 6, 2010 - Apr 8, 2011 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -13.48% Apr 16, 2007 - Jul 19, 2007 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -12.82% Feb 26, 2007 - Apr 16, 2007 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -12.32% Jan 14, 2008 - Feb 28, 2008 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -10.99% Jul 3, 2006 - Aug 2, 2006 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between GDX and SPY is 0.43 which considered as a weak positive correlation - the stocks show a slight tendency to move together.
0.43
-101
Dividend Comparison (1999 - 2026)
GDX vs SPY dividend yield comparison.
| Year | GDX | SPY |
|---|---|---|
| 2026 | 0.00% | 0.48% |
| 2025 | 0.74% | 1.07% |
| 2024 | 1.19% | 1.21% |
| 2023 | 1.61% | 1.40% |
| 2022 | 1.66% | 1.65% |
| 2021 | 1.67% | 1.20% |
| 2020 | 0.53% | 1.52% |
| 2019 | 0.67% | 1.75% |
| 2018 | 0.50% | 2.04% |
| 2017 | 0.76% | 1.80% |
| 2016 | 0.26% | 2.03% |
| 2015 | 0.85% | 2.06% |
| 2014 | 0.66% | 1.87% |
| 2013 | 0.90% | 1.81% |
| 2012 | 1.00% | 2.18% |
| 2011 | 1.46% | 2.05% |
| 2010 | 0.65% | 1.80% |
| 2009 | 0.24% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 3.25% | 1.85% |
| 2006 | 0.29% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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