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 +19.4% compared to +13.2%
GDX vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
GDX
$27B
Winner
SPY
$784B
Expense Ratio
GDX
0.51%
Winner
SPY
0.09%
Max Drawdown
GDX
81.28%
Winner
SPY
56.47%
Sharpe Ratio
GDX
1.01
Winner
SPY
1.54
5Y Beta
Winner
GDX
0.80
SPY
1.00
P/E Ratio
Winner
GDX
15.08
SPY
27.62
Forward P/E
Winner
GDX
10.93
SPY
21.11
5Y Dividends CAGR
Winner
GDX
21.83%
SPY
6.00%
5Y EPS CAGR
Winner
GDX
53.30%
SPY
25.30%
Debt to Equity
Winner
GDX
13.94%
SPY
31.11%
P/S Ratio
Winner
GDX
3.15
SPY
3.49
P/B Ratio
Winner
GDX
3.08
SPY
5.30
GDX vs SPY - Holdings Comparison
GDX and SPY have 2 common holdings. Overlap is 0.18%
GDX's top 25 holdings weight is 83.41%. SPY's top 25 holdings weight is 51.24%.
| Rank | GDX | SPY |
|---|---|---|
| #1 | NEWMONT CORP (NEM) - 11.30% | NVIDIA CORP (NVDA) - 7.81% |
| #2 | AGNICO EAGLE MINES LTD (AEM) - 11.07% | APPLE INC (AAPL) - 6.81% |
| #3 | BARRICK MINING CORP (B) - 8.30% | MICROSOFT CORP (MSFT) - 4.53% |
| #4 | ANGLOGOLD ASHANTI PLC (AU) - 5.11% | AMAZON.COM INC (AMZN) - 3.72% |
| #5 | FRANCO-NEVADA CORP (FNV) - 5.10% | ALPHABET INC CLASS A (GOOGL) - 3.39% |
| #6 | WHEATON PRECIOUS METALS CORP (WPM) - 5.05% | BROADCOM INC (AVGO) - 2.77% |
| #7 | KINROSS GOLD CORP (KGC) - 4.50% | ALPHABET INC CLASS C (GOOG) - 2.72% |
| #8 | GOLD FIELDS LTD ADR (GFI) - 4.13% | META PLATFORMS INC CLASS A (META) - 2.03% |
| #9 | PAN AMERICAN SILVER CORP (n/a) - 3.17% | MICRON TECHNOLOGY INC (MU) - 1.78% |
| #10 | NORTHERN STAR RESOURCES LTD (n/a) - 2.90% | TESLA INC (TSLA) - 1.76% |
| #11 | COEUR MINING INC (CDE) - 2.45% | BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.41% |
| #12 | ALAMOS GOLD INC CLASS A (AGI) - 2.31% | JPMORGAN CHASE & CO (JPM) - 1.38% |
| #13 | ROYAL GOLD INC (RGLD) - 2.05% | ELI LILLY AND CO (LLY) - 1.38% |
| #14 | EVOLUTION MINING LTD (n/a) - 1.73% | ADVANCED MICRO DEVICES INC (AMD) - 1.28% |
| #15 | ENDEAVOUR MINING PLC (n/a) - 1.58% | EXXON MOBIL CORP (XOM) - 0.92% |
| #16 | INDUSTRIAS PENOLES SAB DE CV (n/a) - 1.57% | JOHNSON & JOHNSON (JNJ) - 0.88% |
| #17 | FIRST MAJESTIC SILVER CORP (AG) - 1.46% | VISA INC CLASS A (V) - 0.87% |
| #18 | FRESNILLO PLC (n/a) - 1.36% | INTEL CORP (INTC) - 0.85% |
| #19 | n/a (EQX) - 1.34% | WALMART INC (WMT) - 0.82% |
| #20 | IAMGOLD CORP (IAG) - 1.33% | CISCO SYSTEMS INC (CSCO) - 0.73% |
| #21 | ELDORADO GOLD CORP (EGO) - 1.18% | LAM RESEARCH CORP (LRCX) - 0.71% |
| #22 | HARMONY GOLD MINING CO LTD ADR (HMY) - 1.18% | APPLIED MATERIALS INC (AMAT) - 0.70% |
| #23 | HECLA MINING CO (HL) - 1.17% | CATERPILLAR INC (CAT) - 0.68% |
| #24 | COMPANIA DE MINAS BUENAVENTURA SAA ADR (BVN) - 1.04% | COSTCO WHOLESALE CORP (COST) - 0.68% |
| #25 | LUNDIN GOLD INC (n/a) - 1.03% | MASTERCARD INC CLASS A (MA) - 0.63% |
| Total Holdings | 61 | 505 |
GDX vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
GDX
-8.66%
Winner
SPY
-1.37%
3M
GDX
-6.86%
Winner
SPY
+12.22%
6M
GDX
-13.97%
Winner
SPY
+7.20%
1Y
Winner
GDX
+47.25%
SPY
+23.58%
5Y(CAGR)
Winner
GDX
+19.38%
SPY
+13.19%
10Y(CAGR)
GDX
+13.00%
Winner
SPY
+15.12%
Max(CAGR)
GDX
+4.72%
Winner
SPY
+8.44%
GDX vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | GDX | SPY |
|---|---|---|
| 2026 | -9.41% | +7.95% |
| 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 -32.96%. The current SPY drawdown is -3.18%.
| 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 | -36.28% Feb 27, 2026 - Jun 10, 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 0.39 which considered as a weak positive correlation - the stocks show a slight tendency to move together.
0.39
-101
Dividend Comparison (1999 - 2026)
GDX vs SPY dividend yield comparison.
| Year | GDX | SPY |
|---|---|---|
| 2026 | 0.00% | 0.50% |
| 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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