GLD vs GDX

Comparison between SPDR Gold Shares ETF (GLD, ETF) and VANECK GOLD MINERS ETF (GDX, ETF).

5-Year PerformanceGLD has outperformed GDX, delivering a return of +17.5% compared to +16.9%

GLD vs GDX - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GLD(ETF)	GDX(ETF)
Net Assets	$154B	$27B
Expense Ratio	0.40%	0.51%
Max Drawdown	45.56%	81.28%
Sharpe Ratio	0.91	1.02
5Y Beta	0.20	0.75
P/E Ratio	N/A	16.31
Forward P/E	N/A	11.59
5Y Dividends CAGR	N/A	21.83%
5Y EPS CAGR	N/A	51.75%
Debt to Equity	N/A	14.32%
P/S Ratio	N/A	3.13
P/B Ratio	N/A	3.38

Net Assets

Winner

GLD

$154B

GDX

$27B

Expense Ratio

Winner

GLD

0.40%

GDX

0.51%

Max Drawdown

Winner

GLD

45.56%

GDX

81.28%

Sharpe Ratio

GLD

0.91

Winner

GDX

1.02

5Y Beta

Winner

GLD

0.20

GDX

0.75

P/E Ratio

GLD

N/A

GDX

16.31

Forward P/E

GLD

N/A

GDX

11.59

5Y Dividends CAGR

GLD

N/A

GDX

21.83%

5Y EPS CAGR

GLD

N/A

GDX

51.75%

Debt to Equity

GLD

N/A

GDX

14.32%

P/S Ratio

GLD

N/A

GDX

3.13

P/B Ratio

GLD

N/A

GDX

3.38

GLD vs GDX - Historical Returns

Returns include dividend reinvestment.

Period	GLD	GDX
1 month	-5.27%	-8.12%
3 months	-14.99%	-22.57%
6 months	+2.54%	-2.02%
1 year	+28.10%	+49.38%
5 years(CAGR)	+17.46%	+16.90%
10 years(CAGR)	+12.80%	+13.07%
Max(CAGR)	+10.70%	+4.81%

Winner

GLD

-5.27%

GDX

-8.12%

Winner

GLD

-14.99%

GDX

-22.57%

Winner

GLD

+2.54%

GDX

-2.02%

GLD

+28.10%

Winner

GDX

+49.38%

5Y(CAGR)

Winner

GLD

+17.46%

GDX

+16.90%

10Y(CAGR)

GLD

+12.80%

Winner

GDX

+13.07%

Max(CAGR)

Winner

GLD

+10.70%

GDX

+4.81%

GLD vs GDX - Annual Returns (2004 - 2026)

Returns include dividend reinvestment.

Year	GLD	GDX
2026	-0.51%	-8.04%
2025	+61.48%	+144.40%
2024	+26.96%	+12.26%
2023	+11.76%	+6.25%
2022	+0.78%	-6.71%
2021	-6.24%	-15.37%
2020	+23.90%	+23.37%
2019	+17.78%	+40.08%
2018	-3.12%	-11.01%
2017	+11.93%	+7.65%
2016	+6.53%	+48.90%
2015	-11.06%	-26.95%
2014	-3.75%	-15.99%
2013	-28.83%	-54.72%
2012	+3.91%	-12.89%
2011	+10.14%	-14.17%
2010	+26.34%	+29.70%
2009	+24.45%	+39.01%
2008	+1.96%	-31.19%
2007	+32.40%	+23.26%
2006	+18.99%	+7.43%
2005	+19.90%	N/A
2004	-1.31%	N/A

GLD vs GDX Drawdown Comparison

The maximum drawdown for GLD was -45.56%, occurring on Dec 17, 2015. Recovery took 2248 trading sessions.

The maximum drawdown for GDX was -80.35%, occurring on Jan 19, 2016. Recovery took 3499 trading sessions.

The current GLD drawdown is -20.10%. The current GDX drawdown is -31.94%.

Rank	GLD	GDX
#1	-45.56% Aug 22, 2011 - Jul 29, 2020	-80.35% Sep 8, 2011 - Aug 8, 2025
#2	-29.41% Mar 17, 2008 - Sep 16, 2009	-70.79% Mar 14, 2008 - Sep 22, 2010
#3	-22.00% Aug 6, 2020 - Mar 4, 2024	-31.94% Feb 27, 2026 - Jun 5, 2026
#4	-21.79% May 12, 2006 - Sep 18, 2007	-20.52% Sep 5, 2006 - Feb 26, 2007
#5	-20.10% Jan 29, 2026 - Jun 5, 2026	-19.96% Jul 19, 2007 - Sep 18, 2007
#6	-12.70% Dec 2, 2009 - May 11, 2010	-19.14% Oct 16, 2025 - Dec 11, 2025
#7	-10.13% Oct 20, 2025 - Dec 22, 2025	-19.03% Apr 8, 2011 - Sep 2, 2011
#8	-9.52% Dec 3, 2004 - Sep 16, 2005	-18.56% Nov 6, 2007 - Jan 3, 2008
#9	-8.12% Oct 30, 2024 - Jan 30, 2025	-17.71% Jun 2, 2006 - Jul 3, 2006
#10	-8.04% Dec 6, 2010 - Mar 1, 2011	-17.58% Jan 28, 2026 - Feb 26, 2026
#11	-7.59% Jun 18, 2010 - Sep 14, 2010	-16.18% Dec 6, 2010 - Apr 8, 2011
#12	-7.11% Apr 21, 2025 - Jun 13, 2025	-13.48% Apr 16, 2007 - Jul 19, 2007
#13	-6.70% Dec 12, 2005 - Jan 3, 2006	-12.82% Feb 26, 2007 - Apr 16, 2007
#14	-6.08% Nov 7, 2007 - Dec 28, 2007	-12.32% Jan 14, 2008 - Feb 28, 2008
#15	-5.84% Apr 29, 2011 - Jul 12, 2011	-10.99% Jul 3, 2006 - Aug 2, 2006

Correlation

Correlation between GLD and GDX is 0.72 which considered as a strong positive correlation - the stocks tend to move together.

0.72

-101

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GLD vs GDX

GLD vs GDX - Performance Comparison

Key Characteristics

GLD vs GDX - Historical Returns

GLD vs GDX - Annual Returns (2004 - 2026)

GLD vs GDX Drawdown Comparison

Correlation

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