Dividend comparison

GDX vs GLD: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for VanEck Gold Miners ETF and SPDR Gold Shares, side by side. Updated October 21, 2026.

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GDX vs GLD: key differences
The short answer, from the latest data on this page.
  • Fees. GLD is cheaper at 0.40% a year versus 0.51% for GDX. On $10,000 that is $11 a year less in fees.
  • Performance. Over the last 5 years, GDX returned 178.8% versus 126.3% for GLD, with dividends reinvested. $10,000 would have grown to $27,882 in GDX and $22,627 in GLD.
  • Risk. GDX has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -46.5%, against -26.4% for GLD.
  • Size. GLD is the larger fund with $141.1 billion in assets, against $26.5 billion for GDX.

Bottom line: GDX fits better if you care most about stronger 5-year returns. GLD fits better if you care most about lower fees and smaller drawdowns.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricGDX
VanEck Gold Miners ETF
GLD
SPDR Gold Shares
Dividend yield (TTM)0.74%—
Dividend / share (TTM)$0.63—
Payout frequencyAnnual—
Last dividend$0.6331 on Dec 26, 2025—
Ex-dividend dateDec 22, 2025—
Dividend growth (CAGR)4.3% over 4 yrs—
Price$86.10$377.65
Dividend growth streak1 year—
Beta0.810.45
Max drawdown (5Y)-46.5%-26.4%
Market cap$26.78B$141.19B
ExchangeAMEXAMEX
Expense ratio0.51%0.40%
Assets under management$26.51B$141.12B
Number of holdings57—
Top 10 concentration59.8%—
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

GDX

$6.13/mo

$74 /yr at 0.74% yield

GLD

—/mo

Yield data unavailable

Dividend history
Total dividends paid per share in each calendar year.
YearGDXGLD
2025$0.6331—
2024$0.4025—
2023$0.5001—
2022$0.4762—
2021$0.5348—
Strategy: Precious metals
Funds that hold physical gold or silver in vaults, or the companies that mine it. Physical-metal funds that hold the same bullion differ mainly in fee, share price and trading liquidity, while miner funds behave like leveraged equity bets on the metal price. None of them pay a dividend from the metal itself.

Metal prices can fall for years with no income to cushion the decline, and gains in physical-metal funds can be taxed at the higher collectibles rate in the US.

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $27,882 in GDX and $22,627 in GLD.
PeriodGDXGLD
1 month-9.82%-5.86%
3 months20.72%2.51%
Year to date0.38%-4.71%
1 year7.14%-6.33%
3 years200.31%105.70%
5 years178.82%126.27%
  • GDX
  • GLD
52207362202120222023202420252026279226

Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • GDX
  • GLD
0%25%50%75%100%Basic Materials100.0%100.0%Cash & Others0.1%100.0%Financial Services0.1%
Top 10 holdings
Largest positions by portfolio weight.

GDX57 holdings total

NameWeight
NEMNewmont Corp11.48%
AEMAgnico Eagle Mines Ltd11.40%
BBarrick Mining Corp7.98%
WPMWheaton Precious Metals Corp5.53%
FNVFranco-Nevada Corp5.23%
AUAnglogold Ashanti Plc4.84%
GFIGold Fields Ltd3.90%
KGCKinross Gold Corp3.83%
NST.AXNorthern Star Resources Ltd2.97%
PAASPan American Silver Corp2.67%

Quick verdict

GDX fits better if you care most about stronger 5-year returns. GLD fits better if you care most about lower fees and smaller drawdowns. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is GDX or GLD better for dividend income?
Compare yield, payout sustainability, and how each fund or stock fits your income goals. Use Dividend Wealth to model both holdings inside a real portfolio forecast.
What is the difference between GDX and GLD?
VanEck Gold Miners ETF (GDX) is an ETF listed on AMEX. SPDR Gold Shares (GLD) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, GDX or GLD?
GLD has the lower expense ratio. GDX charges 0.51% a year and GLD charges 0.40%, a difference of $11 a year on a $10,000 investment.
Which has performed better, GDX or GLD?
Over the last 5 years, GDX has the higher total return with dividends reinvested: GDX returned 178.8% and GLD returned 126.3%. Past performance does not predict future returns.
Which is riskier, GDX or GLD?
Measured by the worst peak-to-trough decline over the last five years, GDX has been riskier: GDX fell as much as 46.5% and GLD as much as 26.4%. Their betas are 0.81 and 0.45.
Can I hold both GDX and GLD?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare GDX vs GLD with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how GDX and GLD fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.