GLD vs GDX Stock Comparison: AI Score, Valuation, Performance and Upside
GLD and GDX both provide exposure to gold, but GLD holds physical gold bullion for direct, close tracking of the gold spot price, while GDX holds shares of gold mining companies, providing indirect, operationally leveraged exposure to gold prices with generally higher volatility.
GLD offers simpler, more direct exposure to gold price movements with lower volatility, while GDX offers potentially amplified returns through mining company operating leverage but with added operational and company-specific risk. The decision depends on whether you want pure gold price exposure or are willing to accept mining company risk for potential leverage to gold price trends.
GDX holds the edge across 3 of 5 key metrics in this comparison. GDX has delivered stronger 1-year price return (+9.63% vs -2.58% for GLD).
- Want direct, close-tracking exposure to the price of gold
- Prefer lower volatility than gold mining stocks typically exhibit
- Are not seeking leveraged upside from mining company operations
- Value a straightforward way to hold gold exposure within a brokerage account
- Want potentially amplified exposure to rising gold prices through mining company leverage
- Are comfortable with additional operational, geopolitical, and company-specific risks
- Seek diversification across multiple established gold mining companies
- Accept higher volatility in exchange for potential leveraged upside
| Metric | GLD | GDX |
|---|---|---|
| ETF scorei | 26.8 | 27.1 |
| Latest closei | $359.26 | $77.60 |
| 1M returni | -5.49% | -11.60% |
| 3M returni | -3.98% | -0.41% |
| 6M returni | -14.11% | -9.57% |
| 1Y returni | -2.58% | +9.63% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | GLD | GDX |
|---|---|---|
| 1Y ago | $9.74K (-2.6%) started 2025-11-03 | $11.04K (+10.4%) started 2025-11-03 |
| 5Y ago | $21.43K (+114.3%) started 2021-11-04 | $28.13K (+181.3%) started 2021-11-04 |
| 10Y ago | $28.88K (+188.8%) started 2016-11-04 | $37.77K (+277.7%) started 2016-11-04 |
Hypothetical — past performance does not guarantee future results.
| Metric | GLD | GDX |
|---|---|---|
| Expense ratioi | 0.40% | 0.51% |
| Total assets (AUM)i | $141.7B | $26.25B |
| Dividend yieldi | 0.00% | 0.72% |
| Trailing P/Ei | N/A | 12.31 |
| Betai | 0.19 | 0.72 |
| 52-week change | -2.58% | 9.63% |
| Metric | GLD | GDX |
|---|---|---|
| 1Y returni | -2.58% | +9.63% |
| 6M returni | -14.11% | -9.57% |
| 3M returni | -3.98% | -0.41% |
| 1M returni | -5.49% | -11.60% |
| 1Y Sharpe ratio | -0.11 | 0.35 |
| Betai | 0.19 | 0.72 |
| Dividend yieldi | 0.00% | 0.72% |
| 5Y CAGR | +16.48% | +21.25% |
Over the past year, GLD and GDX have moved strongly in the same direction (correlation of 0.86), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | GLD | GDX |
|---|---|---|---|
| 1Y | Growthi | -2.58% | +9.63% |
| CAGRi | -2.58% | +9.63% | |
| Volatilityi | 28.56% | 50.41% | |
| Sharpe ratioi | -0.11 | 0.35 | |
| Sortino ratioi | -0.14 | 0.48 | |
| Max drawdowni | 28.26% | 38.93% | |
| Current drawdowni | 27.55% | 33.01% | |
| Avg drawdowni | 13.41% | 17.34% | |
| Ulcer Indexi | 16.18% | 20.98% | |
| Max daily dropi | 10.27% | 12.76% | |
| Max wkly dropi | 12.25% | 16.52% | |
| 5Y | Growthi | +114.29% | +161.95% |
| CAGRi | +16.48% | +21.25% | |
| Volatilityi | 19.05% | 38.37% | |
| Sharpe ratioi | 0.66 | 0.58 | |
| Sortino ratioi | 0.93 | 0.83 | |
| Max drawdowni | 28.26% | 46.51% | |
| Current drawdowni | 27.55% | 33.01% | |
| Avg drawdowni | 7.04% | 17.18% | |
| Ulcer Indexi | 9.83% | 21.02% | |
| Max daily dropi | 10.27% | 12.76% | |
| Max wkly dropi | 12.25% | 16.52% | |
| 10Y | Growthi | +188.82% | +241.33% |
| CAGRi | +11.19% | +13.07% | |
| Volatilityi | 16.50% | 37.50% | |
| Sharpe ratioi | 0.46 | 0.40 | |
| Sortino ratioi | 0.63 | 0.57 | |
| Max drawdowni | 28.26% | 49.79% | |
| Current drawdowni | 27.55% | 33.01% | |
| Avg drawdowni | 7.24% | 17.35% | |
| Ulcer Indexi | 9.35% | 20.62% | |
| Max daily dropi | 10.27% | 22.82% | |
| Max wkly dropi | 12.25% | 35.40% |
| Category | GLD | GDX |
|---|---|---|
| Fund name | SPDR Gold Shares | VanEck Gold Miners ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.40% | 0.51% |
| Total assets (AUM)i | $141.7B | $26.25B |
| Dividend yieldi | 0.00% | 0.72% |
- Provides direct, close-tracking exposure to the spot price of gold without the operational, geopolitical, or execution risks associated with mining companies
- Backed by physical gold bullion held in secure vaults, offering a straightforward way to hold gold exposure within a brokerage account
- Lower volatility relative to gold mining stocks, since it is not subject to the operating leverage and company-specific risks that amplify mining company price swings
- Provides leveraged exposure to gold price movements through mining company operating leverage, often amplifying gains during rising gold price environments
- Diversification across multiple established mining companies reduces single-company and single-mine operational risk
- Mining companies can generate dividends and returns beyond simple gold price appreciation, tied to their overall business profitability
- Provides no leveraged upside to rising gold prices the way mining company operating leverage can, resulting in more modest returns during strong gold bull markets
- Ongoing expense ratio and storage costs create a small but persistent drag relative to holding physical gold directly outside of a fund structure
- Does not generate any yield or income, since physical gold itself produces no dividends, interest, or cash flow
- Mining companies carry operational risks beyond gold price movements, including production costs, geopolitical risk, labor issues, and mine-specific operational setbacks
- Higher volatility relative to physical gold, since operating leverage can amplify losses as well as gains, particularly during periods of declining gold prices
- Performance depends on both gold price trends and the operational execution of the underlying mining companies, adding complexity beyond simple gold price exposure
Compare more than two at a time
This page is a fixed writeup on GLD and GDX. Our comparison engine is the interactive version: load up to five tickers, switch timeframes, and get the correlation, drawdown, and overlap analysis that a static page can't show.
Add three more names beside GLD and GDX, mixing stocks and ETFs in the same table — useful when the real question is which of a whole peer group to own.
AI score, forward P/E, analyst target upside, operating margin, and revenue growth are scored head-to-head, with a running tally of which ticker leads on how many metrics.
Volatility, Sharpe and Sortino ratios, maximum, current, and average drawdown, Ulcer Index, and worst single-day and single-week drops across every timeframe.
Pairwise daily-return correlation for every combination, so you can see whether two holdings actually diversify each other or just move together.
A scatter plot of forward P/E against return on equity, plus drawdown and 30-day rolling volatility charts, to separate what is cheap from what is merely beaten down.
For ETFs, a top-holdings comparison that exposes hidden overlap between funds. Every comparison exports to CSV for your own spreadsheet work.
Two comparisons a week are free without an account. A 14-day trial removes the limit and adds AI price forecasts, stock rankings, saved watchlists, and the intrinsic value calculator — no credit card required.
Want deeper AI forecasts?
This comparison page is public and free forever. Subscribers can unlock saved watchlists, full AI rankings, detailed forecasts, and interactive analysis tools.