GDX vs. GLDM

Last updated Jun 4, 2026

GDX (VanEck Gold Miners ETF) and GLDM (SPDR Gold MiniShares Trust) are both Gold funds - GDX tracks the NYSE MarketVector Global Gold Miners Index while GLDM tracks the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, GDX returned 18.69%/yr vs 18.49%/yr for GLDM. A 0.78 correlation means they provide meaningful diversification when combined. GDX charges 0.51%/yr vs 0.10%/yr for GLDM.

Performance

GDX vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -0.90% return, which is significantly lower than GLDM's 3.00% return.

GDX

• 1D: -3.46%
• 1M: -0.76%
• YTD: -0.90%
• 6M: 5.62%
• 1Y: 61.27%
• 3Y*: 41.00%
• 5Y*: 18.69%
• 10Y*: 13.98%

GLDM

• 1D: -0.96%
• 1M: -1.62%
• YTD: 3.00%
• 6M: 5.60%
• 1Y: 32.42%
• 3Y*: 31.49%
• 5Y*: 18.49%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GDX vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GDX VanEck Gold Miners ETF	-0.90%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	-3.41%
GLDM SPDR Gold MiniShares Trust	3.00%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%

Correlation

The correlation between GDX and GLDM is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.78

The correlation between GDX and GLDM has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

GDX vs. GLDM - Sectors Allocation Comparison

Sectors	GDX	GLDM
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDX vs. GLDM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

GLDM

GLDM Risk / Return Rank: 32
GLDM Sharpe Ratio Rank: 33
GLDM Sortino Ratio Rank: 29
GLDM Omega Ratio Rank: 36
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GDX vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and SPDR Gold MiniShares Trust (GLDM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GDX	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.24	+0.12
Sortino ratio: Return per unit of downside risk	1.76	1.63	+0.13
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	2.00	1.70	+0.30
Martin ratio: Return relative to average drawdown	5.13	4.23	+0.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDX vs. GLDM - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.35, which is comparable to the GLDM Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of GDX and GLDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDX	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.24	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	1.04	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	1.02	-0.89

Drawdowns

GDX vs. GLDM - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GDX and GLDM.

Drawdown Indicators

	GDX	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-21.63%	-58.71%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-19.14%	-11.70%
Max Drawdown (3Y) Largest decline over 3 years	-30.84%	-19.14%	-11.70%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-20.92%	-25.59%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-26.62%	-17.65%	-8.97%
Average Drawdown Average peak-to-trough decline	-40.43%	-6.22%	-34.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.99%	7.69%	+4.30%

Volatility

GDX vs. GLDM - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 15.40% compared to SPDR Gold MiniShares Trust (GLDM) at 5.47%. This indicates that GDX's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.40%	5.47%	+9.93%
Volatility (6M) Calculated over the trailing 6-month period	37.50%	22.99%	+14.51%
Volatility (1Y) Calculated over the trailing 1-year period	45.49%	26.39%	+19.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	17.91%	+18.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	16.85%	+20.33%

GDX vs. GLDM - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

GDX vs. GLDM - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.74%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.74%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDX and GLDM in my portfolio?

GDX and GLDM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDX or GLDM?

GDX has higher volatility (15.40%) compared to GLDM (5.47%). In terms of maximum drawdown, GDX dropped -80.34% vs GLDM's -21.63%.

Which ETF is better, GDX or GLDM?

On 5-year performance, GDX leads with 18.69% vs 18.49% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or GLDM?

Over the 5-year period, GDX has performed better with a 18.69% return vs 18.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.51% for GDX.

Which ETF pays a higher dividend yield, GDX or GLDM?

GDX has the higher dividend yield at 0.74%, compared with 0.00% for GLDM.

What is the main difference between GDX and GLDM?

GDX tracks NYSE MarketVector Global Gold Miners Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.51% for GDX and 0.10% for GLDM.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.35 vs 1.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.