How do the fees of GDX and GLD compare?

GDX charges 0.51% and GLD charges 0.40%. On $10,000 that is about $51 a year for GDX and $40 for GLD, a difference of roughly $11. Both are higher than broad stock index ETFs, which is common for sector equity funds and for commodity trusts that pay to store and insure bullion.

What does each fund actually hold?

GDX tracks the MarketVector Global Gold Miners Index and holds 62 gold mining companies, including NEM, AEM, ABX and WPM. GLD is a commodity trust that holds physical gold bullion in vaults and tracks the LBMA Gold Price. GLD owns no company shares, so it is not an index fund of stocks.

Do GDX and GLD overlap?

No. GLD holds only gold bullion and has no stock holdings, so there is no shared position with GDX. The two are related because miner share prices tend to move with gold, but GDX adds company-specific factors such as production costs, debt and management decisions that GLD does not have.

Which fund pays a dividend?

Only GDX pays a dividend, with a yield of 0.67%, because mining companies distribute part of their profits. GLD pays no dividend at all since gold bullion generates no cash flow. Investors in GLD rely entirely on changes in the gold price for any return.

Which fund suits which goal?

GLD suits investors who want a direct proxy for the gold price, for example as a hedge or a diversifier alongside stocks and bonds. GDX suits investors who want equity exposure to the gold industry and are comfortable that miners can rise or fall more than gold itself.

How do size and liquidity compare?

GLD is one of the largest commodity trusts in the world at about $147.75 billion in net assets. GDX is smaller at roughly $28.42 billion but is still a very large and heavily traded sector ETF. Both are liquid enough for retail-size orders with tight spreads.

How concentrated is GDX?

GDX holds 62 stocks, but the top two, NEM at 10.91% and AEM at 10.89%, make up about 22% of the fund. The top 10 together are roughly 57%. Many of its holdings are listed in Canada and Australia, so GDX carries currency and country exposure as well as gold price exposure.

Can I hold both GDX and GLD?

Yes. Some investors pair GLD for direct gold exposure with GDX for the additional upside and dividend that miners can offer. The two behave differently in practice, since GDX responds to equity market sentiment and company results as well as the gold price, so holding both spreads the type of risk taken.

Are there tax or account differences?

Commodity trusts like GLD can be taxed differently from stock ETFs in some countries, sometimes as collectibles or as a non-equity holding, while GDX is taxed like a normal equity fund. Non-US investors may face withholding on GDX dividends. Check how your local rules and account wrapper treat each structure.

Why does GLD's price not exactly match the gold price?

GLD's expense ratio of 0.40% is paid by selling a small amount of gold each year, so the amount of gold behind each share falls slowly over time. That creates a small, steady gap versus spot gold. Market trading can also push the share price briefly above or below the value of the gold it holds.

GDX vs GLD

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

GDX holds 62 gold mining stocks such as NEM and AEM for a 0.51% expense ratio and yields 0.67%, while GLD holds physical gold bullion tracking the LBMA Gold Price for 0.40% and pays no dividend. GDX suits investors who want equity exposure to gold producers, and GLD suits those who want to track the gold price directly through a $147.75 billion trust. Educational content, not financial advice.

GDX holds 62 gold mining stocks such as NEM and AEM for a 0.51% expense ratio and yields 0.67%, while GLD holds physical gold bullion tracking the LBMA Gold Price for 0.40% and pays no dividend. GDX s...

Fund Snapshot

Key Fund Metrics

GDX

Metric

GLD

0.51%

Expense Ratio

0.40%

0.67%

Dividend Yield

–

$28.42B

Net Assets

$147.75B

62

Holdings

–

May 22, 2006

Inception Date

Nov 18, 2004

MarketVector Global Gold Miners Index

Index Tracked

LBMA Gold Price

Equity Precious Metals

Fund Category

Commodities Focused

GLD costs about $11.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

Why It’s Moving

Gold ETF GLD Faces Pressure as Hawkish Fed Signals and Strong Dollar Test Critical Support

Hawkish monetary policy expectations and a rally in the U.S. dollar drove spot gold below $4,300 an ounce, directly impacting GLD's performance as investors repriced rate hike bets.
Stronger-than-expected September flash S&P Composite PMI data at 58.4 signaled robust services sector activity, reducing immediate safe-haven demand and pressuring precious metals.
Despite near-term volatility, institutional forecasts highlight limited downside risk with TD Securities projecting a move above $5,000 and Goldman Sachs citing undisclosed sovereign buying, particularly from China, as a key long-term driver.

Sentiment:

🐻Bearish

Gold ETF GLD Faces Pressure as Hawkish Fed Signals and Strong Dollar Test Critical Support

Hawkish monetary policy expectations and a rally in the U.S. dollar drove spot gold below $4,300 an ounce, directly impacting GLD's performance as investors repriced rate hike bets.
Stronger-than-expected September flash S&P Composite PMI data at 58.4 signaled robust services sector activity, reducing immediate safe-haven demand and pressuring precious metals.
Despite near-term volatility, institutional forecasts highlight limited downside risk with TD Securities projecting a move above $5,000 and Goldman Sachs citing undisclosed sovereign buying, particularly from China, as a key long-term driver.

Sentiment:

🐻Bearish

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Investment Analysis

GDX

Pros

Equity exposure to 62 gold producers, led by NEM at 10.91% and AEM at 10.89%
Pays a 0.67% dividend yield, which physical gold trusts do not
Miners can amplify moves in the gold price through operating leverage

Considerations

Higher 0.51% expense ratio, about $11 more per $10,000 than GLD
Company risks such as costs, debt and mine operations sit on top of gold price risk
Smaller than GLD at about $28.42 billion in net assets

GLD

Pros

Tracks the LBMA Gold Price directly by holding allocated bullion in vaults
Lower 0.40% expense ratio, about $40 a year per $10,000
Very large trust at about $147.75 billion, trading since 2004

Considerations

Pays no dividend, so returns come only from changes in the gold price
Storage and trust costs reduce returns slightly relative to spot gold over time
No participation in miner profits when gold prices rise

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About GDX and GLD

GDX (GDX)

GDX (Market Vectors Gold Miners ETF) gives investors broad exposure to publicly listed companies engaged in gold mining and related activities. As an ETF, it tracks an index of gold miner equities rather than the metal itself, so its performance reflects miners’ share prices, production profiles, costs and sensitivity to gold prices. GDX can offer a convenient way to gain sector exposure, diversification across many miners, and liquidity via an exchange-traded structure, but it also concentrates on a single commodity-linked industry which can be volatile. Factors investors should monitor include the gold price, miners’ operational costs, geopolitical risks in mining regions, and changes in interest rates that influence gold demand. This information is for educational purposes only and is not personal financial advice; values can fall as well as rise and past performance is not a guide to the future. Suitability depends on individual circumstances and risk tolerance.

GLD (GLD)

SPDR Gold Shares (ticker GLD) is a large, liquid exchange-traded fund that aims to reflect the price of gold bullion. It holds allocated physical gold stored in secure vaults and offers investors an efficient way to gain exposure to the gold price without owning metal directly. With a market capitalisation around $51.72 billion, GLD is commonly used for portfolio diversification, inflation hedging and as a store of value during market stress. The fund does not pay dividends; returns depend on changes in the gold price less management fees and operating costs. Investors should be aware of price volatility, potential tracking differences and jurisdictional tax rules that can differ from equities. GLD may suit investors seeking straightforward commodity exposure within brokerage accounts, but it is not appropriate for those seeking income. This summary is educational only and not personalised investment advice — consider your objectives and risk tolerance and seek professional guidance if needed.

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Which Baskets Do They Appear In?

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GDX vs GLD

Fund Snapshot

Why It’s Moving

Gold ETF GLD Faces Pressure as Hawkish Fed Signals and Strong Dollar Test Critical Support

Gold ETF GLD Faces Pressure as Hawkish Fed Signals and Strong Dollar Test Critical Support