Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTBrendan Coffey, The Motley FoolSat, July 18, 2026 at 5:00 PM GMT+2 5 min readSPDR Gold Shares (NYSEMKT:GLD) provides direct exposure to physical bullion price movements, while VanEck Gold Miners ETF (NYSEMKT:GDX) offers a play on the equities of gold mining companies.Investors looking for a haven in gold often face a choice between owning the commodity directly or investing in the companies that extract it. While one fund tracks the price of physical bullion, the other provides exposure to the operational leverage and equity risks of mining businesses. This analysis examines how these two popular vehicles compare in cost, volatility, and performance.Snapshot (cost & size)MetricGDXGLDIssuerVanEckSPDRShare price$74.00 (as of 2026-07-15)$372.35 (as of 2026-07-15)Expense ratio0.51%0.4%1-yr return (as of 2026-07-15)44.4%21.4%Dividend yield0.8%NoneBeta0.650.17AUM$22.6 billion$130.8 billionBeta measures price volatility relative to the S&P 500; beta is calculated from five-year monthly returns. The 1-yr return represents total return over the trailing 12 months. Dividend yield is the trailing-12-month distribution yield.The SPDR trust is the more affordable option for investors, featuring a 0.4% expense ratio that covers the costs of storage and insurance. The VanEck fund carries a higher 0.51% fee to manage its portfolio of global mining stocks.Performance & risk comparisonMetricGDXGLDMax drawdown (5 yr)(46.5%)(26.2%)Growth of $1,000 over 5 years (total return)$2,339$2,198What's insideSPDR Gold Shares aims to mirror the price of physical bullion by holding the asset in secure vaults. The fund provides a way to gain gold exposure without the logistical challenges of securing physical metal. Its largest positions is physical gold at 100%, with a smidgen of cash as short-term reserves. It was launched in 2004.The VanEck Gold Miners ETF provides exposure to the equity side of the industry by tracking the MarketVector Global Gold Miners Index. Its sector allocation is 100% in basic materials. Top holdings include Newmont Corp (NYSE:NEM) at 10.5%, Agnico Eagle Mines Ltd (NYSE:AEM) at 10.5%, and Barrick Mining Corp (NYSE:B) at 8%. The fund holds 69 different mining stocks and was launched in 2006. These companies' profits are tied to gold prices, but their share prices are also influenced by production costs and exploration success.Which fund is the better buy?Gold prices have been on a furious rally for the past year. They are currently trading around $4,017 per ounce, up more than 20% in the past 52 weeks. While gold has returned to earth a bit (it was as high as $5,608 in January) investors have flocked to the yellow metal for its historic inflation-hedging characteristics.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info