Author

Jonathan Hobbs, CFA

Date

20 May 2025

Category

Market Insights

Gold vs Gold Miners: 10-Year Performance Comparison

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.



Blog post cover image_Gold vs Gold Miners cover image

Gold and gold mining stocks delivered similar returns over the past decade. But one was far more volatile than the other.

GLD vs GDX 10-year performance

From May 2015 to May 2025, the VanEck Gold Miners ETF (GDX) returned 169%, with dividends reinvested. That works out to a 10.40% compound annual growth rate (CAGR). GDX tracks a portfolio of listed gold mining companies.

The SPDR® Gold Shares ETF (GLD) returned 168% in the same period – a 10.35% CAGR. GLD is designed to track the price of physical gold. Both exchange-traded funds delivered about the same growth, but GDX had larger price swings. The chart below compares the two, with GDX in orange and GLD in black.

Gold vs gold mining stocks

But the risk profile wasn’t the same

Despite similar returns, the experience for investors was very different. Gold miners were significantly more volatile than gold itself.

Performance comparison based on $100 invested (May 2015 to May 2025):

table

Data source: Portfolio Visualizer. Based on monthly returns with dividends reinvested. May 2015 to May 2025.

Standard deviation measures how much returns fluctuate from year to year. GDX had over twice the volatility of GLD, meaning investors experienced bigger peaks and troughs.

Maximum drawdown refers to the largest peak-to-trough decline during the period. GDX’s worst drop was 43.3%, while GLD’s was less than half that.

Sharpe and Sortino ratios measure return relative to risk. Higher numbers typically indicate stronger risk-adjusted performance. GLD scored higher on both, reflecting lower volatility and smoother returns over the period.

The IncomeShares Gold+ Yield Options ETP (GLDI) aims to generate monthly income by selling call options on GLD, while having some exposure to the gold price.

Key takeaways

  • Gold and gold miners delivered almost identical total returns over the past decade.

  • GLD had far lower volatility, drawdowns, and risk metrics than GDX.

  • Options-based strategies like GLDI aim to provide monthly income from GLD exposure.

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

Related Products:

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Gold+ Yield Options ETP

Strategy

Covered Call

Distribution Yield

16.85%

This is a marketing communication. Please refer to the Prospectus of the ETPs and to the KIID before making any final investment decisions.

This information originates from Investium Limited, which has been appointed as distributor of Leverage Shares products in Europe by Leverage Shares Management Company Limited (the “Arranger”). Investium Limited with registered address at 6 Nikou Georgiou Street, Office 302, 1095 Nicosia Cyprus, is a financial services provider regulated by the Cyprus Securities and Exchange Commission (CySEC).

The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. Investium Limited and the Arranger (together referred as “Leverage Shares”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of Leverage Shares. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results. Information provided by third party sources is believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed.

All performance information is based on historical data and does not predict future returns. Investing is subject to risk, including the possible loss of principal. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Leverage Shares.

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