GDX Beat GLD 44% to 21%: The Gold ETF Trade for 2026

GDX returned 44.4% over the past year. GLD returned 21.4%. The gap comes from the operational leverage built into mining stocks.

GDX also experienced a 46.5% drawdown. GLD's lower volatility is the trade-off for those 21% gains. SPDR Gold Shares tracks physical bullion. VanEck Gold Miners ETF tracks the equities of gold producers.

Mining stocks amplify gold price moves. When gold rallies, miners rally harder. When gold corrects, miners fall faster. The 46.5% drawdown is a measure of the sector's sensitivity to operational costs and geopolitical risks.

AlphaScala scores GLD at 28 out of 100, a Weak label. The label means cautious sentiment on the physical gold ETF. GLD stock page has the full breakdown.

GDX's higher beta means it outperforms in rallies and underperforms in corrections. GLD tracks the spot price with lower volatility. The two ETFs offer different exposures to the same gold trend.