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GDX vs GOEX

VanEck Gold Miners ETF

GDXBNYSE Arca

Global X Gold Explorers ETF

GOEXCNYSE Arca

Overlap

13.4%by weight

Expense ratio

GDX −0.14pt a year

GDX0.51%GOEX0.65%

Avg volume · 30D

GDX 2902.5×the volume

GDX21.2MGOEX7.29K

10Y return · a year

GDX +0.9pt

GDX+13.0%GOEX+12.1%

GDX vs GOEX Performance

Nov 3, 2021 – Nov 3, 2026

+161.0%GDX+149.0%GOEX

Nov 3, 2021 to Nov 3, 2026. GDX +161.0%. GOEX +149.0%. Use the arrow keys to read each point.0%200%300%Nov 2021May 2024Nov 2026
Expense ratio
GDX 0.51%, better
GOEX 0.65%
Fund size
GDX $23.9B
GOEX $104M
1Y total return
GDX +9.6%, better
GOEX +8.8%
Yield (12M)
GDX 0.82%
GOEX 2.53%, better
Holdings
GDX 62
GOEX 54
Avg volume (30D)
GDX 21.2M sh, better
GOEX 7.29K sh
NAV per share
GDX $77.58
GOEX $71.13
52W range

ETF.net Grade

GDX: Cost 50, Risk 65, Mission not scored, Tradability 95, Holdings 59, Durability 88. GOEX: Cost 26, Risk 45, Mission 73, Tradability 25, Holdings 88, Durability 60.
Pillar letters and Scores for GDX, GOEX, with each pillar’s weight
PillarGDXGOEX
Cost30% weightC50HigherD26
Mission25% weightNot scoredA73
Risk15% weightB65HigherC45
Tradability15% weightA95HigherD25
Holdings10% weightB59A88Higher
Durability5% weightA88HigherB60

Rank among Precious Metals Miners funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. GDX and GOEX are both graded against the same 18 Precious Metals Miners funds, so their Grades compare head to head.

Precious Metals Miners⁠

Category · 18 funds
See all 18 ›

GDX ranks 2nd and GOEX 14th of 18 funds in the Precious Metals Miners Category.

  1. Rank 1BRINGiShares MSCI Global Gold Miners ETFScore 67
  2. Rank 2BGDXVanEck Gold Miners ETFScore 65
  3. Rank 2BSGDMSprott Gold Miners ETFScore 65
  4. Rank 13CSILJAmplify Junior Silver Miners ETFScore 42
  5. Rank 14CGOEXGlobal X Gold Explorers ETFScore 40
  6. Rank 14CPMTLFIRST TRUST INDXX QUALITY PRECIOUS METALS MINERS ETFScore 40

Our read on each fund

ETF.net Research

GDXBVanEck Gold Miners ETF

GOEXCGlobal X Gold Explorers ETF

In short

GDX The original gold miner ETF, running since 2006. Roughly 60 mining companies in one ticker, for people who want equity exposure to gold's economics rather than a bar in a vault.

GOEX Most gold funds buy the miners already pulling metal out of the ground. GOEX buys the ones still looking for it: a global basket of explorers and developers, tracking a Solactive index since 2010.

Stated mandate

GDX GDX seeks to track, before fees and expenses, the price and yield performance of the MarketVector Global Gold Miners Index, which is designed to represent companies involved in gold mining.

GOEX The fund seeks to track, before fees and expenses, the price and yield performance of the Solactive Global Gold Explorers & Developers Total Return Index.

Why people hold it

  • GDX Launched in 2006, this is the elder statesman of gold mining funds: a multi-billion-dollar portfolio that is very actively traded, which usually means easy entries and exits.
  • Owns the diggers, not the metal. It tracks the MarketVector Global Gold Miners Index, roughly 60 companies whose profits swing on the gap between gold prices and mining costs.
  • At a 0.51% expense ratio it sits right at the typical price for a precious-metals miner fund, and it grades in the top quartile of its 18-fund peer group.
  • GOEX Owns the front end of the gold supply chain: explorers and developers hunting deposits and building mines, not the established producers most gold funds lean on.
  • About 50 names, a global mandate, and a portfolio that stays tight to the explorers-and-developers index it names.
  • Trading since 2010, so there is a real record across more than one full gold cycle to dig through.

Worth knowing

  • GDX Cheaper shelf-mates exist. RING covers global gold miners at 0.39%, so you are paying a bit extra here, largely for scale and trading depth.
  • Miner stocks are not bullion. They carry operating costs, debt, labor and country risk on top of the gold price, so moves tend to be sharper in both directions.
  • Distributions come annually or semiannually, so this is an equity growth vehicle rather than a steady income line.
  • GOEX At 0.65% a year it costs more than the category heavyweights: GDX charges 0.51%, RING 0.39%.
  • It trades lightly next to the big gold-miner funds, so bid-ask spreads can widen when markets move fast.
  • Explorers and developers often have no producing mine and no revenue, which makes for a bumpier ride than producer-heavy gold funds.

Full GDX profile⁠

Full GOEX profile⁠

GDX vs GOEX Holdings

How GDX and GOEX differ

Overlap by weight

13.4%

Shared holdings make up 50.4% of GOEX and 13.4% of GDX.

Level by level

  • Asset classCommodities, Equity0.0%
  • Holdings20 in both13.4%
  • Countryby domicile82.1%
  • Sector1 Sector100%

Sector

Sector weights in GDX and GOEX, widest gap first
SectorMore in GDXMore in GOEXGap
MaterialsSame weight

Country, concentration and asset class

Country by domicile

Country weights in GDX and GOEX, widest gap first
CountryMore in GDXMore in GOEXGap
AustraliaGOEX +14.0 points
United StatesGDX +6.8 points
CanadaGDX +4.0 points
South AfricaGDX +2.7 points
MexicoGDX +2.3 points
IndonesiaGOEX +1.6 points
United KingdomGOEX +1.6 points
Hong KongGDX +1.1 points
Other countries (2)GDX +0.3 points

Outside the US: GDX 88% developed, 12% emerging. GOEX 93% developed, 7% emerging.

Concentration

Weight in the 10 largest Holdings

  • GDX60.4%
  • GOEX39.4%

Securities held

  • GDX59
  • GOEX51

Asset class

GDX
Commodities
GOEX
Equity

Holdings

  • Only in GDX39
  • In both20
  • Only in GOEX31

Only in GDX

39 securities, 86.5% of GDX by weight

  • Newmont Corp11.64%
  • Agnico Eagle Mines Ltd11.36%
  • Barrick Mining Corp8.22%

Only in GOEX

31 securities, 53.2% of GOEX by weight

  • Equinox Gold Corp4.08%
  • Eldorado Gold Corp4.04%
  • Alamos Gold Inc-Class A3.89%

Weight gaps

All 20 Holdings in both funds, largest gap first.

Holding weights in GDX and GOEX, widest gap first
HoldingMore in GDXMore in GOEXGap
Hecla Mining CoHLGOEX +3.83 points
Dundee Precious Metals IncGOEX +3.50 points
G Mining Ventures CorpGOEX +2.81 points
Perseus Mining LtdGOEX +2.44 points
Lundin Gold IncGOEX +2.45 points
Genesis Minerals LtdGOEX +2.16 points
Coeur Mining IncCDEGOEX +2.09 points
Discovery Mining LtdGOEX +1.92 points

All 57 GDX holdings⁠All 52 GOEX holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GDX vs GOEX Cost

Overpaying GOEX vs GDX

$2,552

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • GDX 0.51%

    $10,165

  • GOEX 0.65%

    $12,717

$10,000
30 years

Cost over time

  • GDX 0.51%
  • GOEX 0.65%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530GOEX $12,717GDX $10,165

Year by year

YearGDXGOEXOverpaying
10$918$1,163$245
20$3,527$4,440$913
30$10,165$12,717$2,552

Expense ratio

  • 0.51%GDX, cheaper
  • 0.65%GOEX
  • Middle half of Precious Metals Miners funds
  • Median 0.52%

GDX 9th cheapest of 18 funds

GOEX 12th cheapest of 18 funds

GDX vs GOEX Dividends

Last 12 months to Nov 3, 2026
Yield (12M)
GDX 0.82%
GOEX 2.53%, better
Payout (12M)
GDX $0.63
GOEX $1.77
Last payment
GDX $0.63
GOEX $0.09
Ex-dividend
GDX Dec 22, 2025
GOEX Jun 29, 2026
Paid on
GDX Dec 26, 2025
GOEX Jul 7, 2026
Frequency
GDX Annual
GOEX Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

GDXAnnual · 9 paymentsAll GDX payments⁠
One bar per payment. 9 payments from 2017 to 2026 YTD. Dec 18, 2017 $0.18; Dec 20, 2018 $0.11; Dec 23, 2019 $0.19; Dec 21, 2020 $0.19; Dec 20, 2021 $0.53; Dec 19, 2022 $0.48; Dec 18, 2023 $0.50; Dec 23, 2024 $0.40; Dec 22, 2025 $0.63. Use the arrow keys to read each point.$0$12017202020232026YTD
GOEXTwice a year · 13 paymentsAll GOEX payments⁠
One bar per payment. 13 payments from 2017 to 2026 YTD. Jun 27, 2019 $0.01; Dec 30, 2019 $0.41; Jun 29, 2020 $0.03; Dec 30, 2020 $0.90; Jun 29, 2021 $0.15; Dec 30, 2021 $0.54; Jun 29, 2022 $0.05; Dec 29, 2022 $0.21; Jun 29, 2023 $0.01; Jun 27, 2024 $0.006; Dec 30, 2024 $0.72; Dec 30, 2025 $1.67; Jun 29, 2026 $0.09. Use the arrow keys to read each point.$0$12017202020232026YTD

GDX vs GOEX Risk

Fall from peak · 5 years

  • GDX
  • GOEX
Nov 3, 2021 to Nov 3, 2026. Worst fall: GOEX −47.1% · Sep 2022. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
GDX 41.4%, betterGOEX 44.7%
Return per unit of riskSharpe ratio, 3 years
GDX 0.94GOEX 1.00, better
Worst fallMax drawdown, 5 years
GDX −46.5%, betterGOEX −47.1%
Market sensitivityBeta, 5 years
GDX 0.81GOEX 1.03

GDX and GOEX in the news

All news⁠

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