Physical gold vs. gold mining ETFs

Gold mining funds such as GDX, GDXJ and SGDLX are often bought as a way to invest in gold. This calculator shows how they actually compared with physical gold over any period since each fund launched, with the funds’ distributions reinvested.

Mining shares are not gold

These funds own shares of mining companies, not the metal. A miner’s results depend on the gold price, but also on its costs, debt, management and the countries it operates in, and its shares can fall with the stock market even when gold rises.

How the comparison works

We use weekly closing prices at the start and end of your chosen period. Physical gold is the spot price per troy ounce. Fund prices are adjusted for their distributions, as if every payout were reinvested. Prices update every day.

Owning the metal itself

If you want gold to play a steady, defensive role in your savings, owning physical gold is the most direct way to do it. A Gold IRA lets you hold coins and bars in a tax-advantaged retirement account, and our free guide explains how it works.

This tool is for educational purposes only and is not investment advice. Past performance does not guarantee future results.