Statistics · 2026 · ETFs
Gold and Silver ETF Statistics (2026)
GLD returned 18.3% a year over five years, ahead of the S&P 500 fund SPY at 13.9%, with dividends reinvested, as of October 2, 2026. Over ten years GLD returned 11.7% a year, behind SPY’s 15.3%. The miners fund GDX returned 26.1% a year over five years but fell 43.3% peak to trough (month-end prices; lows within a month are not captured), against GLD’s 23.8%.
Each return runs from a month-end close to the October 2, 2026 price and is annualized over the actual days: the one-year figure covers September 30, 2025 to October 2, 2026, so it will not match an issuer's month-end one-year return.
Key takeaways
- Over five years GDX led the 6 funds at 26.1% a year and GLD trailed at 18.3%.
- One-year returns ran from 6.9% (GLD) to 29.3% (SIVR); none of the 6 funds lost money over that year.
- Expense ratios run from 0.10% (GLDM) to 0.51% (GDX), or $10 to $51 per $10,000 a year.
- Month-end August 2021 to month-end August 2026, GLD’s price return was 140.7% (equal to total return: GLD paid no distributions in that window) while consumer prices rose 22.5%.
- GDX holds mining stocks, not metal. Its volatility was 38.0%, 2.2 times GLD’s 17.2%.
Which gold and silver ETFs performed best?
SIVR led the 6 gold and silver funds over one year at 29.3%, and GLD trailed at 6.9%. Over five years GDX returned 26.1% a year and GLD 18.3%. Returns include reinvested dividends; the dataset shows no distributions for the five bullion funds.
1. One-year spread: 22.4 percentage points
SIVR returned 29.3% and GLD returned 6.9% over the past year. All 6 funds had positive one-year returns (WealthyBud data · 6 funds, total return · October 2, 2026).
2. GDX led the three-year run at 49.9% a year
GDX compounded at 49.9% a year over three years, ahead of SIVR at 39.2%. GLD came last at 30.3%, a 19.6-point spread (WealthyBud data · 3-yr annualized, all funds · October 2, 2026).
3. Five-year spread: 7.8 points a year between GDX and GLD
The silver funds returned 21.7% (SLV) and 21.9% (SIVR) a year; the gold bullion funds returned 18.3% to 18.6% (WealthyBud data · 5-yr annualized, all funds · October 2, 2026).
4. Ten-year: GDX 13.9% a year, SLV 11.6%
Ten-year returns cover the 5 funds with a full 121 month-end history; GLDM is excluded because it has only 100 month-ends (WealthyBud data · 10-yr annualized · October 2, 2026).
| Ticker | Fund | Expense ratio | 1-yr total return | 5-yr total return (ann.) | Volatility (ann.) | Trailing yield |
|---|---|---|---|---|---|---|
| GDX | VanEck Gold Miners ETF | 0.51% | 15.6% | 26.1% | 38.0% | 0.72% |
| GLD | SPDR Gold Shares | 0.40% | 6.9% | 18.3% | 17.2% | 0.00% |
| GLDM | SPDR Gold MiniShares | 0.10% | 7.3% | 18.6% | 17.2% | 0.00% |
| IAU | iShares Gold Trust | 0.25% | 7.1% | 18.4% | 17.2% | 0.00% |
| SIVR | abrdn Silver ETF Trust | 0.30% | 29.3% | 21.9% | 32.0% | 0.00% |
| SLV | iShares Silver Trust | 0.50% | 29.0% | 21.7% | 32.1% | 0.00% |
| SPY | State Street SPDR S&P 500 ETF Trust | 0.0945% | 16.7% | 13.9% | 15.7% | 0.99% |
How much do gold and silver ETFs cost?
Expense ratios run from 0.10% for GLDM to 0.51% for GDX, with a median of 0.35%. On $10,000 that is $10 to $51 a year. For comparison, the S&P 500 fund SPY charges 0.0945%, and the issuers’ own pages are the source for every fee shown here.
5. GLDM costs 0.10%; GDX costs 0.51%
GLDM is the cheapest of the 6 funds and GDX the most expensive, a 5.1-fold gap. The three gold bullion funds charge 0.10%, 0.25%, and 0.40% (WealthyBud data · issuer-verified expense ratios · October 2, 2026).
6. SIVR states 0.30% and says its sponsor waives part of it
abrdn’s SIVR page lists an expense ratio of 30 bps and says the sponsor “has continued to waive a portion of its fee (0.15%) and will continue to do so until further notice.” This page uses the stated 30 bps for SIVR throughout.
7. SLV held 0.9035 ounces of silver per share on October 1, 2026
WealthyBud’s calculation from iShares data: 493,578,376 ounces in trust divided by 546,300,000 shares. iShares says the amount of metal per share “will decrease over the life of the Trust due to sales of silver necessary to pay the sponsor’s fee.” IAU works out to 0.0188 ounces of gold per share.
Compare major ETFs by fees and returns
How volatile are gold and silver ETFs?
GDX was the most volatile fund at 38.0% a year, and GLD, IAU, and GLDM the least, all at 17.2%. GDX had the deepest drawdown at 43.3%, against 23.8% for GLD. Drawdown is the worst peak-to-trough fall on month-end prices; lows within a month are not captured.
8. GDX swung 38.0% a year; GLDM swung 17.2%
GDX had the highest volatility, then SLV at 32.1%. GLD, IAU, and GLDM tie for the lowest. Volatility is the annualized standard deviation of the last 60 complete monthly returns through September 30, 2026 (WealthyBud data · 60 monthly returns · October 2, 2026).
9. GDX fell 43.3% peak to trough over 121 month-ends; GLDM fell 23.7% over 100
GDX: 121 month-end prices from September 30, 2016 to September 30, 2026 plus the October 2, 2026 price; lows within a month are not captured and the dataset does not record when each low occurred. GLDM has 100 month-ends from June 29, 2018, so the two windows differ. (WealthyBud data · max drawdown, month-end based · October 2, 2026).
| Fund | Volatility (ann.) | Worst drawdown | Month-ends in window |
|---|---|---|---|
| GDX | 38.0% | 43.3% | 121 from September 30, 2016 |
| SLV | 32.1% | 38.4% | 121 from September 30, 2016 |
| SIVR | 32.0% | 38.3% | 121 from September 30, 2016 |
| GLD | 17.2% | 23.8% | 121 from September 30, 2016 |
| IAU | 17.2% | 23.8% | 121 from September 30, 2016 |
| GLDM | 17.2% | 23.7% | 100 from June 29, 2018 |
How has gold done against stocks?
GLD was ahead of SPY over five years at 18.3% a year against 13.9%, and behind it over ten years at 11.7% against 15.3%. Over one year GLD returned 6.9% and SPY 16.7%. SPY is the benchmark, and all returns include reinvested dividends.
10. 6 of 6 funds beat the S&P 500 fund over five years
GDX, GLD, GLDM, IAU, SIVR, and SLV beat SPY’s 13.9%. Over one, three and ten years 2 of 6, 6 of 6 and 0 of 5 did (WealthyBud data · total return vs SPY · October 2, 2026).
11. GLD’s worst drawdown was 23.8%; SPY’s was 23.9%
Both are month-end based (lows within a month are not captured) and cover the same 121 month-ends from September 30, 2016, plus the October 2, 2026 price; the depths are within 0.1 point of each other. GLD’s volatility was 17.2% and SPY’s 15.7%; 0 of the 6 gold and silver funds had lower volatility than SPY (WealthyBud data · volatility and drawdown vs SPY · October 2, 2026).
12. GLD gained 140.7% from August 2021 to August 2026; consumer prices rose 22.5%
WealthyBud’s calculation over matched windows, month-end August 2021 to month-end August 2026, which is a different window from the dataset returns above: GLD’s price rose from $169.69 to $408.42 (19.2% a year; a price return, equal to total return because GLD paid no distributions in the window), and the CPI-U index rose from 272.676 to 334.131 (4.1% a year). GLD’s total gain was 6.2 times the CPI change. The dataset’s five-year return ends October 2, 2026, so do not compare the two. This page does not test whether inflation moved gold.
13. World Gold Council: gold ETFs held a record 4,189 tonnes at the end of August 2026
The World Gold Council reports that global gold-backed ETFs “added US$18bn in August, marking the second largest monthly inflow in value terms on record,” and that holdings rose to 4,189 tonnes, with assets under management of US$615bn.
| Period | GLD | SPY | GLD minus SPY (points) | Funds beating SPY |
|---|---|---|---|---|
| 1-year | 6.9% | 16.7% | −9.8 | 2 of 6 |
| 3-year | 30.3% | 23.1% | +7.2 | 6 of 6 |
| 5-year | 18.3% | 13.9% | +4.4 | 6 of 6 |
| 10-year | 11.7% | 15.3% | −3.6 | 0 of 5 |
Do funds that hold the same metal return the same?
Nearly. GLD, IAU and GLDM returned within 0.4 points of each other in every window measured, and the cheaper funds returned more in 4 of 4 windows. The two silver funds, SLV and SIVR, differ by 0.3 points or less.
14. GLDM out-returned GLD by 0.38 points over one year and 0.35 a year over five
GLDM returned 7.29% over one year against 6.91% for GLD, with IAU at 7.08%. GLD’s fee is 0.30 points higher than GLDM’s. Ordering the three by fee matched ordering by return in 4 of 4 windows (10-year: GLD and IAU only) (WealthyBud data · same-metal funds · October 2, 2026). This page measures the gaps and does not test their cause.
How do gold miners compare with bullion?
GDX holds gold mining stocks, not gold. GDX returned more than GLD in all 4 periods, and it was more volatile: 38.0% a year against 17.2%. Its worst drawdown was 43.3%, against 23.8% for GLD (month-end prices; lows within a month are not captured), so its losses were deeper.
15. GDX was ahead of GLD over five years: 26.1% against 18.3% a year
Over one, three and ten years GDX was ahead of GLD every time (15.6%, 49.9% and 13.9% against 6.9%, 30.3% and 11.7%). (WealthyBud data · GDX vs GLD · October 2, 2026).
16. GDX’s volatility was 2.2 times GLD’s; its month-end drawdown was 1.8 times as deep
VanEck says GDX seeks to replicate the MarketVector Global Gold Miners Index, “which is intended to track the overall performance of companies involved in the gold mining industry.” Both drawdowns cover the same 121 month-ends. GDX had $25.97 billion in net assets on October 1, 2026.
17. USGS: world gold mine production was an estimated 3,300 tons in 2025
The U.S. Geological Survey estimates 3,300 tons of gold in 2025 against 3,280 in 2024, with the five leading producers accounting for 41%. For silver it estimates 26,000 tons in 2025 (silver summary).
What this means for investors
Choose the metal first, then the fee. GLD, IAU and GLDM all hold gold, and GLDM out-returned GLD by 0.35 to 0.41 points a year across the one-, three- and five-year windows measured, against a 0.30-point fee gap. On $10,000, they cost $10 to $40 a year.
Expect larger swings from silver and miners. Silver funds had median volatility of 32.1% and GDX 38.0%, against 17.2% for gold bullion.
Read the window. GLD was behind SPY over one year and ahead of it over five. For how stocks have fared against prices in general, see inflation and stocks statistics.
Look wider. See commodity ETF statistics and bitcoin volatility statistics.
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