GDX vs SPY: which was the better investment?
VanEck Gold Miners ETF against SPDR S&P 500 ETF Trust on real daily total-return data — every dividend reinvested, from May 22, 2006 to Jul 15, 2026.
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Frequently asked questions
Did GDX beat SPY?
No — measured from May 22, 2006 to Jul 15, 2026 with dividends reinvested, SPY came out ahead: $86,770 versus $23,510 from a $10,000 start. That gap compounds from a 11.3% annual return against 4.3%.
What would $10,000 in GDX be worth today?
$10,000 invested in VanEck Gold Miners ETF (GDX) on May 22, 2006 would be worth about $23,510 as of Jul 15, 2026, a total return of 135.1% (4.3% per year). The same $10,000 in SPY would be worth $86,770.
Which was riskier — GDX or SPY?
GDX swung with an annualized volatility of 41.3% and a worst peak-to-trough drop of -80.6%; SPY ran at 19.4% volatility with a -55.2% maximum drawdown. Risk-adjusted (Sharpe ratio), that is 0.06 for GDX vs 0.48 for SPY.
What data is this comparison based on?
Daily adjusted closing prices covering May 22, 2006 through Jul 15, 2026 — the full period where both assets have price history. Adjusted prices include dividends and splits, so these are total returns. The page refreshes with new market data every day.
Can I change the dates, amounts, or add monthly investing?
Yes — the interactive tool on this page is pre-loaded with GDX vs SPY. You can set any start and end date, change the starting amount, add monthly contributions, or build a multi-asset portfolio and compare it against any benchmark.