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SPDR Gold Shares and Gold Miners ETF compete for 2026 gold exposure
SPDR Gold Shares charges a 0.4% expense ratio versus 0.51% for VanEck Gold Miners ETF, while gold futures have risen more than 20% over the past 52 weeks.
A comparison of two widely used gold investment vehicles highlights a tradeoff for investors seeking exposure to the metal, either through physical bullion or through gold mining equities. The analysis weighs SPDR Gold Shares, which aims to track physical gold price moves, against VanEck Gold Miners ETF, which provides exposure to the stocks of mining companies.
SPDR Gold Shares holds physical gold in secure vaults, with its top allocation at 100% in physical gold and a small cash reserve. Launched in 2004, the fund is described as the more cost-effective option, with a 0.4% expense ratio covering storage and insurance.
VanEck Gold Miners ETF, launched in 2006, tracks the MarketVector Global Gold Miners Index, with a 100% basic materials sector allocation across 69 mining stocks. The fund’s expense ratio is higher at 0.51%, and its largest holdings include Newmont at 10.5%, Agnico Eagle Mines at 10.5%, and Barrick Mining at 8%.
Gold prices have been rallying over the past year, trading around $4,017 per ounce and up more than 20% across the past 52 weeks, according to the analysis. The piece notes that while mining companies can benefit from gold price strength, their equity performance can also be affected by production costs and exploration outcomes.
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