Data as of Nov 4, 2026.
GBUG vs GDX: Holdings Overlap & Returns
Over the year to Nov 4, 2026, GBUG returned +29.6% to GDX's +24.8%; 38% of their weight is in the same names.
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Net assets: $157m on Nov 4, 2026 for Sprott Active Gold & Silver Miners ETF, and $23.9bn on Nov 3, 2026 for VanEck Gold Miners ETF.
4% of GBUG's weight is in S&P 500 companies and 96% is outside the index. Holdings as of Nov 4, 2026.
12% of GDX's weight is in S&P 500 companies and 88% is outside the index. Holdings as of Nov 2, 2026.
Pair scorecard
GDX costs 0.39 points a year less; their one-year returns differ by 4.8 points; GDX is far larger, $23.9bn against $146m.
Points (pts) are percentage points.
| Measure | GBUG | GDX |
|---|---|---|
| Return | ||
| Total return, 1 year | +29.6% | +24.8% |
| Drawdown | ||
| Below its all-time high | 25.4%, high on Feb 27, 2026 | 27.0%, high on Feb 27, 2026 |
| Against its benchmark | ||
| What it tracks | Gold miners | Gold miners |
| Its benchmark, total return, 1 year | +15.0% | |
| Against its benchmark, 1 year | ahead by 9.8 pts | |
| Cost and size | ||
| Expense ratio | 0.90% | 0.51% |
| Net assets, as of Nov 3, 2026 | $146m | $23.9bn |
| Holdings | ||
| Holdings in common | 38% | |
Risk and return
Feb 28, 2025 to Oct 30, 2026 · 87 weekly returnsFrom Feb 2025 to Oct 2026, GBUG returned more: +112.6% to +95.4%. GDX swung slightly less: 48.0% to 50.9%. GBUG fell slightly less at its worst: −36.7% to −38.4%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | GBUG | GDX | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +112.6% | +95.4% | GBUG | Price change plus distributions, reinvested. |
| Annualized | +57.0% | +49.3% | GBUG | Total return as a yearly rate. |
| Price return | +109.3% | +94.1% | GBUG | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 50.9% | 48.0% | GDX (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 31.5% | 29.5% | GDX (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −36.7% | −38.4% | GBUG (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 1.06 | 0.99 | GBUG (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.71 | 1.61 | GBUG (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.55 | 1.28 | GBUG | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 87 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, GBUG and GDX hold 38% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.
half
38% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | GBUG | GDX | GBUG | GDX |
| 3 months | −2.1% | +1.1% | not measured | +2.4 pts vs ACWI |
| 6 months | −5.5% | −8.5% | not measured | −11.1 pts vs ACWI |
| 1 year | +29.6% | +24.8% | not measured | +9.8 pts vs ACWI |
| 3 years | – | +197.2% | – | +119.6 pts vs ACWI |
| Since launchNot the same days: GBUG Feb 2025 · GDX May 2006 | +117.5% | +175.1% | not measured | not measured |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
38% of the two portfolios are the same securities at the same weight.
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GBUG
By weight, 4% of GBUG's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 40% of the fund across 43 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned +29.6% with distributions reinvested. It sits 25.4% below its all-time high of Feb 27, 2026.
GDX
By weight, 12% of GDX's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 60% of the fund across 59 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +24.8% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 9.8 pts. It sits 27.0% below its all-time high of Feb 27, 2026.
Questions people ask
- Do GBUG and GDX hold the same stocks?
- By their latest filings, 38% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, GBUG against GDX, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gbug-vs-gdx
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[GBUG against GDX (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/gbug-vs-gdx)
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