GDXJ vs SPY
VanEck Junior Gold Miners ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GDXJ delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GDXJ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.52% | 0.09% | |
| AUM | $6.9B | $821.1B | |
| Dividend Yield | 2.77% | 1.01% | |
| Holdings | 122 | 505 | |
| YTD Return | +17.13% | +12.68% | |
| 1Y Return | +81.42% | +21.82% | |
| 3Y Return (annualized) | +58.91% | +21.98% | |
| 5Y Return (annualized) | +27.32% | +12.89% | |
| Volatility (annualized) | 42.5% | 15.3% | |
| Max Drawdown | -88.7% | -56.5% | |
| Fund Family | VanEck | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Nov 10, 2009 | Jan 22, 1993 |
GDXJ vs SPY Performance
VanEck Junior Gold Miners ETF (GDXJ) is a ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GDXJ returned +81.42% while SPY returned +21.82%. Year to date, GDXJ is up 17.13% versus a gain of 12.68% for SPY.
Over three years, GDXJ compounded at +58.91% per year against +21.98% for SPY; over five years the annualized figures are +27.32% and +12.89% respectively. Across the full 17-year window we track, SPY has the edge at +8.81% annualized vs +3.56%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GDXJ has been the more volatile fund, with annualized monthly volatility of 42.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -88.7% for GDXJ and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.28. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GDXJ charges 0.52% per year while SPY charges 0.09%. On a $10,000 position that is $52 vs $9 annually, a gap of $43 per year that compounds over a long holding period. On income, GDXJ currently yields 2.77% against 1.01% for SPY.
Holdings Overlap
GDXJ and SPY share 1 holdings out of 617 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in GDXJ | Weight in SPY | Difference |
|---|---|---|---|
| PNR | 0.12% | 0.02% | 0.10% |
Frequently Asked Questions
Which is cheaper, GDXJ or SPY?
GDXJ has an expense ratio of 0.52% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $43 per year of difference.
Which performed better, GDXJ or SPY?
Over the past year GDXJ returned +81.42% vs +21.82% for SPY, so GDXJ leads on 1-year performance. Over the longest common window we track (17 years), GDXJ annualized +3.56% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, GDXJ or SPY?
GDXJ has been the more volatile fund at 42.5% annualized versus 15.3% for SPY. Worst drawdown: GDXJ -88.7% vs SPY -56.5%.
Should I hold both GDXJ and SPY?
GDXJ and SPY have a monthly-return correlation of 0.28, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GDXJ and SPY?
GDXJ and SPY share 1 common holdings with a 0.0% weight overlap. Combined, they hold 617 unique securities.
Which pays a higher dividend, GDXJ or SPY?
GDXJ yields 2.77% while SPY yields 1.01%, so GDXJ currently pays the higher dividend yield.
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