The VanEck Gold Miners ETF (GDX 4.44%) and abrdn Physical Platinum Shares ETF (PPLT 3.23%) may appeal to investors seeking to target precious metals, but their structures and exposures differ significantly. GDX is a large, liquid ETF focused on gold miners, while PPLT provides direct exposure to platinum’s spot price. This comparison breaks down their costs, recent returns, volatility, portfolio makeup, and other quirks to help investors weigh each option’s fit.
Snapshot (cost & size)
| Metric | GDX | PPLT |
|---|---|---|
| Issuer | VanEck | Aberdeen Investments |
| Expense ratio | 0.51% | 0.60% |
| 1-yr return (as of Jan. 24, 2026) | 185.16% | 190.64% |
| Beta | 0.64 | 0.34 |
| AUM | $30.36 billion | $3.52 billion |
Beta measures price volatility relative to the S&P 500; beta is calculated from five-year weekly returns. The one-year return represents total return over the trailing 12 months.
PPLT’s higher cost may be justified by its higher one-year yield and if investors are seeking direct platinum exposure.
Performance & risk comparison
| Metric | GDX | PPLT |
|---|---|---|
| Max drawdown (five years) | -46.52% | -35.73% |
| Growth of $1,000 over five years | $2,587 | $2,133 |
What's inside
PPLT holds physical platinum rather than stocks. The fund’s 16-year track record makes it one of the older options in its niche. Its price range over the past year has spanned $82.79 to $225.71, reflecting platinum’s significant price swings.
GDX, by contrast, tracks an index of global gold mining companies. Top holdings include Agnico Eagle Mines Ltd. (AEM 3.44%), Newmont Corp. (NEM 3.38%), and Barrick Mining Corp. (B 2.85%). Outside of the top three, all of its holdings have less than 5% weight in the total fund.
What this means for investors
First, it should be noted that PPLT currently offers no dividend yield, while GDX has a yield of 0.59% and pays dividends annually. But overall, whether exposure is indirect or direct, both ETFs offer unique investment opportunities, as they are heavily exposed to a sector that skyrocketed in 2025.
Investing in precious metals is often considered a hedge against the U.S. dollar, as they tend to rise in price when the dollar weakens, and there’s economic turmoil and uncertainty. And as gold and platinum become increasingly rare, their value is expected to rise over time. In fact, platinum is estimated to be at least 10 times rarer than gold, despite it being less sought after by retail consumers.
Just don’t expect exponential returns from both ETFs every year, as the correlated metals posted one of their best annual returns in history in 2025. It’s unlikely they can top that in 2026, unless the current geopolitical and global financial climate remains as it is or worsens.
Glossary
Expense ratio: The annual fee expressed as a percentage of assets, paid by investors to cover fund operating costs.
Beta: A measure of an investment’s volatility compared to the S&P 500; a beta below 1.0 means less volatility than the market.
Max drawdown: The largest observed loss from a peak to a trough over a specified period, showing downside risk.
AUM (assets under management): The total market value of assets that a fund manages on behalf of investors.
Growth of $1,000 over five years: The total value a $1,000 investment would have grown to over five years, including price appreciation and any reinvested dividends.
For more guidance on ETF investing, check out the full guide at this link.
