---
title: "The same gold rally, 79% more upside: Miners vs. bullion over the past year"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/292504153.md"
description: "Over the past year, gold miners (GDX) outperformed bullion ETFs (IAU) by 79%, returning 43.49% versus 22.97%. This leverage stems from expanding margins as gold prices rise faster than fixed production costs. However, miners carry higher risks, including operational and geopolitical issues, and tend to lag during downturns. While IAU offers direct exposure with low fees, GDX provides cyclical upside but also greater volatility and different tax treatments."
datetime: "2026-07-13T14:43:47.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/292504153.md)
  - [en](https://longbridge.com/en/news/292504153.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/292504153.md)
---

# The same gold rally, 79% more upside: Miners vs. bullion over the past year

Quick ReadGDX's 43% one-year return nearly doubles IAU's 23%, as fixed mining costs let rising gold prices compound into disproportionate margins and free cash flow.Over ten years IAU's 193% return beats GDX, but the miner advantage is cyclical. GDX is already down 12% in 2026 versus IAU's 5%.Many financial professionals are salespeople paid on wha...

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