GDX vs MNRS vs Gold ETFs: Miners or Bullion? (2026)

Quick answer: A gold bullion ETF (such as PMGOLD or GOLD) tracks the gold price. A gold miners ETF such as GDX (VanEck, 0.53%) or MNRS (BetaShares, 0.57%) owns the companies that dig it up. Miners' profits rise faster than the gold price when it climbs, and fall faster when it drops, so miner ETFs swing harder both ways. In the five years to September 2026, GDX returned 27.6% a year against 19.5% for bullion. But in September 2026 alone, GDX fell 8.2% while bullion fell 2.6%. Between the two miner ETFs, the main choice is currency: GDX is unhedged and includes Australian miners; MNRS is hedged to the Australian dollar and excludes them.

Miners and bullion compared

	GDX	MNRS	GOLD (bullion)
What it holds	114 gold and silver miners	54 gold miners, excluding Australia	Physical gold
Issuer	VanEck	BetaShares	Global X
Management fee	0.53%	0.57%	0.40%
Currency hedged	No	Yes (to AUD)	No
Australian companies	10.0%	Excluded	n/a
Fund size	A$1.5b (Sept 2026)	A$247m (15 Oct 2026)	A$5b+
1 year to 30 Sept 2026	13.4%	15.8%	3.7%
5 years (p.a.)	27.6%	24.9%	19.5%
10 years (p.a.)	15.2%	—	12.8%

Sources: VanEck GDX fact sheet, Sept 2026; BetaShares MNRS page, returns to 30 Sept 2026; Global X GOLD fact sheet, 30 Sept 2026. Returns after fees. BetaShares doesn't publish a 10-year return for MNRS on its fund page. For the other bullion funds (PMGOLD, NUGG, GLDN, QAU), see our gold ETF comparison.

5-year return to 30 September 2026 (% p.a.)

GDX (miners, unhedged)27.59% p.a.

MNRS (miners, hedged)24.91% p.a.

GOLD (bullion)19.5% p.a.

Why miners move more than gold

A gold miner's costs (labour, fuel, equipment, royalties) don't change much when the gold price does. So when gold rises, most of the extra revenue drops straight to profit. When gold falls, profit shrinks faster than the price. This "operating leverage" is why miner ETFs amplify gold's moves.

You can see it in a single month. In September 2026, GDX returned −8.21% while the GOLD bullion ETF returned −2.6%. Over the five years to that point, with gold rising strongly, the same leverage worked the other way and miners came out well ahead.

Miners also carry risks that bullion doesn't:

Company risk: mine accidents, cost blowouts, failed projects and acquisitions.
Country risk: GDX's holdings span Canada (43.2%), the US (24.0%), Australia (10.0%), Brazil, China, South Africa and several African and Latin American countries. Some of those carry tax, royalty or political risk.
Share-market risk: in a broad market sell-off, miners can fall with other shares even if gold holds up.
Concentration: GDX's largest holding, Newmont, was 12.6% of the fund in September 2026, followed by Agnico Eagle at 9.7%.

What miners offer in return: they're businesses that can pay dividends and grow production, while bullion pays nothing.

GDX vs MNRS

Both hold the big global gold miners: Newmont, Agnico Eagle and Barrick are near the top of each. The differences:

Currency. GDX is unhedged, so a falling Australian dollar adds to your return and a rising one subtracts. MNRS is hedged to the Australian dollar, so you get the miners' performance without the currency effect. This is the same choice as hedged vs unhedged bullion, covered in our PMGOLD vs QAU section.
Australian miners. GDX includes them (10.0%, including Northern Star in its top 10). MNRS's index is "ex-Australia" and excludes them. That suits investors who already own ASX gold miners directly.
Breadth and fee. GDX holds 114 companies (including some silver producers) at 0.53%; MNRS holds 54 at 0.57%.
Size. GDX is about six times larger, which generally means tighter trading spreads.

Which suits you

Bullion ETF if you want gold's role as a diversifier: exposure that doesn't depend on any company's results, costs or management.
GDX if you want leveraged exposure to the gold price through the companies, including Australian miners, and you're comfortable with currency movements.
MNRS if you want the same miner exposure without the AUD/USD swings, and you already hold Australian gold miners separately.

For most portfolios, gold of either kind is a small allocation. Our gold vs shares guide looks at how much is typical. Use the ETF Calculator to model a small gold or miner position over time.

Tax

All three are ASX-listed. Gains on sale are capital gains: the 50% discount applies to gains up to 30 June 2027 for units held over 12 months, and indexation with a 30% minimum rate from 1 July 2027 under the 2027 CGT changes. Miner ETFs can also pay distributions, which are taxable each year. Use the Capital Gains Tax Calculator to estimate a sale.

Frequently asked questions

What is the difference between GDX and a gold ETF?

A gold ETF such as GOLD or PMGOLD holds physical gold and tracks the gold price. GDX holds gold mining companies, whose profits rise and fall faster than the gold price, so it moves more in both directions. In September 2026, GDX fell 8.2% while bullion fell 2.6%; over the five years to then, GDX returned 27.6% a year against 19.5%.

Is GDX or MNRS better?

They hold similar global gold miners. GDX (0.53% p.a.) is unhedged, larger and includes Australian miners. MNRS (0.57% p.a.) is hedged to the Australian dollar and excludes Australian miners. The choice is mainly about currency exposure and whether you already own ASX gold miners.

Does GDX pay dividends?

Yes, once a year. Its holdings had a weighted dividend yield of 1.39% in September 2026, according to VanEck. Distributions can vary a lot from year to year.

Is GDX hedged?

No. GDX is unhedged, so the Australian dollar's moves against the US dollar affect your return. BetaShares MNRS is the currency-hedged alternative.

Why have gold miners outperformed gold?

When the gold price rises, miners' costs stay roughly fixed, so their profits grow faster than the gold price. That leverage drove the outperformance in the five years to 2026. It works in reverse when gold falls.

Related calculators and guides

This article is for general information only and does not constitute financial, tax or legal advice. Individual circumstances vary. Consult a registered tax agent or licensed financial adviser before making decisions based on this information.