5 Best-Performing Gold ETFs of 2025
All five of the top gold ETFs are equity-based funds and are outperforming spot gold.
Gold is one of the standout assets in 2025, surging to its best quarterly performance in decades amid escalating trade war tensions and growing fears of inflation, but the top-performing gold ETFs this year are all gold-mining ETFs.
While tariffs and economic uncertainty drive investors toward safe-haven assets like physical gold, miners often see expanding profit margins in this environment, leading to stronger stock performance relative to the metal itself.
This trend has played out in 2025, with the best gold-mining exchange-traded funds each gaining more than 32%, far greater than the price increase for spot gold.
In this article, we’ll highlight the top five gold ETFs by year-to-date performance, explain their strategies and explore why gold miners have been the best way to capitalize on this year’s gold rally.
5 Best Gold ETFs by 2025 Performance
| Ticker | Fund | Expense Ratio | AUM | YTD Return |
| SGDM | Sprott Gold Miners ETF | 0.50% | $330.3M | 35.6% |
| RING | iShares MSCI Global Gold Miners ETF | 0.39% | $1.3B | 35.5% |
| GDX | VanEck Gold Miners ETF | 0.41% | $14.8B | 34.4% |
| AUMI | Themes Gold Miners ETF | 0.45% | $7.6M | 34.4% |
| GDXJ | VanEck Junior Gold Miners ETF | 0.52% | $5.3B | $32.9% |
The top five gold ETFs in 2025, as measured by year-to-date performance through March 28, are all equity-based funds, meaning they invest in stocks of companies that derive most or all of their revenue from gold-mining activities:
1. Sprott Gold Miners ETF (SGDM)
The Sprott Gold Miners ETF (SGDM) tracks the Solactive Gold Miners Custom Factors Index (SOLGMCFT). It primarily invests in mid- to large-cap gold-mining companies with strong fundamentals.
- YTD Gain: 35.6%
- Assets Under Management: $330.3 million
- Expense Ratio: 0.5%
2. iShares MSCI Global Gold Miners ETF (RING)
The iShares MSCI Global Gold Miners ETF (RING) follows the MSCI ACWI Select Gold Miners Investable Market Index, holding a concentrated portfolio of global gold-mining stocks. It includes both large- and mid-cap gold miners from developed and emerging markets, offering diversified exposure to gold production companies worldwide.
- YTD Gain: 35.5%
- Assets Under Management: $1.3 billion
- Expense Ratio: 0.39%
3. VanEck Gold Miners ETF (GDX)
The VanEck Gold Miners ETF (GDX) tracks the NYSE Arca Gold Miners Index, investing in a broad range of large- and mid-cap gold- and silver-mining companies. It is one of the most liquid gold-mining ETFs, providing exposure to major gold producers like Newmont Corp. (NEM) and Barrick Gold Corp. (GOLD).
- YTD Gain: 34.4%
- Assets Under Management: $14.8 billion
- Expense Ratio: 0.41%
4. Themes Gold Miners ETF (AUMI)
The Themes Gold Miners ETF (AUMI) seeks to track the Solactive Global Pure Gold Miners Index, which consists of the top 30 gold stocks by market capitalization. Unlike other passive gold-mining ETFs, AUMI’s management can use discretion in its final selection of holdings, adding a thematic element to the fund’s approach.
- YTD Gain: 34.4%
- Assets Under Management: $7.6 million
- Expense Ratio: 0.35%
5. VanEck Junior Gold Miners ETF (GDXJ)
The VanEck Junior Gold Miners ETF (GDXJ) tracks the NYSE Arca Junior Gold Miners Index, investing in smaller, early-stage gold- and silver-mining and exploration companies. GDXJ offers higher growth potential but also greater volatility compared to ETFs focused on larger gold producers, like its VanEck relative, GDX.
- YTD Gain: 33%
- Assets Under Management: $5.3 billion
- Expense Ratio: 0.52%
Outlook for Gold Miner ETFs in 2025
Gold-mining ETFs could continue their strong performance throughout 2025 if current economic conditions persist. If inflation remains elevated and trade tensions escalate further, gold prices may continue to rise, supporting higher profit margins for mining companies.
If interest rates decline later in the year, as some analysts expect, gold could become even more attractive, further boosting the outlook for gold-mining stocks.
However, there are notable risks to consider. Gold-mining stocks are typically more volatile than the price of gold itself, meaning sharp corrections are possible, especially if underlying gold prices pull back. Rising operational costs, regulatory challenges and geopolitical instability in key mining regions could also impact miners’ profitability.
Additionally, if economic conditions improve and inflationary fears subside, investor demand for gold could weaken, putting downward pressure on gold-mining ETFs. While these funds have been top performers in 2025, investors should carefully assess their risk tolerance before allocating heavily to this sector.
