What if you invested monthly in a Gold-miners ETF (GDX) for 15 years?
See how a 15-year monthly investment into GDX, which holds the stocks of gold-mining companies, would have looked. The key point is that it is not gold itself but company stocks that react to gold prices almost like leverage.
Investment conditions
Asset · Gold-miners ETF (GDX)
Method · Recurring monthly investment
Period · 2011-07-01 ~ 2026-07-01
Amount · $222 / month
As of · 2026-07-01
Key metrics
These results do not reflect taxes. Based on historical data.
Risk & recovery
As important as returns. This service does not hide maximum drawdown or loss periods.
Maximum drawdown (MDD)
-44.7%
Largest drop from peak
Longest loss period
44months
Months in loss: 89
Recovery period
20months
Growth over time
Invested principal (dashed) and portfolio value (solid). Values below match the calculation.
Total invested $40,222 → Final value $114,779 (+185.4%), Maximum drawdown (MDD) -44.7%
Why this period and asset
GDX does not hold gold directly; it holds the stocks of gold-mining companies. When gold rises, miners' profits grow sharply relative to fixed mining costs, and when gold falls, profits shrink fast and share prices swing hard. As a result, GDX tends to amplify gold's moves like leverage, making it highly volatile. In 2011 gold was near a peak, and over the following years gold-mining stocks suffered severe declines before repeated recoveries and pullbacks.
Interpreting the result
GDX is 'company stock,' not gold, so it is far more volatile than a gold ETF. Check the maximum drawdown, underwater period, and recovery time on the results screen to understand that extreme volatility. Company-specific risks such as mining costs, debt, and management add up, so share prices can move differently even when gold rises. Monthly investing spreads out timing but does not remove these large swings and long underwater periods.
Caveats & limits
Gold-mining stocks tend to amplify gold's moves and are highly volatile, and they add company-specific risks like mining costs, debt, and management. As a foreign asset, exchange rates affect won-denominated returns, and expense ratios, trading costs, and dividend taxes lower performance. Past performance does not guarantee the future, and this page does not recommend buying.
Data sources & limits
- Price data source: Yahoo Finance / FinanceDataReader
- Collected on: 2026-07-23
- Effective trading date: 2026-07-01
- Price basis: 复权收盘价(已反映股息与拆股)
- Trading fees and taxes are not reflected — figures are pre-tax.
- Based on historical data; does not guarantee future returns.
Frequently asked questions
Is GDX the same as a gold ETF?
No. A gold ETF tracks the spot price of gold, while GDX holds the stocks of companies that mine gold. Because their profits react sensitively to gold prices, GDX is far more volatile than a gold ETF.
If gold rises, must GDX rise too?
Rising gold is favorable for miners' profits, but company-specific factors such as higher mining costs, debt, and management issues can make GDX move differently from gold. It cannot be assumed.
Does high volatility make monthly investing advantageous?
Dollar-cost averaging can smooth your average cost by spreading out timing, but it cannot remove GDX's extreme swings and long underwater periods. Be sure to check the maximum drawdown and recovery time together.
Related scenarios
📋 结果基于历史数据计算,过去的收益不代表未来的收益。
📋 本服务旨在帮助理解投资、供教育之用,并非投资建议。