VanEck Gold Miners ETF underperforms cheaper rivals and physical gold over 10 years despite higher fees.

Over the past decade, VanEck Gold Miners ETF (GDX) returned 183.15%, lagging behind the cheaper iShares MSCI Global Gold Miners ETF (RING) at 198.64% and physical gold (GLD) at 196.51%. GDX's higher fees, active rebalancing, and concentration in fewer mining stocks have contributed to its underperformance. Investors seeking gold exposure might prefer RING for lower costs or GLD to avoid mining risks altogether. GDX remains liquid and popular but may not offer the best value for long-term gold or miner exposure.