The Best Gold ETFs for 2025: What the Data Tells Us

As gold prices hover around $3,300–$3,500/oz and institutional inflows into gold ETFs have crossed $3.3 billion since late 2024, investor interest in gold is rising again. But with multiple gold ETFs competing for attention, each with different fee structures, strategies, and risk profiles, how do you choose the right one?

This post breaks down the top-performing gold ETFs of 2025, comparing physical gold funds with mining stock ETFs. It’s a data-backed guide designed to help investors understand how each option fits into broader portfolio strategies, especially when compared to $SPY and $BTC.

What to Look for in a Gold ETF

Before diving into the top picks, here are the key metrics that matter when evaluating gold ETFs:

• Expense Ratio: Anything under 0.4% is considered efficient. Lower fees improve long-term returns.

• Liquidity: High trading volume minimises transaction costs.

• Assets Under Management (AUM): A larger AUM (>$800M) often signals stability and investor confidence.

• Tracking Error: Physical gold ETFs should mirror the spot gold price closely.

• Type: Physical gold ETFs (like GLD, IAU) are more stable. Gold miner ETFs (like GDX, RING) can outperform but carry higher risk.

• Use Case: Are you hedging volatility or seeking higher returns? The right ETF depends on your goal.

Top Gold ETFs for 2025

1. SPDR Gold Shares (GLD)

• Type: Physical gold

• AUM: ~$83B

• Expense Ratio: 0.40%

• 2025 YTD: ~25.4%

• 5-Year Return: ~13.0%

• Pros: Most liquid and widely held; closely tracks spot gold

• Cons: Higher fees and share price than competitors

• Best For: Institutional-grade liquidity and reliability

2. iShares Gold Trust (IAU)

• Type: Physical gold

• AUM: ~$41.07B

• Expense Ratio: 0.25%

• 2025 YTD: ~25.5%

• 5-Year Return: ~13.2%

• Pros: Low fees, high liquidity, strong tracking

• Cons: Slightly less liquid than GLD

• Best For: Cost-conscious investors looking for core gold exposure

3. abrdn Physical Gold Shares ETF (SGOL)

• Type: Physical gold

• AUM: ~$3B

• Expense Ratio: 0.17%

• 2025 YTD: ~25%

• Pros: Lowest fees, strong tracking accuracy

• Cons: Smaller fund size and trading volume

• Best For: Long-term holders seeking transparency and cost efficiency

4. VanEck Merk Gold Trust (OUNZ)

• Type: Physical gold (with delivery option)

• AUM: ~$1B

• Expense Ratio: 0.25%

• 2025 YTD: ~25%

• Pros: Offers physical gold delivery

• Cons: Less liquid; delivery adds complexity

• Best For: Investors wanting redeemable gold exposure

5. VanEck Vectors Gold Miners ETF (GDX)

• Type: Gold miners

• AUM: ~$13.27B

• Expense Ratio: 0.51%

• 2025 YTD: >32%

• Pros: Leverages mining stocks for higher returns

• Cons: More volatile than physical gold

• Best For: Investors seeking upside beyond spot prices

6. iShares MSCI Global Gold Miners ETF (RING)

• Type: Gold miners (global)

• Expense Ratio: 0.39%

• 2025 YTD: >40%

• Pros: Best YTD performer; global diversification

• Cons: Higher risk, smaller AUM than GDX

• Best For: High-risk investors looking for equity-like returns

How Gold ETFs Compare to $SPY and $BTC

Over the past 10 years (2015–2025), here’s the rough return profile:

• $GLD ( ▲ 0.05% ) : 166%

• $SPY ( ▼ 0.86% ) : 180%

• $BTC.X ( ▼ 1.83% ) : 41,921%

Summary Table

Gold lags in absolute returns but leads in stability. It doesn’t match the upside of equities or crypto, but offers ballast during downturns. In 2025, while $SPY is up ~20% and $BTC has surged, physical gold ETFs like IAU and SGOL are up ~25%, and miners like RING are outperforming with >40% returns.

Gold’s uncorrelated nature to equities and crypto still makes it valuable for diversification. And in high-volatility environments, miner ETFs offer a middle ground between the defensiveness of physical gold and the risk/reward of high-growth assets.

Final Picks by Use Case

Takeaways

• IAU is the most balanced choice for most portfolios.

• SGOL offers the best cost-efficiency.

• RING delivers growth, but with more volatility.

• Miners outperformed gold in 2025 due to rising margins.

• Allocation matters: gold should complement, not replace, equities or crypto.

In a market where inflation, geopolitical stress, and volatility remain in play, gold ETFs continue to serve a clear role. Choosing the right one depends on whether you want protection, growth, or both.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research or speak to a qualified professional before investing.