Combines US gold futures with shares of gold mining companies worldwide, giving exposure to both the gold price and the miners in one holding.
GDMN, the WisdomTree Efficient Gold Plus Gold Miners Strategy Fund, is a $216 million ETF whose main story is hard asset flight. Over the past year it returned +6.5%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Hard asset flight →
Gold, silver and the miners: assets held because no government issues them.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | GLD | 36.5% | $141.70bn | +7.1% | 0.40% |
| 2 | IAU | 16.0% | $62.22bn | +7.3% | 0.25% |
| 3 | GLDM | 7.9% | $30.71bn | +7.5% | 0.10% |
| 4 | SLV | 7.7% | $29.96bn | +28.7% | 0.50% |
| 5 | GDX | 6.8% | $26.25bn | +14.7% | 0.51% |
| 101 other ETFs | 25.1% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 106 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| GDMN | −14.1% | +7.5% | −11.5% | +6.5% | +70.9% | – |
| Hard asset flightits narrative | −5.7% | +3.3% | +0.3% | +14.9% | +33.7% | +19.5% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on December 16, 2021: +32.7% a year.
$10,000 invested December 31, 2021
Year by year
Total return in each calendar year; this year is year to date. A year appears only if GDMN traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
GDMN moves largely apart from the market. When the market has moved 1%, GDMN has tended to move 0.93%.
GDMN moves closely with hard asset flight. When hard asset flight has moved 1%, GDMN has tended to move 2.46%.
Weekly returns over 157 weeks. The narrative is measured without GDMN in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Hard asset flight
Each dot is one of 54 unlevered ETFs whose main narrative is hard asset flight, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
GDMN is the 14th cheapest of 35 ETFs in hard asset flight. The dashed line is the middle of the group, 0.51% a year.
How it is built
An unlevered long ETF that gets its exposure through futures. It counts toward Share of Narrative.
Narrative exposure
Common questions
What story is GDMN selling?
GDMN’s main story is hard asset flight, which covers gold, silver and the miners: assets held because no government issues them.
Which ETFs compete with GDMN?
The ETFs whose weekly returns move most like GDMN’s over the past 3 years are GDX (0.98), RING (0.98) and SGDM (0.98).
How has GDMN performed against its story?
Over the past year GDMN returned +6.5%, the ETFs carrying hard asset flight +14.9% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.96 with the story. Past performance only.
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