VanEck Gold Miners ETF (GDX) returned 50.7% over the past year, significantly outperforming SPDR Gold Trust (GLD)'s 23.7% return. This trend extends to five-year returns, with GDX up 200.4% compared to GLD's 138.0%, primarily due to miners' operating leverage. However, miners also face additional risks such as geopolitical issues, labor disputes, and cost inflation, while GLD is subject to a 28% collectible tax rate.