How are behaviors of physically backed gold and gold miner exchange-traded funds (ETF) similar and different? To investigate we consider SPDR Gold Shares (GLD) and Market Vectors Gold Miners (GDX). Using weekly returns for these assets, and for SPDR S&P 500 (SPY), over the available sample period of May 2006 (limited by GDX) through October 2017, we find that:
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