One word- Diversification or weighting of stocks.

This post puts it very well my sentiment why GOAU has performed well compare to GDX/GDXJ.

” Unlike the GDX and GDXJ, GOAU is a dynamic, rules-based gold ETF. As of my writing this, the ETF is concentrated in fewer than 30 names, all of them high-quality with strong balance sheets, and it’s rebalanced and reconstituted every quarter.”

Can you imagine if DOW Industrial average was never rebalanced since 1980 stocks? Where would be DOW- close to 0.

GOAU ETF weightings