GOLD and PMGOLD overlap by about 100%: owning both mostly doubles up. PMGOLD is cheaper (0.15% vs 0.40% a year), about $250 a year less on $100,000. GOLD is the bigger fund ($5.8b vs $2.4b). Both are backed by physical gold and unhedged. PMGOLD is issued by the Perth Mint with a Western Australian Government guarantee, for a much lower fee.
📅 As at 30 September 2026: fees, size, flows and returns from the TMX Australia funds report.
GOLD
Global X Physical GOLD StructuredGOLD is backed by physical gold bullion held in a vault. It is unhedged, so its price moves with gold and the Australian dollar.
PMGOLD
Perth Mint Gold Structured Product APMGOLD is backed by physical gold held by the Perth Mint, with a Western Australian Government guarantee. It is unhedged.
GOLD vs PMGOLD side by side
Green marks the cheaper, bigger or better-performing fund on each line. Past returns are not a reliable guide to the future.
| GOLD | PMGOLD | |
|---|---|---|
| Issuer | Global X | Perth Mint |
| Index | Gold price in A$ (physically backed) | Gold price in A$ (physically backed) |
| Fee (a year) | 0.40% | 0.15% |
| Size | $5.8b | $2.4b |
| Net money in, September | +$33m | +$52m |
| 1-year return | +1.7% | +1.9% |
| 5-year return | +144% | +147% |
| Listed | 2003 | 2010 |
| Top 10 holdings | 100% of fund | 100% of fund |
| Trend now | Downtrend | Downtrend |
How much do GOLD and PMGOLD overlap?
About 100% of their holdings are the same, by weight: high overlap, so owning both mostly doubles up.
Only in GOLD
- No holdings above 0.5%: the differences are all small positions.
Only in PMGOLD
- No holdings above 0.5%: the differences are all small positions.
Sectors and countries
Sectors
Countries
Trend: base, uptrend or downtrend?
Past year of prices, shaded by trend stage. The dashed line is the 200-day exponential average. As at 4 November 2026. How base and trend works.
GOLD or PMGOLD: which suits who?
Where either fits depends on the rest of your portfolio: whether it’s your core or a satellite. See core and satellite investing.
See the exact overlap with everything you hold, plus the trend of each ETF, in our free calculator.
More comparisons
GOLD vs PMGOLD FAQs
Is GOLD or PMGOLD better?
Neither is better for everyone. Both are backed by physical gold and unhedged. PMGOLD is issued by the Perth Mint with a Western Australian Government guarantee, for a much lower fee. Choose GOLD if you want the largest gold ETF on the ASX. Choose PMGOLD if you want physical gold for the lowest fee.
What is the difference between GOLD and PMGOLD?
GOLD and PMGOLD overlap by about 100%: owning both mostly doubles up. PMGOLD is cheaper (0.15% vs 0.40% a year), about $250 a year less on $100,000. GOLD is the bigger fund ($5.8b vs $2.4b). Both are backed by physical gold and unhedged. PMGOLD is issued by the Perth Mint with a Western Australian Government guarantee, for a much lower fee.
Should I own both GOLD and PMGOLD?
Usually there’s little point. With 100% overlap, owning both mostly doubles up on the same companies. Pick one.
Which is cheaper, GOLD or PMGOLD?
PMGOLD is cheaper (0.15% vs 0.40% a year), about $250 a year less on $100,000. Fees are taken from the fund’s returns, not charged separately.
Fees, size, flows and returns: TMX Australia Funds Report to 30 September 2026; returns are total returns and the 5-year figure is cumulative. Overlap, sectors and countries are based on each fund’s published holdings, scaled to the part of each fund we can see. Trend stages are a technical indicator based on 10, 20, 50 and 200-day exponential moving averages; they describe the past, not the future. General information only, not a recommendation to buy or sell GOLD or PMGOLD. Consider the PDS and TMD, and your own circumstances, before investing.