Platinum ETF PPLT Beats GLD Over 12 Months, With Higher Fees and Deeper Drawdowns

Overview

• PPLT’s one-year total return was reported around 186%–191%, more than double GLD’s roughly 77% over the same period.
• PPLT charges a 0.60% expense ratio versus 0.40% for GLD, and both funds are unlevered vehicles designed for direct price exposure to their respective metals.
• Size and liquidity differ markedly, with GLD managing roughly $148–$154 billion versus about $2–$3.5 billion for PPLT, which can mean wider bid–ask spreads for larger trades.
• Risk profiles diverge over longer horizons, with a five-year max drawdown of -35.73% for PPLT compared with -21.03% for GLD.
• The broader 2025 precious-metals surge also lifted miner ETFs such as GDX, which posted about 180% one-year returns but carries equity risk and, unlike PPLT, pays dividends.