GDX
VanEck Gold Miners ETF
The Gold Miners ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Amex Gold Miners Index. The Index provides exposure to publicly traded companies worldwide involved primarily in the mining for gold or silver ore.
Fund Basics
| Fund sponsor | Van Eck Associates |
| Category | Global Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | May 16, 2006 |
| Assets (mns) | $13,815 |
| Expense ratio | 51 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| NEWMONT MINING CORP | 11.8 % |
| BARRICK GOLD CORPORATION | 8.1 % |
| AGNICO-EAGLE MINES LTD | 8.0 % |
| FRANCO-NEVADA CORP | 6.1 % |
| WHEATON PRECIOUS METALS CORP | 5.9 % |
| GOLD FIELDS LTD-SPONS ADR | 5.0 % |
| ZIJIN MINING GROUP CO LTD-H | 4.5 % |
| NORTHERN STAR RESOURCES LTD | 4.1 % |
| ROYAL GOLD INC | 3.3 % |
| KINROSS GOLD CORP | 3.1 % |
Constituent Breakdown
| Number of holdings | 60 |
| Herfindahl-Hirschman Index | 488 |
| Wgt avg mkt cap (mns) | $16,012 |
| Large cap (>$10bn) | 56.1% |
| Mid cap ($2-10bn) | 27.1% |
| Small cap (<$2bn) | 16.8% |
| Developed mkts. | 84.5% |
| Emerging mkts. | 15.5% |
Country Exposure
 |
CANADA | 49.4 % |
 |
UNITED STATES | 17.3 % |
 |
AUSTRALIA | 11.3 % |
 |
SOUTH AFRICA | 7.5 % |
 |
CHINA | 6.1 % |
 |
BRITAIN | 2.8 % |
 |
PERU | 1.6 % |
Historical Performance
Standardized Annual Returns (as of 03/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| -15.0% | -17.2% | -15.7% | -5.2% | 4.6% | 2.0% | -1.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.77 | 18% |
| MSCI EAFE | 1.09 | 33% |
| MSCI Emg Mkts | 0.95 | 27% |
Liquidity Measures
| Avg. volume (000) | 29,264 |
| Turnover | 6.9% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $2,943 |
Technical Indicators
| Recent close | $32.53 |
| 30d moving avg. | $29.51 |
| Annualized volatility | 32.6% |
| Relative strength (RSI) | 59 |
| Short interest (ETF) | 5.6% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. GDX |
Expenses vs. GDX |
ALTAR Score™ vs. GDX |
|---|---|---|---|---|
| GDXJ | VanEck Junior Gold Miners ETF | 36.9% | +1 bp | +0.1% |
| RING | iShares MSCI Global Gold Miners ETF | 22.9% | -12 bp | +1.2% |
| SGDM | Sprott Gold Miners ETF | 20.6% | -1 bp | +1.3% |
| GOAU | U.S. Global GO GOLD and Precious Metal Miners ETF | 17.8% | +9 bp | +1.5% |
| FTRI | First Trust Indxx Global Natural Resources Income ETF | 16.3% | +19 bp | +5.8% |
| SIL | Global X Silver Miners ETF | 13.1% | +14 bp | -2.2% |
| GOEX | Global X Gold Explorers ETF | 11.7% | +14 bp | +0.1% |
| SLVP | iShares MSCI Global Silver Miners ETF | 10.7% | -12 bp | -0.9% |
| XME | SPDR S&P Metals & Mining ETF | 10.4% | -16 bp | +2.3% |
Risk and Returns: GDX vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 4/22/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
GDX
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
GDX
4.9%
Cat. Avg
3.8%
Fund Category: Global Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 4.9% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
Category Overview
There are 347 funds in the Global Equities category, with an average ALTAR Score™
of 3.8% and a standard deviation of
4.9%. GDX's ALTAR Score™ is approximately
0.2 standard deviations
above
the category average. This places GDX in the 59th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
GDX
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| GDX | 51.0 | 3.5 | 54.5 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .