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.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
$ 30.4 B
ASSETS UNDER MGMT
51 bp
EXPENSES
Fund Basics
| Inception date | May 16, 2006 |
| Regulation | Open-Ended Fund |
| Fund Website | link... |
| Distributions | Annually |
| Currency | USD |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| AGNICO-EAGLE MINES LTD | 12.0 % |
| NEWMONT MINING CORP | 11.0 % |
| BARRICK MINING CORP | 7.5 % |
| ANGLOGOLD ASHANTI-SPON ADR | 5.2 % |
| FRANCO-NEVADA CORP | 5.0 % |
| WHEATON PRECIOUS METALS CORP | 5.0 % |
| KINROSS GOLD CORP | 4.8 % |
| GOLD FIELDS LTD-SPONS ADR | 4.5 % |
| PAN AMERICAN SILVER CORP | 3.1 % |
| NORTHERN STAR RESOURCES LTD | 2.9 % |
Constituent Breakdown
| Number of holdings | 58 |
| Herfindahl-Hirschman Index | 508 |
| Wgt avg mkt cap (mns) | $37,004 |
| Large cap (>$10bn) | 70.0% |
| Mid cap ($2-10bn) | 19.5% |
| Small cap (<$2bn) | 0.8% |
| Developed mkts. | 83.3% |
| Emerging mkts. | 15.5% |
Sector Breakdown
Country Exposure
 |
CANADA | 55.2 % |
 |
UNITED STATES | 17.4 % |
 |
SOUTH AFRICA | 10.7 % |
 |
AUSTRALIA | 7.7 % |
 |
BRITAIN | 2.9 % |
 |
MEXICO | 1.5 % |
 |
INDONESIA | 1.2 % |
 |
CHINA | 1.1 % |
 |
PERU | 1.0 % |
Historical Performance
Standardized Performance (as of 03/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 7.0% | 99.6% | 70.4% | 41.6% | 23.1% | 16.5% | -- | 4.6% |
| Dividend Yield | 0.0% | 1.5% | 1.6% | 1.7% | 1.7% | 1.1% | -- | 0.9% |
| Total Returns | 7.0% | 101.1% | 72.0% | 43.2% | 24.8% | 17.6% | -- | 5.5% | Ann. Volatility | 60.8% | 46.1% | 39.1% | 36.4% | 35.7% | 37.4% | -- | 41.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.59 | 6% |
| MSCI EAFE | 1.18 | 21% |
| MSCI Emg Mkts | 1.05 | 21% |
Liquidity Measures
| Avg. volume (000) | 27,896 |
| ADV traded (mns) | $2,727 |
| Turnover | 9.0% |
| Avg. Bid/Ask (% of price) | 0.01% |
Technical Indicators
| 30d moving avg. (EMA) | $94.77 |
| Relative strength (RSI) | 53 |
| MACD/Signal | -0.13/-1.94 |
| Bollinger Bands (Upper/Lower) | $102.28/$78.42 |
| Short interest (% of AUM) | 14.5% |
Distributions
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. GDX |
Expenses vs. GDX |
ALTAR Score™ vs. GDX |
|---|---|---|---|---|
| AUAU | Global X Gold Miners ETF | 82.9% | -16 bp | 0.0% |
| GDXJ | VanEck Junior Gold Miners ETF | 33.7% | +1 bp | +0.3% |
| GOAU | U.S. Global GO GOLD and Precious Metal Miners ETF | 30.6% | +9 bp | -0.4% |
| AUMI | Themes Gold Miners ETF | 21.4% | -16 bp | +0.6% |
| RING | iShares MSCI Global Gold Miners ETF | 18.9% | -12 bp | +0.8% |
| AGMI | Themes Silver Miners ETF | 18.1% | -16 bp | +0.2% |
| SIL | Global X Silver Miners ETF | 17.4% | +14 bp | -1.4% |
| IGE | iShares North American Natural Resources ETF | 16.4% | -10 bp | +2.8% |
| SGDM | Sprott Gold Miners ETF | 16.3% | -1 bp | +0.1% |
| CPAI | Counterpoint Quantitative Equity ETF | 15.8% | +24 bp | +3.0% |
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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| 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 4/16/2026
Peer Group Comparison Sample data. Subscribe for access.
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
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 Rating
3.1%
ALTAR SCORE™
32nd
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 587 funds in the Global Equity category with an average
ALTAR Score™ of 4.4% and a standard deviation
of 2.6%. GDX's ALTAR Score™ is approximately -0.5 standard
deviations above the category average. This places GDX in the 32nd percentile
among funds in the category.
Sell-Side Consensus
$133.35
PRICE TARGET
+36.4%
UPSIDE