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
25.8 B
ASSETS UNDER MGMT
51 bp
EXPENSES
Fund Basics
| Fund sponsor | Van Eck Associates |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | May 16, 2006 |
| Assets (mns) | $25,753 |
| 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 +
| AGNICO-EAGLE MINES LTD | 9.1 % |
| NEWMONT MINING CORP | 8.8 % |
| BARRICK MINING CORP | 7.3 % |
| ANGLOGOLD ASHANTI PLC | 5.0 % |
| WHEATON PRECIOUS METALS CORP | 5.0 % |
| GOLD FIELDS LTD-SPONS ADR | 4.9 % |
| FRANCO-NEVADA CORP | 4.7 % |
| KINROSS GOLD CORP | 4.4 % |
| PAN AMERICAN SILVER CORP | 4.0 % |
| NORTHERN STAR RESOURCES LTD | 3.5 % |
Constituent Breakdown
| Number of holdings | 56 |
| Herfindahl-Hirschman Index | 340 |
| Wgt avg mkt cap (mns) | $27,932 |
| Large cap (>$10bn) | 66.1% |
| Mid cap ($2-10bn) | 19.8% |
| Small cap (<$2bn) | 1.0% |
| Developed mkts. | 77.6% |
| Emerging mkts. | 14.3% |
Country Exposure
 |
CANADA | 55.7 % |
 |
UNITED STATES | 14.4 % |
 |
AUSTRALIA | 8.5 % |
 |
SOUTH AFRICA | 6.5 % |
 |
BRITAIN | 3.1 % |
 |
MEXICO | 1.9 % |
 |
INDONESIA | 1.9 % |
 |
CHINA | 1.2 % |
 |
PERU | 1.0 % |
Historical Performance
Standardized Performance (as of 12/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 152.9% | 152.9% | 66.3% | 44.1% | 18.9% | 20.1% | -- | 4.3% |
| Dividend Yield | 1.8% | 1.8% | 1.6% | 1.7% | 1.7% | 1.2% | -- | 0.9% |
| Total Returns | 154.8% | 154.8% | 67.9% | 45.8% | 20.6% | 21.3% | -- | 5.2% | Ann. Volatility | 37.7% | 37.7% | 34.9% | 33.5% | 34.1% | 37.3% | -- | 40.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.41 | 4% |
| MSCI EAFE | 0.89 | 15% |
| MSCI Emg Mkts | 0.81 | 14% |
Liquidity Measures
| Avg. volume (000) | 21,008 |
| ADV traded (mns) | $1,802 |
| Turnover | 7.0% |
| Avg. Bid/Ask (% of price) | 0.01% |
Technical Indicators
| 30d moving avg. (EMA) | $82.73 |
| Relative strength (RSI) | 66 |
| MACD/Signal | 3.49/2.93 |
| Bollinger Bands (Upper/Lower) | $91.67/$77.16 |
| Short interest (% of AUM) | 14.5% |
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 |
|---|---|---|---|---|
| AUAU | Global X Gold Miners ETF | 77.9% | -16 bp | +2.5% |
| GDXJ | VanEck Junior Gold Miners ETF | 44.0% | +1 bp | +2.6% |
| SGDM | Sprott Gold Miners ETF | 18.2% | -1 bp | +2.3% |
| SIL | Global X Silver Miners ETF | 18.0% | +14 bp | +1.6% |
| IGE | iShares North American Natural Resources ETF | 17.9% | -10 bp | +6.9% |
| AUMI | Themes Gold Miners ETF | 17.9% | -16 bp | +2.8% |
| AGMI | Themes Silver Miners ETF | 16.1% | -16 bp | +3.3% |
| FFTY | Innovator IBD 50 ETF | 15.5% | +29 bp | -1.8% |
| SLVP | iShares MSCI Global Silver Miners ETF | 15.5% | -12 bp | +3.6% |
| GOEX | Global X Gold Explorers ETF | 14.7% | +14 bp | +1.7% |
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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| 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 | 2024 | 2025 | 2026 | |
| 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 1/1/2026
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
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
GDX
2.8%
Cat. Avg
3.7%
ALTAR Score™ Calculation
Category Overview
There are 385 funds in the Global Equity category, with an average ALTAR Score™
of 3.7% and a standard deviation of
3.0%. GDX's ALTAR Score™ is approximately
0.3 standard deviations
below
the category average. This places GDX in the 38th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
GDXSELL
U/W
HOLD
O/W
BUY