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
13.9 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) | $13,945 |
| 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 | 12.4 % |
| AGNICO-EAGLE MINES LTD | 10.1 % |
| BARRICK GOLD CORPORATION | 7.7 % |
| WHEATON PRECIOUS METALS CORP | 7.0 % |
| FRANCO-NEVADA CORP | 5.8 % |
| GOLD FIELDS LTD-SPONS ADR | 4.1 % |
| NORTHERN STAR RESOURCES LTD | 4.0 % |
| KINROSS GOLD CORP | 3.8 % |
| ANGLOGOLD ASHANTI PLC | 3.8 % |
| ZIJIN MINING GROUP CO LTD-H | 3.8 % |
Constituent Breakdown
| Number of holdings | 65 |
| Herfindahl-Hirschman Index | 526 |
| Wgt avg mkt cap (mns) | $20,184 |
| Large cap (>$10bn) | 61.1% |
| Mid cap ($2-10bn) | 25.3% |
| Small cap (<$2bn) | 13.7% |
| Developed mkts. | 86.7% |
| Emerging mkts. | 13.3% |
Country Exposure
 |
CANADA | 52.5 % |
 |
UNITED STATES | 17.5 % |
 |
AUSTRALIA | 11.6 % |
 |
SOUTH AFRICA | 6.2 % |
 |
CHINA | 5.1 % |
 |
BRITAIN | 2.3 % |
 |
PERU | 1.1 % |
Historical Performance
Standardized Performance (as of 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 8.5% | 22.0% | 19.9% | 3.7% | 4.9% | 7.9% | 0.1% | Volatility | 31.4% | 31.8% | 32.8% | 34.0% | 39.6% | 38.7% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.70 | 16% |
| MSCI EAFE | 0.94 | 30% |
| MSCI Emg Mkts | 0.99 | 33% |
Liquidity Measures
| Avg. volume (000) | 23,616 |
| Turnover | 6.5% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $2,782 |
Technical Indicators
| Recent close | $38.14 |
| 30d moving avg. | $40.93 |
| Annualized volatility | 30.3% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 10.7% |
| 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 | 32.3% | +1 bp | +0.0% |
| GOAU | U.S. Global GO GOLD and Precious Metal Miners ETF | 22.7% | +9 bp | +0.4% |
| RING | iShares MSCI Global Gold Miners ETF | 22.4% | -12 bp | +1.1% |
| SGDM | Sprott Gold Miners ETF | 20.1% | -1 bp | +0.9% |
| FTRI | First Trust Indxx Global Natural Resources Income ETF | 17.1% | +19 bp | +5.3% |
| AUMI | Themes Gold Miners ETF | 16.0% | -16 bp | +5.7% |
| SIL | Global X Silver Miners ETF | 13.8% | +14 bp | -2.3% |
| GOEX | Global X Gold Explorers ETF | 11.7% | +14 bp | 0.0% |
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
| 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 11/21/2024
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
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 Rating
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.
ALTAR Score™
GDX
4.4%
Cat. Avg
4.1%
ALTAR Score™ Calculation
Category Overview
There are 376 funds in the Global Equity category, with an average ALTAR Score™
of 4.1% and a standard deviation of
4.7%. GDX's ALTAR Score™ is approximately
0.1 standard deviations
above
the category average. This places GDX in the 53rd 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
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| GDX (51 bp) Percentile rank | 41 |
Peer Group Expense Ratio Distribution
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. | 57.2 | 40.4 | 97.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .