Average Daily Volume
20.49M
Fund Overview
The VanEck Vectors Gold Miners ETF (GDX) is designed to provide investors with exposure to the largest gold mining companies worldwide. The fund tracks the NYSE Arca Gold Miners Index, which includes publicly traded companies involved in the mining of gold and, to a lesser extent, silver. These companies are primarily engaged in the exploration, production, and development of precious metals. GDX offers a diversified approach to investing in the gold mining sector, which can be more volatile than physical gold itself but also offers potential for higher returns during gold price rallies. The ETF is one of the most liquid and widely traded funds in the precious metals mining space, making it a popular choice for both institutional and retail investors.
- Asset Class
-
Equity
- Industry
-
Gold Miners
- Annual Dividend Rate
-
- Smart Beta
-
No
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- 0.78 %
- Currency Hedged
-
No
- Portfolio Turnover
-
15 %
- Dividend Date
-
Why Invest in the GDX ETF?
Potential Benefits
- Provides exposure to a diversified basket of large-cap gold mining companies, reducing single-stock risk.
- Offers potential for leveraged returns compared to physical gold during bull markets for precious metals.
- Highly liquid with tight bid-ask spreads, making it easy to enter and exit positions.
- Can serve as an inflation hedge, as gold miners often benefit from rising gold prices during inflationary periods.
- Includes some silver mining exposure, providing additional diversification within the precious metals sector.
Potential Risks
- More volatile than physical gold ETFs due to operational risks and leverage inherent in mining companies.
- Performance can diverge from gold prices due to company-specific factors like management decisions and production costs.
- Sensitive to changes in energy prices and local regulations in mining jurisdictions.
- May underperform physical gold during periods of flat or declining gold prices due to fixed mining costs.
- Currency risk exposure as many miners operate internationally with costs in local currencies but revenues in USD.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
+9.8%
|
+23.0%
|
-20.8%
|
-3.8%
|
+1.4%
|
-15.7%
|
-1.8%
|
+32.9%
|
-10.9%
|
+0.5%
|
-
|
-
|
| 2025 |
+14.9%
|
+2.0%
|
+15.7%
|
+6.6%
|
+3.3%
|
+2.8%
|
-0.8%
|
+22.3%
|
+20.9%
|
-5.7%
|
+15.5%
|
+3.8%
|
| 2024 |
-9.9%
|
-5.7%
|
+20.0%
|
+4.8%
|
+6.5%
|
-3.9%
|
+11.8%
|
+1.8%
|
+3.1%
|
+1.3%
|
-6.6%
|
-8.9%
|
| 2023 |
+11.7%
|
-14.1%
|
+17.6%
|
+3.8%
|
-8.0%
|
-2.6%
|
+4.3%
|
-6.8%
|
-8.0%
|
+4.1%
|
+11.8%
|
+0.6%
|
| 2022 |
-5.6%
|
+13.7%
|
+11.5%
|
-8.8%
|
-9.3%
|
-13.7%
|
-4.1%
|
-9.4%
|
+1.3%
|
+0.2%
|
+20.2%
|
+0.4%
|
| 2021 |
-4.2%
|
-9.8%
|
+4.4%
|
+5.7%
|
+14.7%
|
-13.8%
|
+2.8%
|
-6.6%
|
-9.6%
|
+7.6%
|
+0.3%
|
+2.5%
|
| 2020 |
-1.0%
|
-9.6%
|
-12.1%
|
+40.0%
|
+6.4%
|
+6.9%
|
+17.1%
|
-1.6%
|
-7.4%
|
-4.3%
|
-7.5%
|
+4.4%
|
| 2019 |
+7.6%
|
-2.0%
|
+0.8%
|
-6.8%
|
+3.4%
|
+18.4%
|
+3.7%
|
+12.7%
|
-10.5%
|
+5.4%
|
-3.8%
|
+8.9%
|
| 2018 |
+2.2%
|
-10.1%
|
+3.0%
|
+1.4%
|
+0.3%
|
-0.1%
|
-4.6%
|
-12.8%
|
-0.2%
|
+2.2%
|
+0.8%
|
+11.0%
|
| 2017 |
+14.4%
|
-4.5%
|
-0.2%
|
-2.5%
|
+2.1%
|
-2.7%
|
+3.5%
|
+8.1%
|
-7.1%
|
-2.1%
|
0.0%
|
+4.2%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
|
NEM
|
NEWMONT CORP |
11.9 % |
|
GFI
|
GOLD FIELDS LTD ADR |
4.7 % |
|
AU
|
ANGLOGOLD ASHANTI PLC |
4.5 % |
|
AGI
|
ALAMOS GOLD INC CLASS A |
2.8 % |
|
RGLD
|
ROYAL GOLD INC |
2.7 % |
|
HMY
|
HARMONY GOLD MINING CO LTD ADR |
2.2 % |
|
PAAS
|
PAN AMERICAN SILVER CORP |
2.1 % |
|
OR
|
OSISKO GOLD ROYALTIES LTD |
1.0 % |
Top 10 holdings shown, out of 58 total holdings.
Related ETFs: GDX vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
GDX tracks the NYSE Arca Gold Miners Index, a modified market-cap-weighted index of global gold mining companies. The index methodology includes companies that derive at least 50% of their revenue from gold mining (or silver mining, if gold is not primary). The fund holds common stocks of these mining companies and is rebalanced quarterly. GDX provides exposure to large, liquid gold miners rather than smaller exploration companies. The market-cap weighting means larger, more established miners have greater influence on performance, potentially reducing volatility compared to equal-weighted approaches.
Frequently Asked Questions
Does GDX pay dividends?
Yes, GDX pays dividends, though yields are typically modest as gold miners often prioritize reinvestment in operations over dividend payments.
How does GDX differ from physical gold ETFs?
GDX invests in gold mining stocks rather than physical gold, meaning its performance depends on company operations and gold prices, not just gold spot prices.
What percentage of GDX is invested in non-gold mining companies?
GDX primarily holds gold miners, but may include some silver mining companies if they meet the index criteria of deriving significant revenue from precious metals.
Is GDX a good hedge against inflation?
GDX can serve as an inflation hedge, though its correlation with inflation may be less direct than physical gold due to operational factors affecting mining companies.
What are the largest holdings in GDX?
As of the latest data, GDX's top holdings typically include major global gold producers like Newmont Corporation, Barrick Gold, and Franco-Nevada.
Industry Overview
The gold mining industry, represented by ETFs like GDX, offers investors exposure to companies that explore for, develop, and produce gold. Unlike physical gold ETFs that track the metal's price, GDX provides equity exposure to miners whose performance depends on both gold prices and operational efficiency. The gold mining sector tends to be more volatile than physical gold but can offer amplified returns during gold bull markets. GDX focuses on large, established miners with global operations, providing relatively stable exposure to the sector compared to junior miners. The industry faces unique challenges including fluctuating production costs, geopolitical risks in mining jurisdictions, and environmental regulations, but remains a key component of many commodity portfolios.
Alternative Comparison
Compared to GDXJ (VanEck's junior gold miners ETF), GDX offers exposure to larger, more established mining companies with generally lower risk profiles. Unlike physical gold ETFs like GLD or IAU, GDX provides equity exposure that can offer dividend income and potential for operational outperformance. RING (iShares MSCI Global Gold Miners ETF) is a close competitor with similar holdings but slightly different geographic exposure and weighting methodology. GDX typically has higher liquidity and lower expense ratio than many competing gold miner ETFs.
Issuer Overview
VanEck is a well-established asset manager with particular expertise in hard asset and commodity investing. The firm has been managing GDX since its inception in 2006 and has built a strong reputation in the natural resources ETF space. VanEck offers a range of commodity and mining-focused ETFs, with GDX being one of their flagship products. The firm's deep experience in the sector informs their index construction and fund management approach.
Conclusion
GDX remains the premier ETF for investors seeking diversified exposure to large-cap gold mining companies. Its liquidity, established track record, and VanEck's expertise in the sector make it a core holding for many precious metals investors. While more volatile than physical gold, GDX offers the potential for enhanced returns during gold price rallies and provides exposure to well-managed mining operations worldwide.
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