GDX — VanEck Gold Miners ETF

GDX Price Performance — Growth of $10,000

Value of a $10,000 investment in GDX over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

GDX Drawdown

The "underwater" chart: GDX's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The VanEck Gold Miners ETF (GDX) operates within the Materials category, which ETFValuer tracks as containing 15 funds. Issued by VanEck, this fund manages $22.8 billion in assets and trades at a price of $75.02. It holds an overall rank of #213 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 61.7 out of 100. The fund charges an expense ratio of 0.51% and offers a dividend yield of 0.84%. The substantial asset under management figure suggests significant investor adoption relative to the category size, despite the mid-tier ranking. These metrics collectively define the fund's position as a large-cap vehicle within a specialized sector.

Recent price action shows a sharp decline over the last day of -2.16%, followed by a recovery of +5.07% over the week. However, the one-month return of -3.40% and a three-month drop of -20.60% indicate persistent downward pressure in the near term. Year-to-date performance sits at -12.49%, while the six-month return has fallen further to -25.94%. In contrast, the one-year return has surged to +38.70%, and the three-year return has reached +152.95%. This pattern illustrates a significant divergence where long-term gains have been overshadowed by recent short-term losses. The data reflects a volatile trajectory where multi-year accumulation has been interrupted by a steep correction in the current year.

The fund carries a Very High volatility label and a beta of 0.81, suggesting price movements that are highly erratic but slightly less sensitive to broad market swings. A Sharpe ratio of 0.70 indicates that the risk-adjusted returns have been moderate relative to the volatility experienced. The maximum drawdown of -38.93% highlights the potential for severe capital erosion during market downturns. This combination of figures implies that while the fund may offer substantial upside during strong trends, it exposes investors to significant downside risk. The high volatility and deep drawdown suggest the fund behaves aggressively in both rising and falling market conditions. Investors should expect large fluctuations in value that exceed the average for the broader market.

AI-generated summary based on the data on this page.

GDX Top Holdings

Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 60.6% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how GDX's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With GDX

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with GDX's top 10 — RING overlaps most, holding 8 of the same companies as GDX's top 10 (52.8% of GDX's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

GDX Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.64% and average daily volume is 21.9M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $22.8B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: GDX is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

GDX Performance History

How GDX Compares to Other Materials ETFs