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) is a materials sector fund managed by VanEck with $30.5 billion in assets under management. It holds a B grade with a score of 64.6 out of 100, ranking third among 15 similar funds and 182nd across all tracked ETFs. The fund’s 0.51% expense ratio is slightly below the category median of 0.52%, while its 0.64% dividend yield trails the median of 1.34%. Concentration is notable, with the top 10 holdings comprising 58.6% of assets and Agnico Eagle Mines Ltd representing the largest single position at 10.7%.

GDX has demonstrated strong momentum over the medium and long term, with returns of 28.20% over three months and 49.01% over the past year. This recent performance outpaces the category median one-year return of 42.28%, though the six-month return of -3.77% indicates a divergence from the longer-term upward trend. The fund’s price of $99.47 sits at 64.5% of its 52-week range, reflecting its current valuation relative to recent highs. The ETFValuer grade was upgraded from C to B on August 19, 2026, coinciding with this improved performance profile. Historical data is available for only 3.0 years, limiting the depth of long-term trend analysis.

The fund exhibits very high annualized volatility of 50.88%, paired with a beta of 0.83, indicating it moves less than the broader market but with significant amplitude. A maximum drawdown of -38.93% highlights the potential for substantial declines during periods of stress. Despite this volatility, the Sharpe ratio of 0.86 suggests that the returns generated have been adequate relative to the risk taken. Liquidity is robust, with an average daily volume of 23,598,620 shares and a tight bid-ask spread of 0.08%, facilitating efficient trading.

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

GDX Top Holdings

Holdings as of 2026-06-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 58.6% 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 (51.1% 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: 4.80% (as of 2026-09-08) — 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): 15.72 (as of 2026-09-08) — 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 2026-08-01) — 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 0.08% and average daily volume is 23.6M/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 $30.5B 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