VanEck Gold Miners ETF
GDX CommodityUpdated: Jul 4, 2026, 21:17 UTC
Key Metrics
Top 10 Holdings
| Holding | Ticker | Weight | Bar |
|---|---|---|---|
| Newmont Corp | NEM | 11.2% | |
| Agnico Eagle Mines Ltd | AEM.TO | 11.17% | |
| Barrick Mining Corp | ABX.TO | 8.16% | |
| Anglogold Ashanti PLC | AU | 5.19% | |
| Wheaton Precious Metals Corp | WPM.TO | 5.08% | |
| Franco-Nevada Corp | FNV.TO | 4.94% | |
| Kinross Gold Corp | K.TO | 4.75% | |
| Gold Fields Ltd ADR | GFI | 4.04% | |
| Pan American Silver Corp | PAAS.TO | 3.42% | |
| Coeur Mining Inc | CDE | 2.57% |
Sector Allocation
About This ETF
The VanEck Gold Miners ETF (GDX) is a Commodity ETF with an expense ratio (TER) of 0.51% and $27.1B in assets under management., with its largest holdings being Newmont Corp, Agnico Eagle Mines Ltd, Barrick Mining Corp. The ETF currently yields 0.71% in dividends. Year-to-date, GDX has returned -8.52%.
The fund normally invests at least 80% of its total assets in securities that comprise the fund’s benchmark index. The index is a modified capitalization weighted, float-adjusted index comprised of publicly traded companies primarily involved in the gold and silver mining industry. The fund is non-diversified.
FAQ — GDX
What is the TER of GDX (VanEck Gold Miners ETF)?
GDX has a Total Expense Ratio (TER) of 0.51 % per year. That sits below the commodity category median (0.65 % across 9 peer ETFs). The TER is deducted directly from the fund and lowers your effective return.
What return has GDX delivered?
Performance for GDX: YTD: -8.52 % · 3-year p.a.: +38.31 % · 5-year p.a.: +19.55 %. Over 5 years, GDX outperforms the commodity category median of +15.34 % by +4.21 pp. Past performance is no guarantee of future returns.
What are the top holdings of GDX?
The five largest positions in GDX are: NEM, AEM.TO, ABX.TO, AU, WPM.TO. The full holdings list is updated daily on this page.
Does GDX pay dividends?
GDX has a current dividend yield of 0.71 %. Distributing ETFs pay this out in cash; accumulating versions reinvest it inside the fund. Check the share class on your broker before buying.
Where can I buy or set up a savings plan for GDX?
GDX is available at most major brokers. For a free monthly savings plan from €1, look at Trade Republic, Scalable Capital or Flatex. The broker comparison on this site shows fees, free-savings-plan ETFs and execution exchanges side by side.
What is the VanEck Gold Miners ETF?
The VanEck Gold Miners ETF (GDX) bundles the world's largest listed gold and silver mining companies into a single basket. Unlike a physical gold fund, GDX holds no bullion — it owns shares of producers such as Agnico Eagle, Newmont and Barrick. That gives investors a leveraged, equity-based way to play the gold price: when the metal rises, miners' profit margins often expand more than proportionally. With $27.3B in assets, it is one of the best-known sector ETFs for commodity-related equities.
Performance & Drivers
The fund's figures show pronounced cyclicality: over three years GDX returned roughly 42.8 %, over five years about 18.5 %, while its year-to-date gain sits at a modest 1.7 %. The price near $87 places it mid-range within its 52-week band of $49.72 to $117.18.
The main drivers are the gold price itself, miners' production costs, and their leverage and operating efficiency. Because producers' profits depend heavily on the spread between the gold price and their costs, both upswings and downturns are far sharper than for the metal alone. The trailing yield is just 0.72 % — this is not an income vehicle but a growth and hedging building block.
Risk Profile
GDX is a concentrated sector product: 100 % of the portfolio sits in basic materials, and the provider classifies the fund as non-diversified. The key risks:
- Leverage to the gold price: mining shares usually swing more than the metal itself — in both directions.
- Operational risks: production costs, strikes, geological setbacks and political intervention in mining jurisdictions.
- Concentration: the ten largest positions make up a substantial share of the fund.
- Currency risk: the fund is denominated in US dollars. For euro-area investors, a weaker dollar can erode returns, while a stronger one can lift them.
The expense ratio is 0.51 % per year.
Who is it suitable for?
GDX fits investors with a long horizon and high risk tolerance who want targeted exposure to the gold sector — for example as a tactical satellite or a hedge against inflation and geopolitical uncertainty. Those seeking a leveraged, equity-based alternative to physical gold and able to stomach volatility get a liquid entry point here.
The fund is less suitable for:
- income-focused investors — the 0.72 % trailing yield is low;
- safety-minded savers who expect stable price paths;
- investors who want pure physical gold without company risk.
Such a concentrated sector fund is not designed as a core holding; a small portfolio allocation is typical.
How it compares with similar ETFs
GDX differs fundamentally from physical gold funds because it holds miners' shares rather than bullion:
- SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) track the physical gold price — less volatile than mining shares, with no company or leverage risk.
- iShares Silver Trust (SLV) holds physical silver, also without equity risk, but with greater sensitivity to industrial demand.
Against these metal funds, GDX offers higher upside when gold rises, but with much larger swings and an expense ratio of 0.51 %. Investors seeking pure precious-metal protection lean toward GLD or IAU; those wanting the operating leverage of producers choose GDX.
Where can I buy GDX?
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