At a glance
GDX charges 0.51% a year, above the 0.44% average of the 8 funds most like it (the 7th cheapest of 9). It has $22.75B in assets, the largest of that group; it paid 0.8% of its price in distributions over the past 12 months, annual. Over the past year it returned +10.6% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds; over three years it returned +42.6% a year. At its worst it fell 38.8% in the 2020 crash (S&P 500: 33.7%) and 46.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 23 months after the lows. Its ten largest positions make up 58.6% of the fund, out of 61 in all.
The short version
VanEck Gold Miners ETF (GDX) is an index fund tracking the MarketVector Global Gold Miners Index, so it holds shares of gold and silver mining companies, not gold itself. It is the largest of its peer funds, with $22.75 billion in net assets as of June 30, 2026, but its 0.51% expense ratio (yearly fee) tops the 0.44% peer average. Swings are extreme: it fell 80.3% from 2011 to 2016, then rose about 156% in 2025.
Price history
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GDX +10.6% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GDX official prospectus, to Dec 31, 2025 | — | +155.57% | — | +20.66% | +21.29% | — |
| GDX price data to Nov 2, 2026 | -7.7% | +10.6% | +42.6% | +21.9% | +13.4% | +4.7% |
- Over the year to Nov 2, 2026, GDX returned +10.6%, 8th of 9 among similar funds.
- Its 5-year annualized return was +21.9% and its 10-year +13.4%.
- In the 2020 COVID crash it fell 38.8% and regained its old high 1.3 months after the low.
- Its worst full calendar year was 2013 (-54.0%); its best was 2025 (+154.7%).
- The deepest fall in its price history was 80.3% (Sep 8, 2011 to Jan 19, 2016), recovered by Aug 7, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.7% | — |
| 2025 | +154.7% | +155.57% |
| 2024 | +10.6% | +10.17% |
| 2023 | +10.0% | +10.22% |
| 2022 | -9.0% | -8.87% |
| 2021 | -9.5% | -9.56% |
| 2020 | +23.7% | +23.30% |
| 2019 | +39.8% | +40.15% |
| 2018 | -8.8% | -8.92% |
| 2017 | +12.0% | +11.99% |
| 2016 | +53.0% | +52.91% |
| 2015 | -24.7% | — |
| 2014 | -12.4% | — |
| 2013 | -54.0% | — |
| 2012 | -8.9% | — |
| 2011 | -15.1% | — |
| 2010 | +33.9% | — |
| 2009 | +36.7% | — |
| 2008 | -26.1% | — |
| 2007 | +18.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 28.8% over that stretch · deepest drop along the way 70.8%, back to its old high 22.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.3% over that stretch · deepest drop along the way 38.8%, back to its old high 1.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.1% over that stretch · deepest drop along the way 46.5%, back to its old high 22.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.6300 | +57.5% |
| 2024 | $0.4000 | -20.0% |
| 2023 | $0.5000 | +4.2% |
| 2022 | $0.4800 | -9.4% |
| 2021 | $0.5300 | +178.9% |
| 2020 | $0.1900 | -5.0% |
| 2019 | $0.2000 | +81.8% |
| 2018 | $0.1100 | -38.9% |
| 2017 | $0.1800 | +200.0% |
| 2016 | $0.0600 | -50.0% |
| 2015 | $0.1200 | 0.0% |
| 2014 | $0.1200 | -36.8% |
| 2013 | $0.1900 | -58.7% |
| 2012 | $0.4600 | -38.7% |
| 2011 | $0.7500 | +87.5% |
| 2010 | $0.4000 | +263.6% |
| 2009 | $0.1100 | -92.6% |
| 2007 | $1.4900 |
What's inside
As of Jun 30, 2026, the fund held 61 securities; the ten largest made up 58.64% of assets.
| Holding | Weight | |
|---|---|---|
| Agnico Eagle Mines Ltd | 10.67% | |
| Newmont Corp | 10.41% | |
| Barrick Mining Corp | 7.95% | |
| Wheaton Precious Metals Corp | 5.60% | |
| Anglogold Ashanti Plc | 5.04% | |
| Franco-Nevada Corp | 4.89% | |
| Kinross Gold Corp | 4.39% | |
| Gold Fields Ltd | 4.07% | |
| Pan American Silver Corp | 2.97% | |
| Northern Star Resources Ltd | 2.63% | |
| Coeur Mining Inc | 2.38% | |
| Royal Gold Inc | 1.95% | |
| Alamos Gold Inc | 1.89% | |
| Evolution Mining Ltd | 1.65% | |
| Industrias Penoles SAB de CV | 1.52% |
By country
Canada 57.22%United States 16.12%Australia 8.41%United Kingdom 8.01%South Africa 5.14%By asset type
Stocks 99.94%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $561.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.18%, +0.93%, -15.52%.
How it works
GDX is a passive index fund, which means it copies an index rather than picking stocks. It aims to match the MarketVector Global Gold Miners Index, before fees. MarketVector Indexes GmbH publishes the index and is a wholly owned subsidiary of VanEck, the fund's adviser. The fund normally keeps at least 80% of its assets in the index's securities. It does not try to beat the index, and it does not move into cash or other defensive positions when mining stocks fall.
The index holds publicly traded companies mainly involved in gold and silver mining. Each company's weight is based on its market value, counting only shares the public can trade, with some rule-based limits. One rule caps companies with less than 50% exposure to gold-related activities at 20% of the index combined at each rebalance. As of December 31, 2025, the index had 48 stocks with market values from about $2.5 billion to $108.96 billion. Gold miners made up about 94.62% of it.
As of June 30, 2026, the fund held 61 holdings, with 58.64% in the top ten. The largest were Agnico Eagle Mines (10.67%) and Newmont (10.41%). As a 'non-diversified' fund, it may put more into a single company than a diversified fund could. It owns stocks, not bullion, and it held no derivatives. So its returns depend on miners' costs and the stock market, not just gold prices.
What it really costs
- GDX charges 0.51% a year, versus an average of 0.44% for the similar funds below (7th of 9, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $52 in the first year and $640 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GDX | $52 | $164 | $285 | $640 |
In a retirement portfolio
GDX is a concentrated, volatile bet on mining stocks that lost money in the 2008, 2020 and 2022 market slumps, so it fits as a small add-on rather than a hedge.
GDX has not cushioned stock market slumps. It lost money in each of the 2008, 2020 and 2022 downturns, and its own drops from peak to low were 70.8%, 38.8% and 46.5%. It took about 23 months to recover after the 2008 and 2022 lows, but just over a month in 2020. Its worst calendar year was 2013, when it fell 54%. Its deepest fall was 80.3%, from September 2011 to January 2016, and it did not get back to its old high until August 2025. Drawing cash during stretches like these would mean cashing out shares at deep losses.
It pays little income: a 0.77% yield over the 12 months to October 29, 2026, paid once a year. The 0.51% expense ratio is above the 0.44% peer average. Under the SEC's standard example, $10,000 invested would cost $52 for one year and $640 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small stake in big gold miners; Agnico Eagle Mines and Newmont were each over 10% of assets on June 30, 2026.
- Those who prefer a large, established fund: GDX launched in 2006 and held $22.75 billion on June 30, 2026, the most among similar funds.
- Patient holders who can ride out deep slumps, like the 80.3% fall from 2011 to 2016, without needing to draw on this money.
Look elsewhere if
- Cost-focused investors: the 0.51% expense ratio is above the 0.44% peer average, and iShares MSCI Global Gold Miners ETF (RING) charges 0.39%.
- Anyone wanting gold itself or a crash hedge: GDX holds mining stocks, not bullion, and fell 46.5% from peak to low in 2022.
- Income seekers: the yield over the 12 months to October 29, 2026, was 0.77%, and dividends are paid just once a year.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GDX this fund | — | 0.51% | $22.75B | +10.6% | +42.6% |
| GDMN WisdomTree Efficient Gold Plus Gold Miners … | 79% | 0.45% | $220.9M | +6.8% | +57.3% |
| RING iShares MSCI Global Gold Miners ETF | 65% | 0.39% | $2.52B | +22.8% | +49.4% |
| SGDM Sprott Gold Miners ETF | 60% | 0.5% | $558.7M | +24.9% | +43.9% |
| AUMI Themes Gold Miners ETF | 38% | 0.35% | $24.7M | +17.8% | — |
| GDXJ VanEck Junior Gold Miners ETF | 37% | 0.52% | $7.08B | +15.8% | +46.9% |
| SLVP iShares MSCI Global Silver Miners ETF | 34% | 0.39% | $1.02B | +26.0% | +53.8% |
| AGMI Themes Silver Miners ETF | 30% | 0.35% | $10.4M | +29.2% | — |
Questions investors ask
Is GDX good for retirement?
GDX may suit a retirement portfolio only as a small, higher-risk add-on, not a core holding. It owns gold and silver mining stocks, not gold. Its prospectus shows an average return of 21.29% a year over the 10 years to December 31, 2025. But it fell 80.3% from 2011 to 2016, and it lost money in the 2008, 2020 and 2022 market slumps. Its 0.77% yield as of October 29, 2026, offers little income.
Does GDX pay dividends?
Yes, but only once a year, and not much. GDX paid $0.63 per share over the 12 months to October 29, 2026, a yield of 0.77%. The money comes from dividends paid by the mining companies it owns, so the amount can rise or fall with their profits and payout decisions. GDX is designed to track gold mining stocks, not to produce steady income.
What's the difference between GDX and RING?
The main differences are cost and size. Both hold global gold mining stocks, and their holdings overlap by about 65%, based on the funds' latest SEC holdings reports. RING, from iShares, charges 0.39% a year, compared with 0.51% for GDX. GDX is far larger: it had $22.75 billion in net assets as of June 30, 2026, while RING had $2.52 billion as of August 31, 2026. RING's one-year return was 22.8% as of October 27, 2026, and GDX's was 15.2% as of October 29.
What's the difference between GDX and GDXJ?
GDXJ, also from VanEck, focuses on 'junior' gold miners, a term that usually means smaller companies. GDX's index had a weighted average market value of $39.4 billion as of December 31, 2025. Their holdings overlap by only about 37%. Costs are nearly the same: 0.52% a year for GDXJ and 0.51% for GDX. GDX is much bigger, with $22.75 billion in net assets compared with $7.08 billion for GDXJ, both as of June 30, 2026.
Does GDX track the price of gold?
No. GDX tracks the MarketVector Global Gold Miners Index, a basket of mining company stocks, not gold bullion. Mining shares respond to gold prices, but also to each company's costs, debt and management, and to the wider stock market. That can make returns swing widely: GDX returned 155.57% in 2025, lost 8.87% in 2022 and fell about 54% in 2013. Investors who want gold's price itself may want to compare it with funds that hold physical gold.