At a glance
RING charges 0.39% a year, below the 0.48% average of the 6 funds most like it (the 2nd cheapest of 7). It has $2.52B in assets, the 3rd largest of that group; it paid 1.26% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +22.8% with distributions reinvested (S&P 500: +11.5%), 3rd of those 7 funds; over three years it returned +49.4% a year. At its worst it fell 35.3% in the 2020 crash (S&P 500: 33.7%) and 47.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 22 months after the lows. Its ten largest positions make up 69.6% of the fund, out of 48 in all.
The short version
iShares MSCI Global Gold Miners ETF (RING) is a BlackRock index fund that holds gold mining stocks from around the world. It tracks the MSCI ACWI Select Gold Miners Investable Market Index. Its 0.39% expense ratio (yearly fee) is below the 0.48% average of similar funds, and its index favors miners that don't hedge gold prices. The trade-off is very large swings: it lost 79.5% from 2012 to 2015.
Price history
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RING +22.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| RING official prospectus, to Dec 31, 2024 | — | +14.72% | — | +4.80% | +7.91% | — |
| MSCI All Country World Index Net index, same period | — | +17.49% | — | +10.06% | +9.23% | — |
| MSCIACWI Select Gold Miners Investable Market Index Net index, same period | — | +13.83% | — | +4.73% | +7.98% | — |
| RING price data to Oct 27, 2026 | -1.0% | +22.8% | +49.4% | +23.6% | +15.3% | +3.7% |
- Over the year to Oct 27, 2026, RING returned +22.8%, 3rd of 7 among similar funds.
- Its 5-year annualized return was +23.6% and its 10-year +15.3%.
- In the 2020 COVID crash it fell 35.3% and regained its old high 1.1 months after the low.
- Its worst full calendar year was 2013 (-52.0%); its best was 2025 (+164.8%).
- The deepest fall in its price history was 79.5% (Feb 23, 2012 to Nov 17, 2015), recovered by Jun 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.0% | — |
| 2025 | +164.8% | — |
| 2024 | +16.0% | +14.72% |
| 2023 | +12.3% | +12.62% |
| 2022 | -15.4% | -14.92% |
| 2021 | -7.5% | -7.97% |
| 2020 | +24.9% | +24.99% |
| 2019 | +49.9% | +50.69% |
| 2018 | -13.2% | -13.58% |
| 2017 | +10.2% | +9.00% |
| 2016 | +58.8% | +62.48% |
| 2015 | -25.9% | -26.61% |
| 2014 | -17.6% | — |
| 2013 | -52.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.6% over that stretch · deepest drop along the way 35.3%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.3% over that stretch · deepest drop along the way 47.9%, back to its old high 21.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5300 | |
| 2025 | $0.6200 | +51.2% |
| 2024 | $0.4100 | -16.3% |
| 2023 | $0.4900 | -3.9% |
| 2022 | $0.5100 | -20.3% |
| 2021 | $0.6400 | +166.7% |
| 2020 | $0.2400 | +26.3% |
| 2019 | $0.1900 | +72.7% |
| 2018 | $0.1100 | +37.5% |
| 2017 | $0.0800 | -68.0% |
| 2016 | $0.2500 | +150.0% |
| 2015 | $0.1000 | -16.7% |
| 2014 | $0.1200 | -57.1% |
| 2013 | $0.2800 |
What's inside
As of Aug 31, 2026, the fund held 48 securities; the ten largest made up 69.63% of assets, and 2.91% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NEWMONT CORPORATION | 17.23% | |
| AGNICO EAGLE MINES LIMITED | 12.84% | |
| BARRICK MINING CORPORATION | 8.79% | |
| Wheaton Precious Metals Corp. | 7.68% | |
| ANGLOGOLD ASHANTI PLC | 5.01% | |
| Gold Fields Limited | 4.69% | |
| KINROSS GOLD CORPORATION | 4.38% | |
| COEUR MINING, INC. | 3.45% | |
| Pan American Silver Corp. | 3.06% | |
| Equinox Gold Corp. | 2.50% | |
| ALAMOS GOLD INC. | 2.50% | |
| IAMGOLD CORPORATION | 2.13% | |
| ENDEAVOUR MINING PLC | 2.05% | |
| Eldorado Gold Corporation | 1.92% | |
| HARMONY GOLD MINING COMPANY LIMITED | 1.91% |
By country
Canada 57.86%United States 20.92%United Kingdom 8.83%South Africa 7.21%Australia 4.86%By asset type
Stocks 100.52%Other 0.1%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $461.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -16.22%, -1.41%, +35.49%.
How it works
RING tracks the MSCI ACWI Select Gold Miners Investable Market Index (IMI). The index starts with MSCI's broad list of stocks from developed and emerging markets. From that list it picks companies focused mainly on mining and producing gold. It favors miners that say they don't hedge. Hedging means locking in future gold prices with contracts. A miner can still qualify if its hedging is less than 10% of the business. The index aims for at least 30 companies. If too few qualify, MSCI adds miners that hedge more, then gold explorers, then some very small gold companies.
The index weights each stock by the value of its shares available to trade, with two caps. No company can exceed 25%, and companies above 5% can't add up to more than 50%. As of August 31, 2026, the fund held 48 companies. The largest were Newmont (17.2%), Agnico Eagle Mines (12.8%), Barrick Mining (8.8%), Wheaton Precious Metals (7.7%) and AngloGold Ashanti (5.0%). The top 10 made up 69.6% of the fund, and Canadian companies made up about 58%.
BlackRock uses "representative sampling": it may not own every stock in the index, but it keeps at least 80% of assets in index stocks or close equivalents. The fund can lend out up to one-third of its assets. It does not move to cash when markets fall. Mining stocks and the gold price don't always move together, so this fund does not substitute for owning gold.
What it really costs
- RING charges 0.39% a year, versus an average of 0.48% for the similar funds below (2nd of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RING | $40 | $125 | $219 | $493 |
In a retirement portfolio
It is a narrow bet on one industry that has swung far more than the overall stock market, and it hasn't held up well in stock market crashes.
RING could add a small, focused stake in gold miners, but it has not protected investors when stocks fell. It launched in 2012, so it has no 2008 record. In the 2020 COVID crash it fell 35.3% between February 24 and March 13, 2020, then recovered by April 14. In 2022 it fell 47.9% and took about 22 months to recover. Its worst calendar year was 2013, when it lost 52%. Its deepest drop, 79.5% from February 2012 to November 2015, took about nine and a half years to recover. Someone who has to sell shares during a slump could lock in heavy losses. Income is modest: the yield was 1.26% as of October 27, 2026, paid twice a year. In the SEC's standard $10,000 example, costs come to $40 in the first year. 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 who want a small, global gold-miner stake at 0.39% a year, below the 0.48% average of similar funds.
- Holders comfortable with a fund led by Newmont, Agnico Eagle and Barrick, where the top 10 holdings were about 70% of assets.
- Long-term investors who could sit through a drop like the 79.5% fall from 2012 to 2015 without needing to sell.
Look elsewhere if
- Those who want the gold price itself: the fund owns mining stocks, not bullion, and the two don't always move together.
- Retirees who need meaningful income: the yield was 1.26% as of October 27, 2026, paid only twice a year.
- Investors looking for a crash hedge: the fund fell 35.3% in early 2020 and 47.9% during 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| RING this fund | — | 0.39% | $2.52B | +22.8% | +49.4% |
| GDX VanEck Gold Miners ETF | 65% | 0.51% | $22.75B | +10.6% | +42.6% |
| SGDM Sprott Gold Miners ETF | 57% | 0.5% | $558.7M | +24.9% | +43.9% |
| AUMI Themes Gold Miners ETF | 35% | 0.35% | $24.7M | +17.8% | — |
| GDXJ VanEck Junior Gold Miners ETF | 30% | 0.52% | $7.08B | +15.8% | +46.9% |
| SLVP iShares MSCI Global Silver Miners ETF | 28% | 0.39% | $1.02B | +26.0% | +53.8% |
| GOAU US Global GO GOLD and Precious Metal Miners… | 23% | 0.6% | $164.8M | +13.3% | +39.5% |
Questions investors ask
Is RING good for retirement?
RING fits better as a small, higher-risk add-on than as a main retirement holding. It owns only gold mining stocks, and it has had very deep drops: 79.5% between 2012 and 2015, and 47.9% in 2022. Its yield was 1.26% as of October 27, 2026, so it adds little income. It may suit investors who want a small amount of gold-miner exposure and can hold through long slumps.
What's the difference between RING and GDX?
Both hold large gold mining stocks, and about 65% of their holdings overlapped in recent N-PORT reports. RING charges 0.39% a year, compared with 0.51% for VanEck Gold Miners ETF (GDX). GDX is much larger, with about $22.8 billion in net assets as of June 30, 2026. RING had about $2.5 billion as of August 31, 2026. RING returned 22.8% over one year through October 27, 2026. GDX returned 15.2% over one year through October 29, 2026.
Does RING pay dividends?
Yes. RING pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $0.91 per share, a yield of 1.26%. That money comes from dividends paid by the mining companies it owns, and miners' profits rise and fall with gold prices and mining costs. So the payout may change a lot from year to year. Investors looking mainly for steady income may want to compare it with funds built for income.
Does RING track the price of gold?
No. RING owns shares of gold mining companies, not physical gold. The prospectus warns that miner stock prices and the gold price may not always move closely together. A miner's profits depend on both the gold price and its costs to dig out and process the ore. That can make the stocks swing more than gold does. RING's volatility, a measure of how much returns swing, was 51.1% for the year to October 27, 2026.
How has RING performed over the long term?
Its results have been very uneven. The prospectus shows average yearly returns of 14.72% over 1 year, 4.80% over 5 years and 7.91% over 10 years as of December 31, 2024. Over 10 years, the broad MSCI ACWI index returned 9.23%. Calendar-year results ranged from a 26.61% loss in 2015 to a 62.48% gain in 2016. Based on share price, RING gained 164.76% in 2025 and was down about 1% for 2026 through October 27.