At a glance
XME charges 0.35% a year, the same as the average of the 5 funds most like it (the 3rd cheapest of 6). It has $4.38B in assets, the 2nd largest of that group; it paid 0.34% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +3.1% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned +27.4% a year. At its worst it fell 37.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low. Its ten largest positions make up 44.3% of the fund, out of 39 in all.
The short version
SPDR S&P Metals & Mining ETF (XME), from State Street, tracks the S&P Metals & Mining Select Industry Index: 39 U.S. companies as of July 31, 2026, ranging from steelmakers to gold, silver, uranium and rare-earth producers. Its index gives each stock a roughly similar weight, so smaller miners count about as much as Newmont or Freeport-McMoRan. That makes it a narrow, volatile bet on metals. Its 0.35% expense ratio matches the average of similar funds.
Price history
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XME +3.1% 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 | |
|---|---|---|---|---|---|---|
| XME official prospectus, to Dec 31, 2025 | — | +83.54% | — | +26.58% | +22.94% | — |
| XME price data to Oct 27, 2026 | -2.8% | +3.1% | +27.4% | +19.2% | — | +28.7% |
- Over the year to Oct 27, 2026, XME returned +3.1%, 6th of 6 among similar funds.
- Its 5-year annualized return was +19.2%.
- Its worst full calendar year was 2024 (-4.5%); its best was 2025 (+83.5%).
- The deepest fall in its price history was 37.3% (Apr 14, 2022 to Sep 26, 2022), recovered by May 17, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.8% | — |
| 2025 | +83.5% | +83.54% |
| 2024 | -4.5% | -4.55% |
| 2023 | +21.5% | +21.52% |
| 2022 | +13.1% | +13.14% |
| 2021 | +35.0% | +34.92% |
| 2020 | — | +16.01% |
| 2019 | — | +14.42% |
| 2018 | — | -26.16% |
| 2017 | — | +20.14% |
| 2016 | — | +106.16% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 1% over that stretch · deepest drop along the way 37.3%, back to its old high 19.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2100 | |
| 2025 | $0.3900 | +5.4% |
| 2024 | $0.3700 | -38.3% |
| 2023 | $0.6000 | -26.8% |
| 2022 | $0.8200 | +156.3% |
| 2021 | $0.3200 |
What's inside
As of Jun 30, 2026, the fund held 39 securities; the ten largest made up 44.3% of assets. It also reported 8.33% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Uranium Energy Corp | 4.76% | |
| Hecla Mining Co | 4.62% | |
| Centrus Energy Corp | 4.60% | |
| USA Rare Earth Inc | 4.47% | |
| Coeur Mining Inc | 4.46% | |
| MP Materials Corp | 4.41% | |
| Freeport-McMoRan Inc | 4.26% | |
| Royal Gold Inc | 4.26% | |
| Newmont Corp | 4.24% | |
| Materion Corp | 4.22% | |
| Reliance Inc | 3.99% | |
| Nucor Corp | 3.74% | |
| Core Natural Resources Inc | 3.69% | |
| Steel Dynamics Inc | 3.60% | |
| Commercial Metals Co | 3.59% |
By country
United States 99.35%Canada 0.63%By asset type
Stocks 99.97%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $77.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.02%, +5.42%, -14.54%.
How it works
XME aims to track the S&P Metals & Mining Select Industry Index. S&P Dow Jones Indices builds it from the metals and mining part of the S&P Total Market Index, which covers the broad U.S. stock market. To qualify, a company must be based in the U.S. and belong to one of eight sub-industries: aluminum, coal and consumable fuels, copper, diversified metals and mining, gold, precious metals and minerals, silver, or steel. It must also pass size and trading tests. The usual floor is a float-adjusted market value of $500 million. Float-adjusted means only shares available to the public are counted. A member is removed if its value drops below $300 million. As of July 31, 2026, the index held 39 stocks.
The index is modified equal weighted. It doesn't size companies by market value. Instead, each one gets roughly the same weight. As of June 30, 2026, Uranium Energy (4.8%), Hecla Mining (4.6%) and Centrus Energy (4.6%) led the fund. The top 10 holdings made up 44.3% of the total. The index rebalances quarterly, on the third Friday of March, June, September and December.
The adviser, SSGA Funds Management, uses sampling. That means it may hold only some of the index stocks. It must keep at least 80% of net assets in index securities, and it may use futures to manage cash. The fund is non-diversified, and its portfolio turnover was 45%.
What it really costs
- XME charges 0.35% a year, versus an average of 0.35% for the similar funds below (3rd of 6, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XME | $36 | $113 | $197 | $443 |
In a retirement portfolio
XME is a narrow bet on about 39 U.S. metals and mining stocks, with large swings and little income, so it fits better as a small add-on than as a foundation.
XME could give a portfolio targeted exposure to U.S. miners and metal producers, but its swings have been sharp. The price history here starts in June 2020, so it misses the 2008 crisis and the 2020 COVID crash. The prospectus shows the fund lost 44.48% in the first quarter of 2020. From April 14 to September 26, 2022, it fell 37.3%, and it took about 20 months, until May 2024, to recover. Its weakest calendar year in the prospectus record was 2018, a 26.16% loss. Someone who has to sell shares in a slump could lock in losses like these.
The fund pays little income: its trailing yield was 0.34% as of October 27, 2026, paid quarterly. Under the SEC's standard example, costs on $10,000 come to $36 in the first year. Past results don't predict the future, 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, targeted stake in U.S. gold, silver, steel, copper, uranium and rare-earth companies rather than the whole materials sector.
- People who want roughly equal-sized positions, so smaller firms like Uranium Energy and USA Rare Earth count about as much as Newmont.
- Investors who can tolerate swings like the 37.3% drop in 2022 and the 44.48% loss in the first quarter of 2020.
Look elsewhere if
- Cost-focused investors: Vanguard Materials ETF (VAW) charges 0.09% and Fidelity MSCI Materials Index ETF (FMAT) 0.084%, versus XME's 0.35%.
- Anyone who needs meaningful income from a holding; XME's trailing yield was just 0.34% as of October 27, 2026.
- Retirees who may have to sell during a slump; XME took about 20 months to recover from its 2022 decline.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XME this fund | — | 0.35% | $4.38B | +3.1% | +27.4% |
| PYZ Invesco Dorsey Wright Basic Materials Momen… | 37% | 0.6% | $72.1M | +6.6% | +17.0% |
| FXZ First Trust Materials AlphaDEX Fund | 30% | 0.61% | $368.2M | +24.0% | +10.5% |
| IYM iShares U.S. Basic Materials ETF | 24% | 0.39% | $1.16B | +24.9% | +16.2% |
| VAW Vanguard Materials ETF | 23% | 0.09% | $4.55B | +13.9% | +13.3% |
| FMAT Fidelity MSCI Materials Index ETF | 23% | 0.084% | $578.7M | +13.8% | +13.3% |
Questions investors ask
Is XME good for retirement?
XME works better as a small, higher-risk satellite than as a core retirement holding. It owns about 39 U.S. metals and mining stocks, so it rises and falls with commodity cycles. It returned an average of 22.94% a year over the 10 years through December 31, 2025. It also lost 26.16% in 2018, and it fell 37.3% in 2022 before taking about 20 months to recover. Its trailing yield was only 0.34% as of October 27, 2026.
Does XME pay dividends?
Yes. XME pays dividends quarterly, but they are small. Its trailing 12-month yield was 0.34% as of October 27, 2026, or about $0.34 per share. The fund's goal is to track a metals and mining index, not to produce income. Investors who want steady cash flow in retirement may find the payout too small to make much difference. Total returns have come mostly from price changes.
What's the difference between XME and VAW?
XME is a narrow metals and mining fund. Vanguard Materials ETF (VAW) covers the broader materials sector, and their holdings overlapped by about 23%. VAW costs 0.09% a year, compared with 0.35% for XME. XME also gives each company a roughly equal weight. As of October 27, 2026, XME returned 3.1% over one year versus 13.9% for VAW. Over three years, though, XME averaged 27.4% a year versus 13.3% for VAW.
What is XME's expense ratio?
XME's expense ratio is 0.35% a year, according to its prospectus filed October 26, 2026, and all of it is the management fee. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares sold at the end of each period. On that basis, costs come to about $36 after one year, $197 after five years and $443 after 10. That equals the 0.35% average of similar funds, though VAW and FMAT each charge less than 0.10%.
What stocks are in XME?
XME holds U.S. metals and mining companies: gold and silver miners, steelmakers, uranium firms and rare-earth producers. As of June 30, 2026, its largest positions were Uranium Energy (4.8%), Hecla Mining (4.6%), Centrus Energy (4.6%), USA Rare Earth (4.5%) and Coeur Mining (4.5%). The index is modified equal weighted, so larger companies such as Freeport-McMoRan, Newmont and Nucor carry similar weights. The top 10 holdings made up 44.3% of the fund.