Overview
Large-cap gold mining companies worldwide. Leveraged play on gold price — miners historically amplify gold price moves by 2-3x.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| NEM | Newmont Corp. | 11.8% |
| GOLD | Barrick Gold | 8.4% |
| AEM | Agnico Eagle Mines | 8.2% |
| FNV | Franco-Nevada | 7.8% |
| WPM | Wheaton Precious Metals | 7.4% |
| GFI | Gold Fields | 4.8% |
| KGC | Kinross Gold | 4.4% |
| AU | AngloGold Ashanti | 4.2% |
| RGLD | Royal Gold | 3.8% |
| PAAS | Pan American Silver | 3.4% |
Fund Details
Investment Thesis
Gold mining companies provide leveraged gold exposure through operational mechanics. As gold prices rise above a miner's all-in sustaining costs, profit margins expand disproportionately, historically amplifying gold price moves by 2-3x. GDX's portfolio of senior gold miners offers a balance between leverage and stability with companies that have proven reserves and established production.
Who It's For
Investors who want amplified gold price exposure through mining company equity rather than physical metal. GDX suits those seeking the combination of commodity price leverage and potential dividend income from profitable miners. Best held as part of a precious metals allocation alongside physical gold in GLD to amplify upside during confirmed gold bull market cycles.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $22.18 | -- |
| 2017 | $22.42 | +1.1% |
| 2018 | $21.28 | -5.1% |
| 2019 | $27.82 | +30.7% |
| 2020 | $36.82 | +32.4% |
| 2021 | $33.42 | -9.2% |
| 2022 | $25.42 | -23.9% |
| 2023 | $31.18 | +22.7% |
| 2024 | $45.82 | +47.0% |
| 2025 | $69.82 | +52.4% |
| Year | Yield |
|---|---|
| 2016 | 0.72% |
| 2017 | 0.62% |
| 2018 | 0.72% |
| 2019 | 0.62% |
| 2020 | 0.52% |
| 2021 | 0.42% |
| 2022 | 0.62% |
| 2023 | 0.52% |
| 2024 | 0.82% |
| 2025 | 1.12% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $8B | -- |
| 2017 | $10B | +25.0% |
| 2018 | $10B | +0.0% |
| 2019 | $12B | +20.0% |
| 2020 | $17B | +41.7% |
| 2021 | $14B | -17.6% |
| 2022 | $12B | -14.3% |
| 2023 | $14B | +16.7% |
| 2024 | $20B | +42.9% |
| 2025 | $30B | +50.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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