GDX Fund Description

The Market Vectors Gold Miners ETF tracks a market-cap-weighted index of global gold mining firms that are listed on the NYSE, NYSE Arca or NASDAQ.

GDX ETF.com Insight

GDX is the most widely held fund in the Global Gold mining segment, a trading powerhouse with deep primary, secondary and derivatives markets. The fund tracks a cap-weighted index that is aa trading powerhouse with deep primary, secondary and derivatives markets broader version of the widely followed HUI Gold index, with about 40 names and big weightings in mining giants like Barrick and Goldcorp. None of the key firms at the top of the industry is missing, but since GDX is limited to firms traded in the US, it does miss some of the smaller, internationally traded firms, which gives it a US and Canada bias. In addition, it includes firms mining other precious metals, so just 3/4 of its portfolio is in pure gold miners. As a global industry benchmark, GDX falls a bit short, but it's still the top choice for all but the most discerning investors. (Insight updated 11/25/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

GDX
-7.59% -18.89% -11.22% -9.22% -28.60% -16.16% --

GDX (NAV)
-7.41% -18.96% -11.30% -9.44% -28.48% -15.87% --

NYSE Arca Gold Miners Index
-7.43% -18.98% -10.88% -9.03% -28.13% -15.44% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GDX Top 10 Countries

GDX Top 10 Sectors

GDX Top 10 Holdings View All

GDX Summary Data

Issuer Van Eck

A company that produces and manages ETFs.

Inception Date 05/16/06

The first date of a fund's operations, as documented by the issuer.

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.52%

The net total annual fee a fund holder pays to the issuer.

Assets Under Management $5.84 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

Average Daily $ Volume $1.24 B

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

GDX Portfolio Data

Weighted Average Market Cap $7.76 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

Price / Earnings Ratio -8.52

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

Price / Book Ratio 0.96

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Distribution Yield 1.02%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

Next Ex-Dividend Date 12/29/14

The date on which a security's price excludes an upcoming dividend.

Number of Holdings 41

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

GDX Index Data

Index Tracked NYSE Arca Gold Miners Index

This is the benchmark an ETF is desigend to track or replicate.

Index Weighting Methodology Market Cap

A set of rules that the underlying index provider follows to weight its constituent securities.

Index Selection Methodology Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

Segment Benchmark MSCI ACWI Select Gold Miners Investable Market Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to GDX

Top Competing ETFs PSAU, RING, GDXJ, GGGG, GLDX

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

GDX ETF.com Efficiency Insight

GDX is cheaper than all but one competing fund, and has amassed 3x more assets than all of its competitors combined. For 52 bps, you get access to a thoroughly well-managed fund that has tracked its index well and avoided any cap gains distributions. Overall, GDX is a very solid choice. (Insight updated 11/25/2014)


Total Return - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

GDX
-7.59% -18.89% -11.22% -9.22% -28.60% -16.16% --

GDX (NAV)
-7.41% -18.96% -11.30% -9.44% -28.48% -15.87% --

NYSE Arca Gold Miners Index
-7.43% -18.98% -10.88% -9.03% -28.13% -15.44% --

MSCI ACWI Select Gold Miners Investable Market Index
-8.41% -23.51% -16.55% -15.18% -30.42% -16.95% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GDX Portfolio Management

Expense Ratio 0.52%

The net annual fee a fund holder pays to the issuer.

(12 Mo) | Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.53%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

GDX Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

Tax on Distributions Qualified dividends

IRS treatment of the majority of the fund's distributions.

Distributes K1 No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

GDX Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Securities Lending Active Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

ETN Counterparty N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Portfolio Disclosure Daily

The frequency of an issuer's disclosure of all fund holdings.

GDX ETF.com Tradability Insight

Roughly $1B of GDX trades day in, day out, and the liquidity of the portfolio only starts there. The underlying market is deep enough to handle the 900 or so creation units worth of shares that turn over every day, and likely even more if an investor wants to do so. The options market for GDX is also extremely active, so investors using overlay or hedging strategies can use GDX as well. (Insight updated 11/25/2014)

Average Spread

Premium/Discount

Volume

GDX ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of GDX. GDX is rated a 5 out of 5.

GDX Tradability

Avg. Daily Share Volume 65,863,768

It is the daily number of shares traded, averaged over the past 45 trading days.

Average Daily $ Volume $1.24 B

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

Median Daily Share Volume 58,668,464

Median number of shares traded over the past 45 trading days.

(%) | The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.01

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 0.65% / -2.23%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

Impediment to Creations None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

Market Hours Overlap 92.54%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

(Shares) | The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

(45 Day Average) | The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 1,173.37

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 0.06%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

Underlying Volume / Unit 0.09%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

Open Interest on ETF Options 2,167,958

The total number of net outstanding options contracts for an ETF.

ETF.com Implied Liquidity 5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

GDX ETF.com Fit Insight

GDX holds all of the key names in the gold mining industry, but leaves out some of our benchmark's smaller firms. It also holds firms not in our index, such as big silver mining companies like Silver Wheaton. The combination of these factors makes GDX an imperfect proxy for the industry globally; rather, it's a sampling of the biggest global precious metals mining firms, the majority of which are North American. (Insight updated 11/25/2014)

GDX Sector/Industry Breakdown

Sector GDX Segment Benchmark
Gold 87.23% 77.30%

Integrated Mining 11.27% 6.13%

GDX Geographic Exposure

Countries GDX Segment Benchmark
Canada 62.01% 63.97%

United States 11.00% 12.92%

South Africa 11.28% 7.97%

United Kingdom 5.55% 5.69%

Australia 4.76% 4.90%

Peru 2.61% 2.39%

China -- 1.60%

Hong Kong 2.10% 0.55%

Turkey 0.68% --

Regions GDX Segment Benchmark
North America 73.01% 76.89%

Middle East & Africa 11.28% 7.97%

Asia-Pacific 6.87% 7.05%

Europe 6.23% 5.69%

Latin America 2.61% 2.39%

Developed /
Emerging Split
85.43% / 14.57% 88.03% / 11.97%

GDX Performance Statistics

Beta 1.10

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

Up Beta 1.12

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Down Beta 1.06

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

Downside Standard Deviation 0.54%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Segment Benchmark MSCI ACWI Select Gold Miners Investable Market Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

GDX Benchmark Comparison

GDX
41 Holdings
Segment Benchmark
33 Constituents
Shared Holdings
25 (Count)
 
74.16% (Weight)
GDXSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$7.62 B$7.76 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

Size Split

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

Large (>12.9B)30%25%
Mid (>2.7B)46%57%
Small (>600M)17%14%
Micro (<600M)6%3%
Price / Book Ratio0.850.96

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

Dividend Yield1.50%1.46%

The weighted average of the current yield on the portfolio’s holdings.

Holdings | The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper." href="javascript:void(0)" class="term">Number Of
Holdings
3341

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

ConcentrationHighHigh

The level of return contribution attributable to the average portfolio constituent.