VanEck Gold Miners ETF(GDX)
AI Look-Through Summary
AI GeneratedThe VanEck Gold Miners ETF exhibits a significant tilt towards other sector allocations, comprising nearly 90% of its portfolio, with the majority of these holdings likely being gold mining companies. In contrast, basic materials make up only about 11%, which is somewhat lower than expected given the fund's name and category. The market-cap profile appears to be skewed towards larger-cap stocks, as evidenced by the high P/B ratio.
Concentration risk is a notable concern due to the significant weighting of just two holdings: 008474108 (12.1%) and NEM (10.8%). This level of concentration could amplify potential losses if either stock experiences significant volatility. The sector mix diverges from the broader market, which may be beneficial in certain macro environments characterized by rising gold prices or inflationary pressures. Conversely, a prolonged decline in gold prices could negatively impact the fund's performance.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-06-28 07:58:00.289819+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 65/100The investment theme of the VanEck Gold Miners ETF is clearly defined by its name, yet a significant portion of the top holdings list lacks specific ticker identification or sector classification in the provided data. While Newmont Corporation (NEM) correctly aligns with the gold mining narrative under Basic Materials, several other major positions are listed only as alphanumeric identifiers without descriptive labels. This absence of clarity for key constituents makes it difficult to verify if every holding is genuinely an active developer of precious metals or if some represent broader commodity exposure that dilutes thematic purity. The presence of these unidentified entities alongside a single named basic materials stock suggests potential gaps in data reporting rather than necessarily indicating off-theme assets, but the lack of transparency prevents a definitive confirmation of strict adherence to the gold mining mandate across the entire portfolio.
Concentration risk appears elevated given that the top ten positions account for over 56% of the fund's assets, with Newmont alone comprising nearly nine percent. This heavy weighting in a single sector and specific large-cap entities means the fund behaves more like a leveraged bet on individual mining giants than a diversified basket of smaller exploration companies often associated with thematic gold strategies. The sector breakdown lists only Basic Materials at 8.8%, which seems inconsistent with a fund managing nearly $29 billion unless the remaining holdings are categorized under different labels or held in such small percentages they do not register as top sectors. Consequently, while the name implies broad exposure to the mining industry, the actual structure relies heavily on mega-cap stability rather than offering the diversified thematic spread typically expected from an ETF of this nature.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 02:39:24.468828+00
🏢 Sector Analysis
AI GeneratedThe VanEck Gold Miners ETF (GDX) exhibits a highly concentrated portfolio structure, with the top ten holdings accounting for 56.4% of total assets under management. This significant concentration suggests an investment thesis centered on exposure to specific large-cap mining entities rather than broad-based commodity diversification. While the sector allocation data explicitly lists Basic Materials at 8.8%, this figure represents only a single holding and fails to capture the full economic reality of the fund, as many top-tier gold miners operate across multiple sectors including Industrials, Financials, or Utilities due to their diverse operational costs and revenue streams beyond mere ore extraction. The dominance of individual stocks like Newmont Corporation (NEM) at 8.8% indicates that the fund's performance will be disproportionately influenced by company-specific events such as management changes, reserve discoveries, or litigation risks associated with these particular issuers rather than general movements in the precious metals market.
The presence of several holdings marked with "N/A" for sector classification further complicates a traditional industry analysis, implying that the underlying assets may hold complex cross-sector operations or are classified differently by various data providers. This lack of clear sector tagging reinforces the idea that the fund functions more as a leveraged play on gold prices and mining equities than a pure-play basic materials vehicle. The heavy weighting in the top five positions creates inherent concentration risk, where adverse developments affecting just two or three of these major names could materially impact overall portfolio volatility and returns without significant dilution from smaller constituents. Consequently, the fund appears designed for investors seeking targeted exposure to established industry leaders who possess substantial market share and operational scale within the global mining landscape, accepting higher idiosyncratic risk in exchange for potential efficiency gains over a less concentrated peer group.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-24 05:54:50.978942+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share GDX's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of GDX's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| IXUSiShares Core MSCI Total International Stock ETF | $52B | — | 42 | 75.8% |
| ACWIiShares MSCI ACWI ETF | $28B | — | 18 | 70.3% |
| URTHiShares MSCI World ETF | $7B | — | 13 | 59.3% |
| SCHFSCHF | $57B | — | 13 | 49.2% |
| GDXJGDXJ | $9B | — | 39 | 35.6% |
76% of GDX's portfolio by weight is also held by IXUS, which commands 2× more assets under management. When IXUS receives inflows, it mechanically buys these shared stocks — dragging GDX's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofGDX's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 30% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 27% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside GDX collectively pay out 28% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 21% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryGDX is up 52.9% over the last 12 months. The underlying weighted earnings growth of its constituents is +125.1%. Despite earnings growth, valuations have contracted by 72.2% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 25% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of GDX's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of GDX's analyzed weight, 82% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 18% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 27% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGH008474108 at 12.1% contributes an estimated 29% of portfolio variance.GDX holds 50 stocks but behaves like an 20-stock portfolio due to weight concentration in the top holdings.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
GDX has a Passive Crowding Score of 28/100. On average, 8.6% of the market capitalization of GDX's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.
Passive $ = Σ(ETF AUM × holding weight) across all 5 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | 008474108 | Agnico Eagle Mines Ltd | 12.08% | — | — |
| 2 | NEM | Newmont Corp Basic Materials | 10.77% | 12.5x | 9/9 |
| 3 | 06849F108 | Barrick Mining Corp | 7.63% | — | — |
| 4 | 351858105 | Franco-Nevada Corp | 5.16% | — | — |
| 5 | GB00BRXH2664 | Anglogold Ashanti Plc | 5.09% | 12.0x | 8/9 |
| 6 | 962879102 | Wheaton Precious Metals Corp | 4.89% | — | — |
| 7 | 496902404 | Kinross Gold Corp | 4.68% | — | — |
| 8 | 38059T106 | Gold Fields Ltd | 4.48% | — | — |
| 9 | 697900108 | Pan American Silver Corp | 3.19% | — | — |
| 10 | AU000000NST8 | Northern Star Resources Ltd | 2.59% | 17.4x | 4/9 |
| 11 | 011532108 | Alamos Gold Inc | 2.56% | — | — |
| 12 | 192108504 | Coeur Mining Inc | 2.43% | — | — |
| 13 | 780287108 | Royal Gold Inc | 2.22% | — | — |
| 14 | 29446Y502 | Equinox Gold Corp | 1.64% | — | — |
| 15 | GB00BL6K5J42 | Endeavour Mining PLC | 1.58% | 14.3x | 8/9 |
Historical Holdings Snapshots
Browse how GDX’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-06-28
15 holdings · 71.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 008474108 | 12.08% | 16,753,354 | $3.4B |
| 2 | NEM | 10.77% | 28,009,651 | $3.0B |
| 3 | 06849F108 | 7.63% | 52,659,211 | $2.1B |
| 4 | 351858105 | 5.16% | 5,883,803 | $1.5B |
| 5 | GB00BRXH2664 | 5.09% | 14,711,977 | $1.4B |
| 6 | 962879102 | 4.89% | 10,516,193 | $1.4B |
| 7 | 496902404 | 4.68% | 43,215,519 | $1.3B |
| 8 | 38059T106 | 4.48% | 27,813,745 | $1.3B |
| 9 | 697900108 | 3.19% | 16,464,584 | $899.5M |
| 10 | AU000000NST8 | 2.59% | 50,581,185 | $729.9M |
| 11 | 011532108 | 2.56% | 16,193,388 | $719.5M |
| 12 | 192108504 | 2.43% | 36,430,591 | $683.8M |
| 13 | 780287108 | 2.22% | 2,453,171 | $624.3M |
| 14 | 29446Y502 | 1.64% | 31,849,541 | $460.5M |
| 15 | GB00BL6K5J42 | 1.58% | 7,423,046 | $445.6M |
2026-06-27
15 holdings · 71.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 008474108 | 12.08% | 16,753,354 | $3.4B |
| 2 | NEM | 10.77% | 28,009,651 | $3.0B |
| 3 | 06849F108 | 7.63% | 52,659,211 | $2.1B |
| 4 | 351858105 | 5.16% | 5,883,803 | $1.5B |
| 5 | GB00BRXH2664 | 5.09% | 14,711,977 | $1.4B |
| 6 | 962879102 | 4.89% | 10,516,193 | $1.4B |
| 7 | 496902404 | 4.68% | 43,215,519 | $1.3B |
| 8 | 38059T106 | 4.48% | 27,813,745 | $1.3B |
| 9 | 697900108 | 3.19% | 16,464,584 | $899.5M |
| 10 | AU000000NST8 | 2.59% | 50,581,185 | $729.9M |
| 11 | 011532108 | 2.56% | 16,193,388 | $719.5M |
| 12 | 192108504 | 2.43% | 36,430,591 | $683.8M |
| 13 | 780287108 | 2.22% | 2,453,171 | $624.3M |
| 14 | 29446Y502 | 1.64% | 31,849,541 | $460.5M |
| 15 | GB00BL6K5J42 | 1.58% | 7,423,046 | $445.6M |
2026-06-26
15 holdings · 71.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 008474108 | 12.08% | 16,753,354 | $3.4B |
| 2 | NEM | 10.77% | 28,009,651 | $3.0B |
| 3 | 06849F108 | 7.63% | 52,659,211 | $2.1B |
| 4 | 351858105 | 5.16% | 5,883,803 | $1.5B |
| 5 | GB00BRXH2664 | 5.09% | 14,711,977 | $1.4B |
| 6 | 962879102 | 4.89% | 10,516,193 | $1.4B |
| 7 | 496902404 | 4.68% | 43,215,519 | $1.3B |
| 8 | 38059T106 | 4.48% | 27,813,745 | $1.3B |
| 9 | 697900108 | 3.19% | 16,464,584 | $899.5M |
| 10 | AU000000NST8 | 2.59% | 50,581,185 | $729.9M |
| 11 | 011532108 | 2.56% | 16,193,388 | $719.5M |
| 12 | 192108504 | 2.43% | 36,430,591 | $683.8M |
| 13 | 780287108 | 2.22% | 2,453,171 | $624.3M |
| 14 | 29446Y502 | 1.64% | 31,849,541 | $460.5M |
| 15 | GB00BL6K5J42 | 1.58% | 7,423,046 | $445.6M |
2026-06-25
15 holdings · 71.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 008474108 | 12.08% | 16,753,354 | $3.4B |
| 2 | NEM | 10.77% | 28,009,651 | $3.0B |
| 3 | 06849F108 | 7.63% | 52,659,211 | $2.1B |
| 4 | 351858105 | 5.16% | 5,883,803 | $1.5B |
| 5 | GB00BRXH2664 | 5.09% | 14,711,977 | $1.4B |
| 6 | 962879102 | 4.89% | 10,516,193 | $1.4B |
| 7 | 496902404 | 4.68% | 43,215,519 | $1.3B |
| 8 | 38059T106 | 4.48% | 27,813,745 | $1.3B |
| 9 | 697900108 | 3.19% | 16,464,584 | $899.5M |
| 10 | AU000000NST8 | 2.59% | 50,581,185 | $729.9M |
| 11 | 011532108 | 2.56% | 16,193,388 | $719.5M |
| 12 | 192108504 | 2.43% | 36,430,591 | $683.8M |
| 13 | 780287108 | 2.22% | 2,453,171 | $624.3M |
| 14 | 29446Y502 | 1.64% | 31,849,541 | $460.5M |
| 15 | GB00BL6K5J42 | 1.58% | 7,423,046 | $445.6M |
2026-06-24
15 holdings · 71.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 008474108 | 12.08% | 16,753,354 | $3.4B |
| 2 | NEM | 10.77% | 28,009,651 | $3.0B |
| 3 | 06849F108 | 7.63% | 52,659,211 | $2.1B |
| 4 | 351858105 | 5.16% | 5,883,803 | $1.5B |
| 5 | GB00BRXH2664 | 5.09% | 14,711,977 | $1.4B |
| 6 | 962879102 | 4.89% | 10,516,193 | $1.4B |
| 7 | 496902404 | 4.68% | 43,215,519 | $1.3B |
| 8 | 38059T106 | 4.48% | 27,813,745 | $1.3B |
| 9 | 697900108 | 3.19% | 16,464,584 | $899.5M |
| 10 | AU000000NST8 | 2.59% | 50,581,185 | $729.9M |
| 11 | 011532108 | 2.56% | 16,193,388 | $719.5M |
| 12 | 192108504 | 2.43% | 36,430,591 | $683.8M |
| 13 | 780287108 | 2.22% | 2,453,171 | $624.3M |
| 14 | 29446Y502 | 1.64% | 31,849,541 | $460.5M |
| 15 | GB00BL6K5J42 | 1.58% | 7,423,046 | $445.6M |
2026-06-23
15 holdings · 71.0% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 008474108 | 12.08% | 16,753,354 | $3.4B |
| 2 | NEM | 10.77% | 28,009,651 | $3.0B |
| 3 | 06849F108 | 7.63% | 52,659,211 | $2.1B |
| 4 | 351858105 | 5.16% | 5,883,803 | $1.5B |
| 5 | GB00BRXH2664 | 5.09% | 14,711,977 | $1.4B |
| 6 | 962879102 | 4.89% | 10,516,193 | $1.4B |
| 7 | 496902404 | 4.68% | 43,215,519 | $1.3B |
| 8 | 38059T106 | 4.48% | 27,813,745 | $1.3B |
| 9 | 697900108 | 3.19% | 16,464,584 | $899.5M |
| 10 | AU000000NST8 | 2.59% | 50,581,185 | $729.9M |
| 11 | 011532108 | 2.56% | 16,193,388 | $719.5M |
| 12 | 192108504 | 2.43% | 36,430,591 | $683.8M |
| 13 | 780287108 | 2.22% | 2,453,171 | $624.3M |
| 14 | 29446Y502 | 1.64% | 31,849,541 | $460.5M |
| 15 | GB00BL6K5J42 | 1.58% | 7,423,046 | $445.6M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
⚠ Low R² — the equity factor model explains very little of this ETF's return variance. Factor exposures and alpha should be interpreted with caution.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove GDX Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Top Contributors
Top Detractors
Attribution = holding weight × stock daily return. Only the top contributors and detractors are shown.
Technical Setup
AI GeneratedThe VanEck Gold Miners ETF is currently trading at $86.36, presenting a specific snapshot within its broader technical structure relative to moving average envelopes. While the exact position of this price point against the immediate upper or lower bounds of the standard deviation bands cannot be definitively calculated without historical volatility data and specific timeframe definitions for the Simple Moving Averages, the current level serves as a critical pivot for assessing mean-reversion dynamics. In equity precious metals sectors, prices often oscillate between these statistical boundaries; therefore, if $86.36 represents an extension toward the outer limits of such an envelope, it theoretically suggests increasing pressure for a potential pullback toward the central trend line. Conversely, if this level sits comfortably within the middle third of the channel, it may indicate continued alignment with the prevailing mean without immediate signs of extreme deviation requiring correction. The relationship between the current market price and these calculated averages offers insight into whether the asset is experiencing overextension or consolidation relative to its recent history. Mean-reversion strategies typically look for conditions where price action diverges significantly from the long-term average, creating a statistical probability that values will eventually revert toward equilibrium. At $86.36, the market's behavior must be evaluated against these dynamic thresholds to determine if momentum is exhausting itself or if there remains room for further directional movement before correction becomes statistically likely. Observers should monitor how subsequent trading sessions interact with these implied boundaries, as proximity to an envelope edge often signals shifting
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How GDX’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
AUM & Capital Flow Tracker
Estimated assets under management derived from SEC filings and daily price movements — tracks how the fund's value evolves over time.
Estimated AUM derived from the latest SEC N-PORT filing TNA ($28.35B) scaled by daily price changes. Filing snapshots update when new regulatory filings are published (quarterly for most funds, daily for ARK).
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-26.
SecuritiesDB is for informational purposes only. Not investment advice.