Performance data is updated to 31 May 2026.
VanEck Gold Miners ETF (GDX) — Review & Analysis
GDX tracks the NYSE Arca Gold Miners Index — a global basket of the largest gold mining companies, headed by Newmont, Barrick and Agnico Eagle. With $1.66 billion in AUM, it's the second-largest precious metals ETF on the ASX after GOLD itself. Compare GDX across the full peer group on our commodities and resources ETF page.
Gold miners are not the same investment as gold bullion. GDX gives operational leverage to the gold price — when gold rallies, miners typically outperform bullion because production costs are relatively fixed and the margin expansion flows through to earnings. The opposite is also true: GDX falls harder than GOLD when the spot price drops.
The closest peer is MNRS (Betashares Global Gold Miners Currency Hedged) at 0.57% p.a., which removes the AUD/USD effect on top of the miner exposure. GDX is unhedged.
Gold miners have historically swung 2-3x as much as the spot price in both directions, with operational gearing amplifying both rallies and drawdowns. Our commodity and resource ETFs guide covers how miners and bullion compare in practice.
Performance (% return)
Investment Focus
Themes
Exposure Regions
Portfolio Breakdown
| Symbol | Company Name | % assets |
|---|---|---|
| NEM US | Newmont Corp | 10.89% |
| AEM US | Agnico Eagle Mines Ltd | 8.55% |
| B US | Barrick Mining Corp | 6.58% |
| WPM US | Wheaton Precious Metals Corp | 5.34% |
| GFI US | Gold Fields Ltd | 4.72% |
| AU US | Anglogold Ashanti Plc | 4.69% |
| FNV US | Franco-Nevada Corp | 4.25% |
| KGC US | Kinross Gold Corp | 4.22% |
| Zijin Mining Group Co Ltd | 3.26% | |
| NST AU | Northern Star Resources Ltd | 2.83% |
| Sector | % assets |
|---|---|
| Canada | 43.8% |
| United States | 20.3% |
| Australia | 11% |
| China | 6.1% |
| South Africa | 5.9% |
| Brazil | 5.2% |
| United Kingdom | 2.5% |
| Mexico | 1.5% |
| Burkina Faso | 1.2% |
| Turkey | 0.9% |
| Peru | 0.8% |
| Colombia | 0.5% |
| Côte D'Ivoire | 0.2% |
| Other/Cash | 0% |
Related Reads
Commodity & Resource ETFs on the ASX: Every Way to Access Gold, Silver, Copper, Uranium, and More
There are 28 commodity and resource ETFs listed on the ASX, collectively managing $21.6 billion in assets. They span five broad categories: Precious Metals, Australian Resources, Specialty & Transition Metals, Uranium & Energy, and Soft Commodities.
Comparing Gold & Precious Metal ETF Options on the ASX: A 2026 Guide for Australian Investors
Gold and precious metals have been shining stars in portfolios amid 2026's volatile markets. With geopolitical tensions, inflation concerns, and a booming commodity cycle, many Aussies are turning to ETFs for easy, low-cost exposure. But with over a dozen gold-focused options on the ASX, which one fits your strategy?
Similar ETFs
| Stock | Name | 1 Year % |
|---|---|---|
| GOLD | Global X Physical Gold | +22.27% |
| PMGOLD | Perth Mint Gold | +22.50% |
| ETPMAG | Physical Silver | +103.79% |
| QAU | Gold Bullion Currency Hedged ETF | +34.36% |
| GXLD | Gold Bullion ETF | +22.90% |
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Last updated: January 2026
