- ISIN
- US92028G1004
- CUSIP
- 92028G100
- Issuer
- VanEck
- Inception Date
- May 16, 2006
- Region
- Developed Markets (Broad)
- Category
- Gold, Precious Metals
- Leveraged
- 1x (No leverage)
- Index Tracked
- NYSE MarketVector Global Gold Miners Index
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Commodity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
- Assets Under Management
- $25B
Share Price Chart
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Performance
GDX Performance Chart
VanEck Gold Miners ETF (GDX) is down 9.5% since the beginning of the year. GDX is currently trading at $78 per share. Investors who bought $1,000 worth of GDX shares 5 years ago would now be looking at an investment worth $2,417.
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Returns By Period
VanEck Gold Miners ETF (GDX) has returned -9.46% so far this year and 47.29% over the past 12 months. Over the last ten years, GDX has returned 12.36% per year, falling short of the S&P 500 Index benchmark, which averaged 13.71% annually.
VanEck Gold Miners ETF
- 1D
- -4.64%
- 1M
- -8.66%
- YTD
- -9.46%
- 6M
- -13.97%
- 1Y
- 47.29%
- 3Y*
- 39.25%
- 5Y*
- 19.30%
- 10Y*
- 12.36%
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
GDX Monthly Returns History
Based on dividend-adjusted daily data since May 22, 2006, GDX's average daily return is +0.05%, while the average monthly return is +0.95%. At this rate, an investment would double in approximately 6.1 years.
Historically, 54% of months were positive and 46% were negative. The best month was Apr 2020 with a return of +40.0%, while the worst month was Oct 2008 at -36.2%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 5 months.
On a daily basis, GDX closed higher 50% of trading days. The best single day was Nov 21, 2008 with a return of +27.2%, while the worst single day was Mar 18, 2020 at -22.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 9.83% | 22.97% | -20.78% | -3.79% | 1.36% | -13.22% | -9.46% | ||||||
| 2025 | 14.89% | 1.95% | 15.74% | 6.61% | 3.35% | 2.78% | -0.81% | 22.33% | 20.94% | -5.68% | 15.50% | 3.80% | 154.77% |
| 2024 | -9.90% | -5.65% | 19.95% | 4.78% | 6.55% | -3.88% | 11.79% | 1.82% | 3.11% | 1.31% | -6.64% | -8.90% | 10.63% |
| 2023 | 11.72% | -14.08% | 17.59% | 3.80% | -7.95% | -2.59% | 4.32% | -6.84% | -8.03% | 4.09% | 11.82% | 0.64% | 9.98% |
| 2022 | -5.62% | 13.73% | 11.55% | -8.76% | -9.32% | -13.71% | -4.05% | -9.40% | 1.34% | 0.17% | 20.24% | 0.33% | -9.01% |
| 2021 | -4.19% | -9.79% | 4.40% | 5.72% | 14.73% | -13.80% | 2.77% | -6.64% | -9.60% | 7.60% | 0.28% | 2.48% | -9.52% |
Benchmark Metrics
VanEck Gold Miners ETF has an annualized alpha of 7.36%, beta of 0.58, and R2 of 0.07 versus S&P 500 Index. Calculated based on daily prices since May 22, 2006.
- This ETF participated in 54.78% of S&P 500 Index downside but only 45.77% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.58 may look defensive, but with R2 of 0.07 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.07 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 7.36%
- Beta
- 0.58
- R²
- 0.07
- Upside Capture
- 45.77%
- Downside Capture
- 54.78%
Expense Ratio
GDX has an expense ratio of 0.51%, placing it in the medium range.
Return for Risk
Risk / Return Rank
GDX ranks 28 for risk / return — below 28% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GDX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.32 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 2.46 | -1.15 |
| Martin ratioReturn relative to average drawdown | 3.44 | 10.92 | -7.48 |
Dividends
Dividend History
VanEck Gold Miners ETF provided a 0.82% dividend yield over the last twelve months, with an annual payout of $0.63 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.63 | $0.63 | $0.40 | $0.50 | $0.48 | $0.53 | $0.19 | $0.20 | $0.11 | $0.18 | $0.06 | $0.12 |
Dividend yield | 0.82% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Monthly Dividends
The table displays the monthly dividend distributions for VanEck Gold Miners ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.63 | $0.63 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.40 | $0.40 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.50 | $0.50 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.48 | $0.48 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.53 | $0.53 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the VanEck Gold Miners ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the VanEck Gold Miners ETF was 80.34%, occurring on Jan 19, 2016. Recovery took 2402 trading sessions.
The current VanEck Gold Miners ETF drawdown is 32.96%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2016 bear market2016 | -80.34%Jan 2016 | 4y 4mo | 9y 6mo | 13y 11moSep 2011 - Aug 2025 |
Financial crisis2007–2009 | -70.79%Oct 2008 | 7mo 14d | 1y 11mo | 2y 6moMar 2008 - Sep 2010 |
2026 bear market2026 | -36.28%Jun 2026 | 3mo 10d | — | 3mo 24dMar 2026 - now |
2006 bear market2006 | -20.52%Oct 2006 | 27d | 4mo 26d | 5mo 23dSep 2006 - Feb 2007 |
2007 correction2007 | -19.96%Aug 2007 | 27d | 1mo 3d | 2moJul 2007 - Sep 2007 |
Drawdown Indicators
| GDX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -56.78% | -23.56% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -9.10% | -27.18% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -18.90% | -17.38% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -25.43% | -21.08% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | -33.92% | -15.87% |
Current DrawdownCurrent decline from peak | -32.96% | -3.21% | -29.75% |
Average DrawdownAverage peak-to-trough decline | -40.40% | -10.71% | -29.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.78% | 2.04% | +11.74% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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