VanEck Gold Miners ETF
Performance
Total return to 23 Oct 2026, distributions reinvested, before franking. ASX figures are to 30 Sept 2026 and gross of franking, so they run higher for franked Australian funds.
What it costs to hold
Management fee plus trading costs, compared with similar funds.
A typical fund among Global equity funds would cost $336 (0.67% a year), so GDX is $66 cheaper.
Spread is the average gap between buying and selling prices on the ASX. Fees are shown on a flat balance, not compounded on growth. Excludes tax and any adviser or platform fees.
Calendar-year returns
Where the money is
Look-through exposure as at 3 Sept 2026 · 104 securities · top 10 = 57.5%
Country
Monthly returns
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 14.6 | 7.1 | −19.1 | −5.0 | 0.6 | −11.1 | −0.1 | 27.4 | −7.5 | −9.8 | −10.5YTD | ||
| 2025 | 16.9 | −0.3 | 16.4 | 2.3 | 3.3 | 0.8 | 3.4 | 15.6 | 23.7 | −4.5 | 13.9 | 4.9 | 143.8 |
| 2024 | −6.6 | −7.1 | 19.6 | 11.2 | 1.3 | −3.4 | 10.9 | −0.5 | 2.3 | 7.6 | −7.7 | −5.6 | 19.6 |
| 2023 | 6.4 | −11.1 | 20.8 | 5.1 | −8.9 | −4.2 | 2.7 | −0.5 | −7.9 | 7.4 | 4.2 | −0.9 | 9.4 |
| 2022 | −4.2 | 15.4 | 5.5 | −2.2 | −8.8 | −9.9 | −8.3 | −6.4 | 4.5 | 4.0 | 10.4 | 2.5 | −1.1 |
| 2021 | −5.3 | −8.1 | 0.4 | 7.0 | 15.0 | −12.7 | 6.2 | −6.6 | −8.5 | 6.2 | 5.0 | −1.7 | −6.8 |
| 2020 | 0.5 | 2.1 | −10.3 | 33.9 | −1.1 | 1.5 | 12.8 | −2.0 | −4.6 | −4.3 | −13.4 | 4.9 | 13.3 |
| 2019 | 4.8 | 1.8 | 1.6 | −6.4 | 1.6 | 21.5 | 10.3 | 10.2 | −8.8 | −2.3 | −0.2 | 7.3 | 45.2 |
| 2018 | −2.1 | −6.0 | 3.0 | 5.3 | −0.1 | −0.1 | −3.5 | −9.5 | −2.0 | 5.5 | −1.9 | 11.7 | −1.6 |
| 2017 | 2.6 | −3.7 | −1.2 | −0.5 | 3.2 | −5.3 | −0.2 | 6.3 | −2.9 | 0.1 | 0.3 | 1.7 | −0.4 |
| 2016 | 4.6 | 34.4 | 0.6 | 21.5 | −3.7 | 17.6 | 8.5 | −12.3 | 1.6 | −10.4 | −9.5 | 6.1 | 61.9 |
| 2015 | −19.8 | 7.2 | −3.1 | 11.3 | −12.6 | 0.9 | −18.2 |
Total return each month in %, distributions reinvested, before franking. The latest month runs to the last price date. The first year starts from listing.
Top holdings
Most similar funds
Overlap is the share of the portfolio held in common, look-through. Correlation is of daily returns. High overlap means close substitutes.
GDX questions answered
Written from the latest data on this page. General information only, not financial advice.
How diversified is VanEck Gold Miners ETF?
VanEck Gold Miners ETF holds 104 securities, and its ten largest positions make up 57.5% of the fund, more concentrated than the 48.5% typical of Global equity funds. That makes it moderately diversified.
Its largest country exposure is United States at 75.9%, based on holdings as at 3 Sept 2026.
Which ETFs does GDX double up with most?
GDX shares the most holdings with Betashares Global Gold Miners ETF - Currency Hedged (MNRS) (75% overlap), Global X Silver Miners ETF (SLVM) (20% overlap) and Betashares Global Royalties ETF (ROYL) (15% overlap). Overlap is the share of the portfolio the two funds hold in common, looking through to the underlying securities.
At 75%, owning both GDX and MNRS would mostly double up on the same investments rather than spread your money further.
How is VanEck Gold Miners ETF managed – active or passive?
VanEck Gold Miners ETF is passively managed: it follows an index and holds what that index holds, rather than relying on a manager's stock picks.
Among Global equity funds, active funds charge a median 0.99% a year and index funds 0.54%.
What will I pay in fees for GDX?
GDX charges a management fee of 0.53% a year, about $53 for every $10,000 invested. Only 39% of the 471 ASX ETFs we track charge more, and the median fee is 0.44%. Among Global equity funds, the median is 0.62%.
Lower-cost funds with a similar focus include Global X Physical Gold (GOLD) at 0.40%, Perth Mint Gold (PMGOLD) at 0.15% and Global X Gold Bullion ETF (GXLD) at 0.15%.
The fee is taken from the fund's assets and is already reflected in its returns. You'll also pay brokerage when you buy or sell, and the bid-ask spread, which has averaged 0.05% for GDX.
Does VanEck Gold Miners ETF follow a theme?
Yes. VanEck Gold Miners ETF focuses on gold. Thematic funds are narrower than the broad market, so they can rise or fall much more than it does.
Other ASX funds with a gold focus include Global X Physical Gold (GOLD), Perth Mint Gold (PMGOLD), Betashares Gold Bullion ETF (Currency Hedged) (QAU) and Global X Gold Bullion ETF (GXLD).
What is under the hood of GDX?
As at 3 Sept 2026, GDX's ten largest holdings are Newmont Corp (12.6%), Agnico Eagle Mines Ltd (9.3%), Barrick Mining Corp (6.9%), Wheaton Precious Metals Corp (6.5%), Anglogold Ashanti Plc (5.1%), Franco-Nevada Corp (4.7%), Gold Fields Ltd (4.0%), Kinross Gold Corp (3.5%), Zijin Mining Group Co Ltd (2.7%) and Northern Star Resources Ltd (2.2%). Together they make up 57.5% of the fund.
It follows an index; the issuer's PDS sets out how that index chooses and weights its holdings. Its top 10 weighting of 57.5% compares with 48.5% for Global equity funds.
How well has VanEck Gold Miners ETF performed?
Based on its category, VanEck Gold Miners ETF aims to grow your capital in line with the index it tracks.
To 23 Oct 2026, with distributions reinvested, it returned 5.6% over 1 year (median 3.8%; ranked 13 of 30), 37.8% a year over 3 years (median 13.7% a year; ranked 1 of 23) and 23.3% a year over 5 years (median 8.0% a year; ranked 1 of 10). The medians and rankings compare it with Global equity funds. Since listing in 2015 it has returned 16.1% a year.
Tracking difference is the gap between a fund's return and its index's return. We don't hold index returns, so we can't measure it for GDX; the issuer reports it in the monthly fact sheet. As a guide, a well-run index fund trails its index by about its fee, here 0.53% a year, and a much bigger gap is a warning sign.
Past performance is not a reliable indicator of future performance.