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  • ETF
  • GDX
    Pricing Data
    $27.24
    Change: $0.06 (0.0%)
    Time: 08/29/16
    Previous Close: $27.18
  • Category
  • Commodity Producers Equities
Last Updated:

Profile

Vitals

Trading Data

Open: - Volume -
Day Lo - Day Hi -
  • 52 Week Lo: $12.40
  • 52 Week Hi: $31.79
  • AUM: $9,968.5 M
  • Shares: 366.0 M

Investment Themes

Historical Trading Data

  • 1 Month Avg. Volume: 64,903,616
  • 3 Month Avg. Volume: 73,855,640

Alternative ETFs in the Commodity Producers Equities Category

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Type Ticker Expense Ratio Assets Avg. Daily Vol YTD Return
Cheapest
Largest (AUM)
Most Liquid (Volume)
Top YTD Performer

Analyst Report

This ETF offers investors exposure to some of the largest gold mining companies in the world, thereby delivering what can be thought of as "indirect" exposure to gold prices. Because the profitability of gold miners depends on the prevailing market price for the goods that they sell, these stocks will generally exhibit a strong correlations to movements in spot gold prices. When gold prices go up, gold miners make more money (and vice versa). It should be noted, however, that this relationship is not perfect; in certain environments, gold miner stocks and physical gold prices can move in opposite directions, and correlation between the two can be less than perfect. There are a number of potential benefits to investing in gold through stocks. Some investors have a hard time with the fact that physical gold will never make a distribution or generate a cash flow; gold miner stocks make dividends and report earnings, which can make valuation more straightforward. Also, gold miner stocks tend to trade as leveraged plays on spot gold prices; investors seeking to ramp up exposure may prefer to use stocks instead of the physical metal. There are a few interesting alternatives in the space to the ultra-popular GDX. Perhaps the most intriguing of those is GGGG, a product from Global X that focuses more narrowly on firms that derive the vast majority of their revenues from gold mining. As such, mining firms with significant operations revolving around silver or other industrial or precious metals are excluded from that fund, which generally includes a much more meaningful tilt towards smaller companies. For investors looking to isolate gold exposure and maximize the correlation to the precious metal--without including silver, copper, or other metals--GGGG might be preferable to GDX.

Realtime Rating

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Realtime Rating Summary

The adjacent table gives investors an individual Realtime Rating for GDX on several different metrics, including liquidity, expenses, performance, volatility, dividend, concentration of holdings in addition to an overall rating. The "A+ Metric Rated ETF" field, available to ETFdb Pro members, shows the ETF in the Commodity Producers Equities with the highest Metric Realtime Rating for each individual field. To view all of this data, sign up for a free 14-day trial for ETFdb Pro. To view information on how the ETFdb Realtime Ratings work, click here.

Compare to another ETF

View the Category Report

GDX Overall Realtime Rating:

A+ Overall Rated ETF:

Metric Metric Realtime Rating A+ Metric Rated ETF
Liquidity A+ GDX
Expenses A- XME
Performance
Volatility
Dividend
Concentration

Knowledge Centers

GDX In-Depth Analysis

The following tables and charts contain in-depth metrics for this ETF and compare it to similar peer ETFs within its ETFdb Category.

GDX Holdings

Filings Data as of: Aug 02, 2016
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Concentration Analysis

This section compares how balanced and deep this ETF is relative to the peer group ETFdb Category.

Number of Holdings
Rank:
53
Category Low
Category High
% Assets in Top 10
Rank:
59.20%
Category Low
Category High

Asset Allocation

Asset Percentage
U.S. Stocks 14.02%
International Stocks 85.95%
U.S. Bonds 0.0%
International Bonds 0.0%
Preferred Stock 0.0%
Convertibles 0.0%
Cash 0.03%
Other 0.0%

Sector Breakdown

Sector Percentage
Basic Materials 99.97%
Financial Services 0.0%
Communication Services 0.0%
Consumer Defensive 0.0%
Real Estate 0.0%
Industrials 0.0%
Consumer Cyclical 0.0%
Technology 0.0%
Energy 0.0%
Health Care 0.0%
Utilities 0.0%

Market Cap Breakdown

Market Cap Percentage
Giant 10.37%
Large 47.39%
Medium 36.63%
Small 5.59%
Micro 0.0%

Region Breakdown

Region Percentage
Canada 56.38%
U.S. 14.02%
Australia 10.88%
Africa 8.87%
Europe 6.14%
Latin America 2.33%
Asia (Emerging) 1.36%
Japan 0.0%
Asia (Developed) 0.0%
Middle East 0.0%

Market Tier Breakdown

Region Percentage
Developed 87.09%
Emerging 12.88%

Country Breakdown

Country Percentage
Canada 56.38%
United States 14.02%
Australia 10.88%
South Africa 8.87%
United Kingdom 5.82%
Peru 1.76%
China 1.36%
Mexico 0.58%
Turkey 0.32%
Other 0.01%

GDX Expenses & Fees

This section compares the cost efficiency of this ETF to peers in the same ETFdb Category.

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Expenses Ratio Analysis

ETF Average
0.579%
ETF Wtd. Average
0.26%
Category Average
0.58%
Expense Ratio
Rank:
0.53%
Category Low
Category High

Commission Free Trading

This ETF is not currently available for commission free trading on any platforms.

Category Commission Free Trading

There are 16 other ETFs in the Commodity Producers Equities ETFdb Category that are also eligible for commission free trading:

GDX Performance

This section shows how this ETF has performed relative to its peer group ETFdb Category.

1 Week Return
Rank:
-7.54%
Category Low
Category High
4 Week Return
Rank:
-11.93%
Category Low
Category High
13 Week Return
Rank:
22.26%
Category Low
Category High
26 Week Return
Rank:
40.56%
Category Low
Category High
Year to Date Return
Rank:
98.54%
Category Low
Category High
1 Year Return
Rank:
92.76%
Category Low
Category High
3 Year Return
Rank:
-1.37%
Category Low
Category High
5 Year Return
Rank:
-54.73%
Category Low
Category High

Charts

The following charts can be customized to display historical performance in a number of different formats, including line charts, bar charts, and candlesticks. Time periods can be adjusted to increase or decrease the period shown, ranging from five minutes to several months.

The following chart also includes the option to compare the performance of GDX relative to other ETFs and benchmarks or to include indicators such as Bollinger Bands, relative strength, and moving averages.

GDX Valuation

This section shows how the P/E multiple of this ETF compares to the peer group ETFdb Category.

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P/E Ratio
Rank:
74.4
Category Low
Category High

GDX Dividend

This section shows how the dividend yield of this ETF compares to the peer group ETFdb Category.

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Dividend
$0.12
Dividend Date
2015-12-21
Annual Dividend Rate
$0.12
Annual Dividend Yield
Rank:
0.43%
Category Low
Category High

GDX Technicals

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Volatility Analysis

This section shows how the volatility of this ETF compares to the peer group ETFdb Category.

5 Day Volatility
Rank:
120.08%
Category Low
Category High
20 Day Volatility
Rank:
32.19%
Category Low
Category High
50 Day Volatility
Rank:
40.78%
Category Low
Category High
200 Day Volatility
Rank:
47.95%
Category Low
Category High
Beta
Rank:
-7.1
Category Low
Category High
Standard Deviation
Rank:
6.04%
Category Low
Category High

Technicals

  • 20 Day MA: $29.91
  • 60 Day MA: $28.58
  • MACD 15 Period: -2.37
  • MACD 100 Period: 0.68
  • Williams % Range 10 Day: 86.52
  • Williams % Range 20 Day: 88.35
  • RSI 10 Day: 28
  • RSI 20 Day: 41
  • RSI 30 Day: 47
  • Ultimate Oscillator: 29

Bollinger Brands

  • Lower Bollinger (10 Day): $26.16
  • Upper Bollinger (10 Day): $31.80
  • Lower Bollinger (20 Day): $27.11
  • Upper Bollinger (20 Day): $32.86
  • Lower Bollinger (30 Day): $27.04
  • Upper Bollinger (30 Day): $32.40

Support & Resistance

  • Support Level 1: $26.80
  • Support Level 2: $26.36
  • Resistance Level 1: $27.60
  • Resistance Level 2: $27.96

Stochastic

  • Stochastic Oscillator %D (1 Day): 42.43
  • Stochastic Oscillator %D (5 Day): 16.66
  • Stochastic Oscillator %K (1 Day): 37.43
  • Stochastic Oscillator %K (5 Day): 18.01

Fact Sheet

Fact sheets are issued by the ETF provider and framed by ETFdb.com. Information contained within the fact sheet is not guaranteed to be timely or accurate.

Mansi/Emma Image

Published March 1, 2016

The following article was not written by a human. It was written by an AI called Emma. Her bio can be found on her author page.

Artificial intelligence has come a long way, and while it may or may not replace humans, it is already providing exceptional support by augmenting human work in many industries. Emma collates news items and analyzes structured financial numbers as she spins out an article in 20 minutes. This is definitely an interesting milestone in AI. We’re just checking in to see if our readers like it. Do give us a shout on Twitter at @ETFdb or on Facebook.

Alternative to Investing in Physical Gold

The Market Vectors Gold Miners ETF (GDX B+) seeks to replicate the price and yield performance of the NYSE Arca Gold Miners Index. The ETF normally invests at least 80% of its total assets in securities that compose the Gold Miners Index. The index is a modified market­ capitalization-weighted index primarily consisting of publicly traded companies involved in mining for gold and silver. GDX is quite popular with investors, with hedge funds using it to take positions on gold miners and individual investors using it as an alternative to investing in physical gold. This year, the ETF has performed extremely well and is up nearly 42.5% YTD, handily outperforming the S&P 500.

In terms of historical performance, though, GDX has not done well over the last five years. In percentage terms, the fund is down 65.1%, despite this year’s strong performance. Over the last one year, the fund is flat with a marginal loss of ­1.1%. This can be attributed to declining demand in the entire energy/metals/commodities complex ­since GDX’s constituents are heavily invested in silver, a metal that is used in several industries that have been impacted by slowing industrial demand. As of late, though, as oil has come significantly off its lows, and with the Fed coming back to a new normal, constituents of the Gold Miners Index have generated record returns, helping the GDX recover some if its historical losses and bringing it to a one-year return (as of this writing) to a marginal loss of ­1.1%.

Constituents on Track to Reduce Debt

The macro picture for GDX is healthy. It appears that constituents of GDX’s underlying index are on track to reduce their debt by a record $50 billion over the next two years. Rio­ Tinto (RIO) and BHP Billiton (BHP) are just some of those names. Further, while the Fed may want to increase interest rates at least twice this year, its ability to do so will be limited given the interest rate environments in Europe and Japan. In addition, during the January lows, gold held the psychologically important level of $1,050 an ounce and has gained about 10% since.

That takes us to GDX’s financial ratios. GDX has around $6 billion in assets under management and a very weak yield of 0.60%, driven partly by the extremely frail balance sheets of the constituents of its underlying index. GDX is close to its 52-week low of $21.42, trading (as of this writing) at $19.41. Its all-time low, hit earlier this year, is $12.40. The expense ratio for GDX is 0.53%, which is in line with other ETFs in its category. The fund has a turnover ratio of 24%.

A fundamental downside risk to an otherwise healthy outlook for GDX is its recent run­up, which has taken the ETF from its all-time low of $12.40 in January 2016, to $19.42, a gain of almost 50% in less than 90 days. While the rebound was inevitable, there have been significant short covering rallies in the constituents of its underlying index. While fundamentals look positive for equities in the commodities/energy/metals industries, as they are coming off an extremely poor cycle that has lasted several years, the current rally appears to be overdone by 15% to 20%.

Weak Buy

I believe there are other opportunities in specific companies to play the space, but for investors wanting broad exposure to the metals industry, it would be prudent to start accumulating GDX at lower levels. I believe GDX is a Weak Buy with a price target of $20.50.

Click here to read about Emma’s views on Microsoft, the ETFs QQQ, FV, TLT, VOO and VTI, and the ETNs TVIX and VXX.

2014 Morningstar, Inc. All Rights Reserved. The information contained herein: ( 1 ) is proprietary to Morningstar and/or its content providers; ( 2 ) may not be copied or distributed; and ( 3 ) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.