The VanEck Gold Miners ETF (GDX) is one of the most popular ways to invest in gold without physically holding the metal. Instead of buying bullion, GDX offers exposure to the companies that mine, refine, and sell gold globally. With over $10 billion in assets under management and high daily trading volumes, it has become the go-to fund for both institutions and retail investors seeking to hedge against inflation, bet on commodity cycles, or diversify their portfolios.
| Rank | Ticker | Company | % of Fund |
|---|---|---|---|
| 1 | GFI | Gold Fields Ltd | 5.01% |
| 2 | KGC | Kinross Gold Corp | 4.85% |
| 3 | AU | AngloGold Ashanti Plc | 4.79% |
| 4 | WPM | Wheaton Precious Metals Corp | 4.79% |
| 5 | NST | Northern Star Resources Ltd | 4.43% |
| 6 | PAAS | Pan American Silver Corp | 3.85% |
| 7 | AGI | Alamos Gold Inc | 3.51% |
| 8 | CDE | Coeur Mining Inc | 2.48% |
| 9 | PEOLES | Industrias Peñoles SAB de CV | 2.24% |
| 10 | EQX | Equinox Gold Corp | 2.07% |
| 11 | RGLD | Royal Gold Inc | 1.96% |
| 12 | EVN | Evolution Mining Ltd | 1.89% |
| 13 | HMY | Harmony Gold Mining Co Ltd | 1.83% |
| 14 | EDV | Endeavour Mining Plc | 1.66% |
| 15 | IAG | Iamgold Corp | 1.63% |
| 16 | HL | Hecla Mining Co | 1.57% |
| 17 | AMMN | Amman Mineral Internasional Pt | 1.54% |
| 18 | FRES | Fresnillo Plc | 1.54% |
| 19 | 1818.HK | Zhaojin Mining Industry Co Ltd | 1.53% |
| 20 | BTG | B2Gold Corp | 1.46% |
| 21 | OR | Osisko Gold Royalties Ltd | 1.40% |
| 22–25 | Various | Additional mid-cap miners | ~5% collectively |
What makes GDX appealing is its pure-play structure. By focusing on gold miners, it provides leverage to gold prices: when gold rises, miners typically rise even more due to operating leverage and earnings sensitivity. That means the ETF often outperforms physical gold in bull markets, while being more volatile in downturns. Investors use it tactically to amplify exposure to gold’s moves.
Like other sector ETFs, GDX is concentrated at the top. The largest 10 holdings account for nearly 40% of assets, with Gold Fields, Kinross, and AngloGold Ashanti leading the pack. These companies, spanning Africa, the Americas, and Australia, are deeply tied to global gold supply and investor sentiment.
1. Gold Fields Ltd (GFI)
Gold Fields is one of the world’s largest gold mining companies, with operations in South Africa, Ghana, Australia, and South America. Its diversified geographic footprint helps reduce single-country risk, while providing steady production across multiple jurisdictions.
The company has focused heavily on efficiency and cost control, driving all-in sustaining costs lower even as inflation has pushed expenses higher across the sector. Its South Deep mine in South Africa, once troubled, is now producing steadily, while Australian operations continue to deliver strong margins.
For GDX investors, Gold Fields matters because of its sheer weight in the fund, over 5%. It provides the ETF with a strong anchor in established global production, with its upside tied directly to spot gold prices. When gold rallies, Gold Fields’ leverage to higher prices makes it one of the bigger drivers of GDX’s outperformance.
2. Kinross Gold Corp (KGC)
Kinross is a Canadian-based miner with operations across the Americas and Africa. Its portfolio includes mines in Brazil, Chile, Mauritania, and Nevada, providing a mix of developed-market stability and emerging-market growth opportunities.
The company has been actively reshaping its portfolio, selling non-core assets while investing in high-return projects. This has improved balance sheet health and increased free cash flow. Kinross has also been more aggressive with shareholder returns, including dividends and buybacks, which set it apart from peers focused solely on reinvestment.
In GDX, Kinross adds a layer of exposure to mid-tier assets that can deliver strong growth without the concentration risk of mega-miners. At nearly 5% of the ETF, Kinross’ performance has a meaningful impact on short-term returns and reflects broader investor sentiment toward North American gold equities.
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3. AngloGold Ashanti Plc (AU)
AngloGold Ashanti is another heavyweight in GDX, with deep roots in Africa and expanding projects globally. Its mines in Ghana, Tanzania, and Guinea remain core to its production base, while newer developments in the Americas and Australia diversify revenue sources.
The company has faced challenges, from operational disruptions and political risk in certain parts of Africa, but has steadily worked to improve its portfolio. Recent investments in lower-risk jurisdictions are designed to balance out exposure while maintaining output growth.
For investors, AngloGold is a high-beta play on gold prices. Its share price tends to swing more than the metal itself, offering leverage in rallies but also risk in downturns. Within GDX, AngloGold complements the stability of companies like Wheaton Precious Metals, making it an essential driver of both volatility and upside.
What Owning GDK Really Means
GDX’s top holdings demonstrate a balance between global diversification and concentrated exposure to a select few large players. Gold Fields, Kinross, and AngloGold together account for nearly 15% of the ETF, meaning investor outcomes often hinge on their performance. Wheaton Precious Metals and Northern Star add further ballast, with streaming contracts and Australian production providing stability.
While dozens of smaller names round out the fund, it’s the top tier that drives volatility and performance. Investors in GDX are effectively making a leveraged bet on gold through the world’s largest and most liquid miners.
Key Insights
- Leverage to gold: Miners’ earnings rise faster than bullion in a rally, making GDX outperform gold ETFs in strong uptrends.
- Global diversification: Top holdings span Africa, the Americas, and Australia, helping spread geopolitical and operational risk.
- Higher volatility: Operational costs, political risks, and exposure to metal prices make GDX swing more significantly than gold itself.
Gold Is Hot Right Now
The VanEck Gold Miners ETF (GDX) provides a high-octane way to invest in gold. Its appeal lies in the leverage miners have to bullion prices: when gold rallies, GDX tends to rally even more, as margins expand and cash flow accelerates. That dynamic explains the fund’s triple-digit gains year to date.
But the same leverage cuts both ways. In downturns, miners can fall harder than gold itself, making GDX more volatile than physical ETFs like GLD or IAU. Investors must be comfortable with higher risk and sharper drawdowns.
For portfolios seeking inflation hedges, diversification, or tactical commodity exposure, GDX remains one of the most efficient tools. Its global lineup of miners provides scale, liquidity, and upside, but also ensures investors are signing up for a ride more turbulent than the metal itself.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
