Data as of Nov 4, 2026.
GDX vs SLX: Holdings Overlap & Returns
Over the year to Nov 4, 2026, GDX returned +24.8% to SLX's +32.9%; 0% of their weight is in the same names.
askIQ about this page
askIQ about GDX and SLX
Net assets on Nov 3, 2026: $23.9bn for VanEck Gold Miners ETF and $150m for VanEck Steel ETF.
12% of GDX's weight is in S&P 500 companies and 88% is outside the index. Holdings as of Nov 2, 2026.
14% of SLX's weight is in S&P 500 companies and 87% is outside the index. Holdings as of Nov 2, 2026.
Pair scorecard
GDX costs 0.04 points a year less; their one-year returns differ by 8.1 points; GDX is far larger, $23.9bn against $150m.
Points (pts) are percentage points.
| Measure | GDX | SLX |
|---|---|---|
| Return | ||
| Total return, 1 year | +24.8% | +32.9% |
| Drawdown | ||
| Below its all-time high | 27.0%, high on Feb 27, 2026 | 12.2%, high on Jun 2, 2026 |
| Against its benchmark | ||
| What it tracks | Gold miners | Miners and metals |
| Its benchmark, total return, 1 year | +15.0% | +15.0% |
| Against its benchmark, 1 year | ahead by 9.8 pts | ahead by 17.9 pts |
| Cost and size | ||
| Expense ratio | 0.51% | 0.55% |
| Net assets, as of Nov 3, 2026 | $23.9bn | $150m |
| Holdings | ||
| Holdings in common | 0% | |
Risk and return
Apr 4, 2008 to Oct 30, 2026 · 969 weekly returns · each against ACWIFrom Apr 2008 to Oct 2026, SLX returned slightly more: +86.6% to +84.1%. SLX swung slightly less: 36.3% to 38.8%. GDX fell slightly less at its worst: −79.2% to −82.0%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GDX | SLX | ACWI | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +84.1% | +86.6% | +331.0% | SLX (slight) | Price change plus distributions, reinvested. |
| Annualized | +3.3% | +3.4% | +8.2% | SLX (slight) | Total return as a yearly rate. |
| Price return | +57.6% | +4.5% | +203.2% | GDX | Price change alone, distributions left out. |
| Risk | |||||
| Volatility | 38.8% | 36.3% | 18.5% | SLX (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 26.5% | 24.9% | 13.2% | SLX (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −79.2% | −82.0% | −55.3% | GDX (slight) | Deepest fall from a high to the low after it. |
| Upside capture | 50.2% | 186.8% | 100.0% | SLX | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 75.2% | 128.1% | 100.0% | GDX | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.76 | 1.58 | 1.00 | GDX lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.13 | 0.65 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.24 | 0.23 | 0.44 | GDX (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 0.35 | 0.34 | 0.61 | GDX (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.124 | 0.054 | 0.081 | GDX | Return above Treasury bills per unit of beta. |
| Calmar | 0.04 | 0.04 | 0.15 | Tie | Annualized return divided by the max drawdown. |
| Against the benchmark | |||||
| Benchmark | ACWI | ACWI | ACWI | The ETF each fund is measured against. | |
| Alpha | +3.2% a year | −4.3% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.39 | −0.86 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −13.2% to +19.7% | −14.1% to +5.5% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | 0.03 | 0.02 | GDX | Return against its benchmark per unit of tracking error. | |
| Tracking error | 36.4% | 24.1% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 969 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, GDX and SLX hold 0% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.
half
0% in common
Only in one fund ↓
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | GDX | SLX | GDX | SLX |
| 3 months | +1.1% | −9.3% | +2.4 pts vs ACWI | −8.0 pts vs ACWI |
| 6 months | −8.5% | −8.1% | −11.1 pts vs ACWI | −10.7 pts vs ACWI |
| 1 year | +24.8% | +32.9% | +9.8 pts vs ACWI | +17.9 pts vs ACWI |
| 3 years | +197.2% | +64.3% | +119.6 pts vs ACWI | −13.3 pts vs ACWI |
| Since launchNot the same days: GDX May 2006 · SLX Oct 2006 | +175.1% | +326.1% | not measured | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
0% of the two portfolios are the same securities at the same weight.
Client brief:
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
GDX
By weight, 12% of GDX's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 60% of the fund across 59 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +24.8% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 9.8 pts. It sits 27.0% below its all-time high of Feb 27, 2026.
SLX
By weight, 14% of SLX's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 57% of the fund across 39 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +32.9% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Index, so a holder was ahead by 17.9 pts. It sits 12.2% below its all-time high of Jun 2, 2026.
Questions people ask
- Do GDX and SLX hold the same stocks?
- By their latest filings, 0% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, GDX against SLX, data as of Nov 4, 2026. https://etfiq.com/compare/themes/gdx-vs-slx
ETFIQ. (Nov 4, 2026). GDX against SLX. Retrieved from https://etfiq.com/compare/themes/gdx-vs-slx
[GDX against SLX (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/themes/gdx-vs-slx)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.