VanEck Vectors Gold Miners ETF
ALTAR
Score™
4.1% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
17.6x P/Sales
ratio
2.5x
P/BV
ratio
1.5x Div.
yield
1.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Gold Miners ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Amex Gold Miners Index. The Index provides exposure to publicly traded companies worldwide involved primarily in the mining for gold or silver ore.

FUND BASICS
Category Global Equities
Fund Sponsor Van Eck Associates
Website www.vaneck.com
Inception date May 22, 2006
Assets (mns) $10,810
Currency USD
Expense ratio 52 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 48
Wgt avg mkt cap (mns) $14,514
Large cap (>$10bn) 47.5%
Mid cap ($2-10bn) 34.6%
Small cap (<$2bn) 17.9%
Developed mkts 89.5%
Emerging mkts 10.5%

TOP TEN HOLDINGS
NEWMONT MINING CORP 15.6 %
BARRICK GOLD CORP 13.7 %
FRANCO-NEVADA CORP 7.9 %
WHEATON PRECIOUS METALS CORP 5.8 %
KIRKLAND LAKE GOLD LTD. 5.0 %
NEWCREST MINING LIMITED 4.6 %
ANGLOGOLD ASHANTI-SPON ADR 4.3 %
AGNICO-EAGLE MINES LTD 4.0 %
ROYAL GOLD INC 3.5 %
KINROSS GOLD CORP 3.1 %
Total 67.6 %

TOP COUNTRY EXPOSURE
CANADA 53.6 %
UNITED STATES 20.2 %
AUSTRALIA 13.1 %
SOUTH AFRICA 7.4 %
BRITAIN 2.6 %
CHINA 2.0 %
PERU 1.1 %




HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-21.3% 3.4% 5.4% -5.7% -3.0%

Market Correlations
versus... Beta R-squared
S&P500 0.32 4%
MSCI EAFE 0.54 11%
MSCI Emg. Mkts. 0.53 16%

Technical Indicators
Recent close $25.04
30d moving avg. $25.85
Annualized volatility 24.2%
Short interest (ETF) 7.7%
Relative strength (RSI) 44

Liquidity measures
Avg. volume (thou.) 108,902
Turnover 25.2%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $3,800

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the VanEck Vectors Gold Miners ETF ETF based on the alternatives' overlap in portfolio holdings with GDX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GDX Expense: 52 bp ALTAR Score™: 4.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GDX
Ticker Fund
Name
Overlap1
vs GDX
(%)
Expense
ratio
(bp)
Savings
vs GDX
(bp)
ALTAR
Score™
(%)
ALTAR
vs GDX
(%)
GDXJ VanEck Vectors Junior Gold Miners ETF 34.2 53 -1 4.6 +0.6
RING iShares MSCI Global Gold Miners ETF 32.0 39 13 4.8 +0.7
SGDM Sprott Gold Miners ETF 30.1 50 2 3.3 -0.8
IGE iShares North American Natural Resources ETF 14.3 46 6 6.0 +2.0
XME SPDR S&P Metals & Mining ETF 13.8 35 17 13.0 +8.9
GOAU U.S. Global GO GOLD & Precious Metal Miners ETF 13.3 60 -8 4.3 +0.2
NANR SPDR S&P North American Natural Resources ETF 13.1 35 17 5.4 +1.3
GOEX Global X Gold Explorers ETF 12.6 65 -13 4.8 +0.8
IYM iShares U.S. Basic Materials ETF 9.5 42 10 8.2 +4.2
AFK VanEck Vectors Africa Index ETF 9.4 78 -26 4.7 +0.6
PYZ Invesco DWA Basic Materials Momentum ETF 8.8 60 -8 7.7 +3.7
SGDJ ALPS Sprott Junior Gold Miners ETF 8.3 50 2 4.2 +0.1
SLVP iShares MSCI Global Silver Miners ETF 7.7 39 13 2.7 -1.4
VAW Vanguard Materials Index Fund 6.8 10 42 8.7 +4.7
GNR SPDR S&P Global Natural Resources ETF 6.8 40 12 8.7 +4.6
FMAT Fidelity MSCI Materials Index ETF 6.7 8 44 8.7 +4.6
XLB Materials Select Sector SPDR Fund 6.6 13 39 8.3 +4.2
AADR WCM/BNY Mellon Focused Growth ADR ETF 5.9 110 -58 5.0 +0.9
JHMA John Hancock Multifactor Materials ETF 5.7 40 12 9.1 +5.0
RTM Invesco S&P 500 Equal Weight Materials ETF 5.4 40 12 8.8 +4.7
HAP VanEck Vectors Natural Resources ETF 5.4 50 2 8.3 +4.3
FXZ First Trust Materials AlphaDEX Fund 5.1 65 -13 10.3 +6.2
GUNR Flexshares Morningstar Global Upstream Natural Resources 4.5 46 6 8.0 +3.9
GRES IQ Global Resources ETF 3.9 77 -25 9.0 +5.0
MXI iShares Global Materials ETF 3.8 46 6 8.4 +4.4
ISCF iShares Edge MSCI Multifactor Intl Small-Cap ETF 3.8 40 12 10.7 +6.6
FAUS First Trust Australia AlphaDEX Fund 3.4 80 -28 10.4 +6.3
SFYF SoFi 50 ETF 3.1 29 23 8.4 +4.4
FTCS First Trust Capital Strength ETF 2.6 60 -8 6.1 +2.0
MXDU Nationwide Maximum Diversification US Core Equity ETF 2.6 34 18 6.8 +2.7
VOE Vanguard Mid-Cap Value Index Fund 2.5 7 45 10.8 +6.8
PEXL Pacer US Export Leaders ETF 2.5 60 -8 9.0 +4.9
AVDV Avantis International Small Cap Value ETF 2.4 36 16 11.9 +7.9
FLAU Franklin FTSE Australia ETF 2.4 9 43 8.5 +4.4
VFMV Vanguard U.S. Minimum Volatility ETF 2.3 13 39 6.2 +2.2
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 2.2 20 32 7.8 +3.7
SIL Global X Silver Miners ETF 2.2 65 -13 3.6 -0.5
RBUS Nationwide Risk-Based U.S. Equity ETF 2.1 30 22 7.2 +3.1
USMV iShares Edge MSCI Min Vol USA ETF 2.1 15 37 6.8 +2.7
SPMV Invesco S&P 500 Minimum Variance ETF 2.0 10 42 7.3 +3.3
CHIM Global X China Materials ETF 2.0 65 -13 11.8 +7.7
REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF 1.9 40 12 7.9 +3.9
VRAI Virtus Real Asset Income ETF 1.8 55 -3 13.5 +9.4
SDGA Impact Shares Sustainable Development Goals Global ETF 1.8 75 -23 6.9 +2.8
FDTS First Trust Developed Markets ex-US Small Cap AlphaDEX Fund 1.8 80 -28 15.0 +10.9
XMMO Invesco S&P MidCap Momentum ETF 1.8 39 13 5.2 +1.2
PVAL Principal Contrarian Value Index ETF 1.7 29 23 10.6 +6.5
EQWM Invesco S&P MidCap Quality ETF 1.6 25 27 6.8 +2.7
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 1.6 80 -28 11.7 +7.6
EWA iShares MSCI Australia ETF 1.5 50 2 8.0 +3.9
AIIQ AI Powered International Equity ETF 1.5 79 -27 6.4 +2.3
SPVU Invesco S&P 500 Enhanced Value ETF 1.5 13 39 15.9 +11.9
SCHC Schwab International Small-Cap Equity ETF 1.5 12 40 9.5 +5.4
FTA First Trust Large Cap Value AlphaDEX Fund 1.4 60 -8 12.1 +8.1
OSCV Opus Small Cap Value Plus ETF 1.4 79 -27 7.9 +3.8
ISDS Invesco Strategic Developed ex-US Small Company ETF 1.4 35 17 7.8 +3.7
FCA First Trust China AlphaDEX Fund 1.3 80 -28 16.5 +12.4
COPX Global X Copper Miners ETF 1.3 65 -13 11.2 +7.1
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 1.3 60 -8 9.1 +5.1
SCIX Global X Scientific Beta Asia ex-Japan ETF 1.3 38 14 7.9 +3.8
IWS iShares Russell Mid-Cap Value ETF 1.2 24 28 10.0 +5.9
ACWV iShares Edge MSCI Min Vol Global ETF 1.2 20 32 6.7 +2.7
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 1.2 49 3 7.6 +3.5
PACA Xtrackers MSCI Latin America Pacific Alliance ETF 1.1 45 7 10.4 +6.3
EPU iShares MSCI All Peru Capped ETF 1.1 59 -7 8.3 +4.2
FVL First Trust Value Line 100 Exchange-Traded Fund 1.1 70 -18 5.5 +1.4
VO Vanguard Mid-Cap Index Fund 1.1 4 48 7.7 +3.6
BIBL Inspire ETF 1.1 35 17 6.2 +2.1
BBAX JPMorgan BetaBuilders Developed Asia ex-Japan ETF 1.1 19 33 8.4 +4.4
VSS Vanguard FTSE All World (ex-US) Small Cap Index Fund 1.1 11 41 9.2 +5.1
EGPT VanEck Vectors Egypt Index ETF 1.1 98 -46 13.9 +9.9
GWX SPDR S&P International Small Cap ETF 1.1 40 12 8.1 +4.0
SILJ ETFMG Prime Junior Silver ETF 1.0 69 -17 0.7 -3.4
IDMO Invesco S&P International Developed Momentum ETF 1.0 25 27 5.7 +1.6
FTHI First Trust High Income ETF 1.0 85 -33 7.6 +3.5
INTF iShares Edge MSCI Multifactor Intl ETF 1.0 30 22 10.2 +6.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.0 49 3 11.6 +7.5
JPUS JPMorgan Diversified Return U.S. Equity ETF 0.9 19 33 8.3 +4.2
JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF 0.9 24 28 8.3 +4.3
ULVM VictoryShares USAA MSCI USA Value Momentum ETF 0.9 20 32 10.4 +6.4
EKAR Innovation Shares NextGen Vehicles & Technology ETF 0.9 65 -13 13.1 +9.0
FTLB First Trust Hedged BuyWrite Income ETF 0.9 85 -33 7.5 +3.4
SCZ iShares MSCI Eafe Small-Cap ETF 0.8 40 12 8.6 +4.6
RPV Invesco S&P 500 Pure Value ETF 0.8 35 17 17.6 +13.6
EPP iShares MSCI Pacific ex-Japan ETF 0.8 48 4 8.2 +4.1
QLV FlexShares US Quality Low Volatility Index Fund 0.8 22 30 6.4 +2.3
BLES Inspire Global Hope Large Cap ETF 0.8 61 -9 8.3 +4.3
KRMA Global X Conscious Companies ETF 0.8 43 9 7.3 +3.2
NULV Nuveen ESG Large-Cap Value ETF 0.8 35 17 9.3 +5.2
MDYG SPDR S&P 400 Mid Cap Growth ETF 0.8 15 37 6.7 +2.7
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 0.8 15 37 6.7 +2.6
IJK iShares S&P Mid-Cap 400 Growth ETF 0.8 24 28 6.7 +2.6
JKD iShares Morningstar Large-Cap ETF 0.8 20 32 7.4 +3.4
AUSF Global X Adaptive U.S. Factor ETF 0.8 27 25 10.5 +6.4
QUS SPDR MSCI USA StrategicFactors ETF 0.8 15 37 7.3 +3.2
FAB First Trust Multi Cap Value AlphaDEX Fund 0.8 71 -19 13.3 +9.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.8 49 3 9.3 +5.2
IWR iShares Russell Midcap ETF 0.7 19 33 8.0 +3.9
EWC iShares MSCI Canada ETF 0.7 49 3 8.8 +4.7
SCIU Global X Scientific Beta US ETF 0.7 19 33 7.6 +3.5

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
VanEck Vectors Gold Miners ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 6.7 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 52 bp
Equals: ALTAR Score 4.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.50
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.