VanEck Vectors Gold Miners ETF
ALTAR
Score™
2.3% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
26.5x P/Sales
ratio
2.7x
P/BV
ratio
1.9x Div.
yield
1.0%


  • 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) $13,342
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) $11,050
Large cap (>$10bn) 46.5%
Mid cap ($2-10bn) 36.6%
Small cap (<$2bn) 17.0%
Developed mkts 87.8%
Emerging mkts 12.2%

TOP TEN HOLDINGS
NEWMONT MINING CORP 12.1 %
BARRICK GOLD CORP 11.1 %
FRANCO-NEVADA CORP 6.9 %
NEWCREST MINING LIMITED 5.6 %
WHEATON PRECIOUS METALS CORP 5.0 %
AGNICO-EAGLE MINES LTD 4.9 %
KIRKLAND LAKE GOLD LTD. 4.2 %
ANGLOGOLD ASHANTI-SPON ADR 4.2 %
ROYAL GOLD INC 3.7 %
KINROSS GOLD CORP 3.0 %
Total 60.6 %

TOP COUNTRY EXPOSURE
CANADA 47.7 %
UNITED STATES 17.2 %
AUSTRALIA 14.0 %
SOUTH AFRICA 7.8 %
BRITAIN 2.5 %
CHINA 1.9 %
PERU 1.6 %




HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
39.7% 39.7% 10.4% -3.8% -1.3%

Market Correlations
versus... Beta R-squared
S&P500 -0.13 0%
MSCI EAFE 0.25 1%
MSCI Emg. Mkts. 0.42 7%

Technical Indicators
Recent close $29.22
30d moving avg. $28.35
Annualized volatility 23.7%
Short interest (ETF) 8.4%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 50,922
Turnover 11.2%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $1,582

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™: 2.3%


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 Jr. Gold Miners 39.0 53 -1 2.2 -0.1
RING iShares MSCI Global Gold Miners 31.2 39 13 2.6 +0.4
SGDM Sprott Gold Miners 27.5 50 2 2.6 +0.3
GOAU U.S. Global GO GOLD and Precious Metal Miners 14.1 60 -8 1.7 -0.6
GOEX Global X Gold Explorers 13.2 65 -13 2.2 -0.1
XME SPDR Metals & Mining ETF 10.5 35 17 -0.1 -2.4
NANR SPDR S&P N. American Nat. Resources 9.5 35 17 4.0 +1.7
IGE iShares North American Natural Resources 9.0 46 6 3.9 +1.7
SGDJ ALPS Sprott Junior Gold Miners 8.3 50 2 2.5 +0.2
IYM iShares DJ US Basic Material 7.1 42 10 8.6 +6.4
PYZ Invesco Dynamic Basic Materials Sector 6.9 60 -8 5.4 +3.1
AFK VanEck Vectors Africa 6.6 78 -26 5.1 +2.8
AADR WCM/BNY Mellon Focused Growth 5.8 110 -58 3.2 +0.9
HAP VanEck Vectors Hard Asset Producers 5.4 50 2 5.6 +3.3
GNR SPDR S&P Global Nat. Resources 5.3 40 12 6.3 +4.0
FMAT Fidelity MSCI Materials 5.2 8 44 8.6 +6.3
VAW Vanguard Materials 5.2 10 42 8.6 +6.4
XLB Materials Select Sector SPDR 4.9 13 39 9.2 +7.0
GUNR Flexshares Global Upstream Natural Resources 4.4 46 6 5.8 +3.5
ISCF iShares FactorSelect MSCI Intl Small-Cap 4.1 40 12 7.1 +4.8

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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 4.9 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 52 bp
Equals: ALTAR Score 2.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.59 CATEGORY
AVERAGE
1.54
 
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.