Gold Mining Stocks
Top 10 of 59 GDX holdings, updated
As of 12 October 2026, gold mining stocks are losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. GDX trails the S&P 500 by 10.9 points over one month and ranks #106 of 115 groups Zensei tracks. 15 of the 30 gold mining stocks Zensei prices in GDX beat the fund this month.
Where gold mining stocks stand now
As of 12 October 2026, Gold Miners (GDX) ranks #106 of the 115 groups Zensei tracks by one-month return against the S&P 500, among the market's weakest pockets. It is losing its lead. It built a 30.3-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 10.9 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, GDX's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. GDX's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via VanEck Gold Miners ETF, whose 59 tracked holdings are led by Newmont Corp, Agnico Eagle Mines Ltd and Barrick Mining Corp. Weighted by portfolio, the fund's holdings trade at roughly 13.5× earnings. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
Top gold mining stocks right now
The largest gold mining stocks by weight in GDX, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of GDX
- 1Newmont CorpNEM11.1%
- 2Agnico Eagle Mines LtdAEM11.1%
- 3Barrick Mining CorpB7.9%
- 4Wheaton Precious Metals CorpWPM5.7%
- 5Franco-Nevada CorpFNV5.2%
Strongest this month
1-month return, holdings Zensei prices
- 1Aris Mining CorpARMN+5.9%
- 2Aura Minerals IncAUGO+5.4%
- 3Skeena Resources LtdSKE+0.6%
- 4Centerra Gold IncCGAU−0.6%
- 5Ssr Mining IncSSRM−2.2%
Gold Mining Stocks vs the S&P 500
Over the week to 12 October 2026, GDX rose 1.3% while the S&P 500 rose 0.4%. GDX and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means GDX won that window.
Prices as of · computed from daily adjusted closes · how we measure
Gold Miners on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are gold mining stocks expensive?
The price-to-earnings ratio of GDX as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out.
GDX holdings: the gold mining stocks inside
As of 12 October 2026, 15 of the 30 gold mining stocks Zensei prices in GDX beat the fund over the past month. 2 of them beat the S&P 500. The strongest is Aris Mining Corp (ARMN); the weakest is Kinross Gold Corp (KGC). Inside the fund, the holdings split between winners and losers.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | NEMNewmont Corp | 11.1% | −7.6% | +26.1% | +1.2 pts | Pulling back | Holding |
| 2 | AEMAgnico Eagle Mines Ltd | 11.1% | −6.0% | +31.5% | +2.8 pts | Accelerating | Strong |
| 3 | BBarrick Mining Corp | 7.9% | −6.5% | +14.1% | +2.3 pts | Weak | Strong |
| 4 | WPMWheaton Precious Metals Corp | 5.7% | −10.4% | +28.2% | |||
| 5 | FNVFranco-Nevada Corp | 5.2% | −7.6% | +22.8% | |||
| 6 | AUAnglogold Ashanti PLC | 4.9% | −10.5% | +18.4% | |||
| 7 | KGCKinross Gold Corp | 3.8% | −19.2% | +0.4% | |||
| 8 | GFIGold Fields Ltd | 3.8% | −18.5% | +12.1% | |||
| 9 | Northern Star Resources Ltd | 2.9% | — | — | No price data | ||
| 10 | Pan American Silver Corp | 2.7% | — | — | No price data | ||
All 59 GDX holdings by weight: Newmont Corp (NEM) 11.1%, Agnico Eagle Mines Ltd (AEM) 11.1%, Barrick Mining Corp (B) 7.9%, Wheaton Precious Metals Corp (WPM) 5.7%, Franco-Nevada Corp (FNV) 5.2%, Anglogold Ashanti PLC (AU) 4.9%, Kinross Gold Corp (KGC) 3.8%, Gold Fields Ltd (GFI) 3.8%, Northern Star Resources Ltd 2.9%, Pan American Silver Corp 2.7%, Coeur Mining Inc (CDE) 2.1%, Royal Gold Inc (RGLD) 2.0%, Alamos Gold Inc (AGI) 1.9%, n/a (EQX) 1.9%, Evolution Mining Ltd 1.5%, Industrias Penoles Sab de Cv 1.5%, Hecla Mining Co (HL) 1.3%, Iamgold Corp (IAG) 1.3%, Endeavour Mining PLC 1.3%, First Majestic Silver Corp (AG) 1.3%, Zijin Gold International Co Ltd 1.1%, G Mining Ventures Corp 1.1%, Fresnillo PLC 1.1%, Lundin Gold Inc 1.0%, B2gold Corp (BTG) 1.0%, Dpm Metals Inc 0.9%, Eldorado Gold Corp (EGO) 0.9%, Compania de Minas Buenaventura Saa (BVN) 0.9%, Ssr Mining Inc (SSRM) 0.9%, Harmony Gold Mining Co Ltd (HMY) 0.9%, Oceanagold Corp (OGC) 0.9%, Discovery Mining Ltd 0.8%, Pt Amman Mineral Internasional Tbk 0.8%, Perseus Mining Ltd 0.7%, Ramelius Resources Ltd 0.7%, Or Royalties Inc (OR) 0.6%, Montage Gold Corp 0.6%, Artemis Gold Inc 0.6%, K92 Mining Inc 0.6%, Zhaojin Mining Industry Co Ltd 0.6%, Torex Gold Resources Inc 0.5%, Capricorn Metals Ltd 0.5%, Aura Minerals Inc (AUGO) 0.5%, Aris Mining Corp (ARMN) 0.5%, Aya Gold & Silver Inc (AYA) 0.5%, Centerra Gold Inc (CGAU) 0.5%, Genesis Minerals Ltd 0.5%, Vault Minerals Ltd 0.5%, Wesdome Gold Mines Ltd 0.5%, Greatland Resources Ltd 0.5%, Skeena Resources Ltd (SKE) 0.4%, Pt Bumi Resources Minerals Tbk 0.4%, Fortuna Mining Corp (FSM) 0.4%, Regis Resources Ltd 0.4%, Westgold Resources Ltd 0.4%, Endeavour Silver Corp (EXK) 0.4%, Seabridge Gold Inc 0.4%, Hochschild Mining PLC 0.4%, Silvercorp Metals Inc (SVM) 0.3%.
Gold Mining Stocks: common questions
What are the top 3 gold mining stocks?
As of 12 October 2026, the three largest gold mining stocks in GDX by fund weight are Newmont Corp (NEM) (11.1%), Agnico Eagle Mines Ltd (AEM) (11.1%) and Barrick Mining Corp (B) (7.9%). Fund weight shows size inside the fund, not a recommendation.
Which gold mining stocks are beating the sector?
As of 12 October 2026, 15 of the 30 gold mining stocks Zensei prices in GDX beat the fund over the past month. The strongest over the past month is Aris Mining Corp (ARMN). The list above shows every holding with its weight and returns.
Are gold mining stocks outperforming the S&P 500?
No. As of 12 October 2026, GDX trails the S&P 500 by 10.9 points over the past month.
Is it a good time to invest in gold mining stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, gold mining stocks are ahead of the S&P 500 over the longer window but behind over the past month, a fading lead. The rotation map and the read on this page show whether that trend is building or fading.
What is GDX?
GDX is VanEck Gold Miners ETF. Zensei uses it to measure gold mining stocks against the S&P 500 (SPY).
What stocks does GDX own?
As of 12 October 2026, the largest of the 59 positions Zensei tracks in GDX are Newmont Corp, Agnico Eagle Mines Ltd, Barrick Mining Corp, Wheaton Precious Metals Corp, Franco-Nevada Corp. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is gold miners in right now?
As of 12 October 2026, gold miners is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
Related sectors
Track gold miners against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.