Mining Stocks
Top 10 of 38 XME holdings, updated
As of 12 October 2026, mining stocks are losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. XME trails the S&P 500 by 9.7 points over one month and ranks #103 of 115 groups Zensei tracks. 17 of the 38 mining stocks Zensei prices in XME beat the fund this month.
Where mining stocks stand now
As of 12 October 2026, Metals & Mining (XME) ranks #103 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is losing its lead. It built a 9.3-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 9.7 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, XME's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XME'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 SPDR S&P Metals & Mining ETF, whose 38 tracked holdings are led by Materion Corp, Reliance Inc and Steel Dynamics Inc. Weighted by portfolio, the fund's holdings trade at roughly 18.4× 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 mining stocks right now
The largest mining stocks by weight in XME, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Largest by fund weight
Share of XME
- 1Materion CorpMTRN5.8%
- 2Reliance IncRS5.4%
- 3Steel Dynamics IncSTLD5.1%
- 4Freeport-Mcmoran IncFCX5.0%
- 5Cleveland-Cliffs IncCLF5.0%
Strongest this month
1-month return, holdings Zensei prices
- 1Worthington Steel IncWS+12.6%
- 2Cleveland-Cliffs IncCLF+6.9%
- 3Metallus IncMTUS+6.2%
- 4Materion CorpMTRN+4.9%
- 5Ryerson Holding CorpRYZ+4.1%
Mining Stocks vs the S&P 500
Over the week to 12 October 2026, XME fell 2.7% while the S&P 500 rose 0.4%. XME and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means XME won that window.
Prices as of · computed from daily adjusted closes · how we measure
Metals & Mining 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 mining stocks expensive?
The price-to-earnings ratio of XME 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.
XME holdings: the mining stocks inside
As of 12 October 2026, 17 of the 38 mining stocks Zensei prices in XME beat the fund over the past month. 7 of them beat the S&P 500. The strongest is Worthington Steel Inc (WS); the weakest is United States Antimony Corp (UAMY). Inside the fund, one or two outliers drive most of the move.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | MTRNMaterion Corp | 5.8% | +4.9% | +9.5% | +12.5 pts | Weak | Fading |
| 2 | RSReliance Inc | 5.4% | +1.7% | +4.4% | +9.4 pts | Cruising | Strong |
| 3 | STLDSteel Dynamics Inc | 5.1% | −0.0% | +2.4% | +7.6 pts | Cruising | Strong |
| 4 | FCXFreeport-Mcmoran Inc | 5.0% | +3.1% | +22.5% | |||
| 5 | CLFCleveland-Cliffs Inc | 5.0% | +6.9% | +32.7% | |||
| 6 | NUENucor Corp | 5.0% | −2.7% | +8.4% | |||
| 7 | CMCCommercial Metals Co | 4.9% | −4.6% | +0.6% | |||
| 8 | NEMNewmont Corp | 4.8% | −7.6% | +26.1% | |||
| 9 | RGLDRoyal Gold Inc | 4.8% | −5.9% | +22.7% | |||
| 10 | MPMp Materials Corp | 4.6% | −14.2% | −12.4% |
All 38 XME holdings by weight: Materion Corp (MTRN) 5.8%, Reliance Inc (RS) 5.4%, Steel Dynamics Inc (STLD) 5.1%, Freeport-Mcmoran Inc (FCX) 5.0%, Cleveland-Cliffs Inc (CLF) 5.0%, Nucor Corp (NUE) 5.0%, Commercial Metals Co (CMC) 4.9%, Newmont Corp (NEM) 4.8%, Royal Gold Inc (RGLD) 4.8%, Mp Materials Corp (MP) 4.6%, Coeur Mining Inc (CDE) 4.5%, Alcoa Corp (AA) 4.4%, Hecla Mining Co (HL) 4.4%, Uranium Energy Corp (UEC) 4.3%, Warrior Met Coal Inc (HCC) 3.6%, Core Natural Resources Inc (CNR) 3.4%, USA Rare Earth Inc (USAR) 3.0%, Peabody Energy Corp (BTU) 2.9%, Centrus Energy Corp (LEU) 2.4%, Kaiser Aluminum Corp (KALU) 2.2%, Century Aluminum Co (CENX) 2.2%, Alpha Metallurgical Resources Inc (AMR) 1.7%, Ivanhoe Electric Inc (IE) 1.4%, Hycroft Mining Holding Corp (HYMC) 1.0%, Ryerson Holding Corp (RYZ) 1.0%, Mcewen Inc (MUX) 0.9%, Suncoke Energy Inc (SXC) 0.8%, Compass Minerals International Inc (CMP) 0.7%, Worthington Steel Inc (WS) 0.7%, Metallus Inc (MTUS) 0.5%, Realloys Inc (ALOY) 0.5%, Dakota Gold Corp (DC) 0.5%, United States Antimony Corp (UAMY) 0.5%, Contango Silver & Gold Inc (CTGO) 0.5%, Idaho Strategic Resources Inc (IDR) 0.4%, Ur-Energy Inc (URG) 0.4%, Ramaco Resources Inc (METC) 0.4%, American Battery Technology Co (ABAT) 0.3%.
Mining Stocks: common questions
What are the top 3 mining stocks?
As of 12 October 2026, the three largest mining stocks in XME by fund weight are Materion Corp (MTRN) (5.8%), Reliance Inc (RS) (5.4%) and Steel Dynamics Inc (STLD) (5.1%). Fund weight shows size inside the fund, not a recommendation.
Which mining stocks are beating the sector?
As of 12 October 2026, 17 of the 38 mining stocks Zensei prices in XME beat the fund over the past month. The strongest over the past month is Worthington Steel Inc (WS). The list above shows every holding with its weight and returns.
Are mining stocks outperforming the S&P 500?
No. As of 12 October 2026, XME trails the S&P 500 by 9.7 points over the past month.
Is it a good time to invest in mining stocks?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, 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 XME?
XME is SPDR S&P Metals & Mining ETF. Zensei uses it to measure mining stocks against the S&P 500 (SPY).
What stocks does XME own?
As of 12 October 2026, the largest of the 38 positions Zensei tracks in XME are Materion Corp, Reliance Inc, Steel Dynamics Inc, Freeport-Mcmoran Inc, Cleveland-Cliffs Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is metals & mining in right now?
As of 12 October 2026, metals & mining 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 metals & mining against the whole market
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