GDX vs PMTL: Grades, Fees and Holdings Compared

VanEck Gold Miners ETF

GDXBNYSE Arca

FIRST TRUST INDXX QUALITY PRECIOUS METALS MINERS ETF

PMTLCNYSE Arca

Overlap

60.5%by weight

Expense ratio

GDX −0.14pt a year

GDX0.51%PMTL0.65%

Avg volume · 30D

GDX 11053.8×the volume

GDX21.2MPMTL1.92K

GDX vs PMTL Performance

Aug 3, 2026 – Nov 3, 2026

+2.0%GDX−0.5%PMTL

Expense ratio: GDX 0.51%, better; PMTL 0.65%
Fund size: GDX $23.9B; PMTL $2M
1Y total return: GDX +9.6%; PMTL No data
Yield (12M): GDX 0.82%; PMTL No data
Holdings: GDX 62; PMTL 78
Avg volume (30D): GDX 21.2M sh, better; PMTL 1.92K sh
NAV per share: GDX $77.58; PMTL $20.79
52W range

ETF.net Grade

Pillar letters and Scores for GDX, PMTL, with each pillar’s weight
Pillar	GDX	PMTL
Cost30% weight	C50Higher	D26
Mission25% weight	Not scored	Not scored
Risk15% weight	B65	A81Higher
Tradability15% weight	A95Higher	F24
Holdings10% weight	B59	A93Higher
Durability5% weight	A88Higher	F20

Rank among Precious Metals Miners funds

How we build Categories ›

Same Category. GDX and PMTL are both graded against the same 18 Precious Metals Miners funds, so their Grades compare head to head.

Precious Metals Miners⁠

Category · 18 funds

See all 18 ›

GDX ranks 2nd and PMTL 14th of 18 funds in the Precious Metals Miners Category.

Rank 1BRINGiShares MSCI Global Gold Miners ETFScore 67
Rank 2BGDXVanEck Gold Miners ETFScore 65
Rank 2BSGDMSprott Gold Miners ETFScore 65
Rank 14CGOEXGlobal X Gold Explorers ETFScore 40
Rank 14CPMTLFIRST TRUST INDXX QUALITY PRECIOUS METALS MINERS ETFScore 40
Rank 16DSLVRSprott Silver Miners & Physical Silver ETFScore 38

Our read on each fund

ETF.net Research

GDXBVanEck Gold Miners ETF

PMTLCFIRST TRUST INDXX QUALITY PRECIOUS METALS MINERS ETF

In short

GDX The original gold miner ETF, running since 2006. Roughly 60 mining companies in one ticker, for people who want equity exposure to gold's economics rather than a bar in a vault.

PMTL No data

Stated mandate

GDX GDX seeks to track, before fees and expenses, the price and yield performance of the MarketVector Global Gold Miners Index, which is designed to represent companies involved in gold mining.

PMTL No data

Why people hold it

GDX Launched in 2006, this is the elder statesman of gold mining funds: a multi-billion-dollar portfolio that is very actively traded, which usually means easy entries and exits.
Owns the diggers, not the metal. It tracks the MarketVector Global Gold Miners Index, roughly 60 companies whose profits swing on the gap between gold prices and mining costs.
At a 0.51% expense ratio it sits right at the typical price for a precious-metals miner fund, and it grades in the top quartile of its 18-fund peer group.

PMTL No data

Worth knowing

GDX Cheaper shelf-mates exist. RING covers global gold miners at 0.39%, so you are paying a bit extra here, largely for scale and trading depth.
Miner stocks are not bullion. They carry operating costs, debt, labor and country risk on top of the gold price, so moves tend to be sharper in both directions.
Distributions come annually or semiannually, so this is an equity growth vehicle rather than a steady income line.

PMTL No data

Full GDX profile⁠

Full PMTL profile⁠

GDX vs PMTL Holdings

How GDX and PMTL differ

Overlap by weight

60.5%

Shared holdings make up 92.8% of GDX and 73.0% of PMTL.

Level by level

Asset classCommodities, Equity0.0%
Holdings47 in both60.5%
Countryby domicile75.8%
Sector1 Sector100%

Sector

Sector weights in GDX and PMTL, widest gap first
Sector	More in GDXMore in PMTL	Gap	GDX	PMTL
Materials		Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in GDX and PMTL, widest gap first
Country	Gap	GDX	PMTL
Canada	GDX +14.3 points	55.9%	41.6%
United States	GDX +9.5 points	22.8%	13.3%
Australia	PMTL +8.1 points	9.1%	17.2%
South Africa	PMTL +7.1 points	4.8%	11.9%
China	PMTL +3.3 points	0.6%	3.9%
Hong Kong	PMTL +3.3 points	1.1%	4.4%
Colombia	PMTL +1.1 points	0.0%	1.1%
Mexico	PMTL +0.7 points	2.3%	3.0%
Other countries (4)	PMTL +0.3 points	3.4%	3.7%

Outside the US: GDX 88% developed, 12% emerging. PMTL 75% developed, 25% emerging.

Concentration

Weight in the 10 largest Holdings

GDX60.4%
PMTL36.1%

Securities held

GDX59
PMTL75

Asset class

GDX: Commodities
PMTL: Equity

Holdings

Only in GDX12
In both47
Only in PMTL28

Only in GDX

12 securities, 7.1% of GDX by weight

Endeavour Mining Plc1.25%
Oceanagold Corp0.87%
Amman Mineral Internasional Pt0.67%
Artemis Gold Inc0.63%
Other0.56%
Montage Gold Corp0.56%
Aya Gold & Silver Inc0.50%
Aris Mining Corp0.49%
Aura Minerals Inc0.45%
Skeena Resources Ltd0.44%
Seabridge Gold Inc0.34%
Endeavour Silver Corp0.32%

Only in PMTL

28 securities, 26.8% of PMTL by weight

Pan African Resources Plc1.59%
Valterra Platinum Limited1.51%
Impala Platinum Holdings Limited1.51%
Wanguo Gold Group Limited1.42%
OceanaGold Corporation1.30%
Emerald Resources NL1.25%
Endeavour Mining Plc1.24%
Artemis Gold Inc.1.21%
DRDGOLD Limited (ADR)1.19%
Chifeng Jilong Gold Mining Group, Ltd. (Class H)1.11%
Kingsgate Consolidated Limited1.08%
Torex Gold Resources Inc.1.07%
Mineros SA1.05%
Triple Flag Precious Metals Corp.1.01%
Northam Platinum Holdings Limited1.01%
Ora Banda Mining Limited0.95%
Shandong Gold Mining Co., Ltd. (Class H)0.76%
Alkane Resources Ltd0.73%
Catalyst Metals Limited0.69%
Turk Altin Isletmeleri A.S.0.68%
GoGold Resources Inc.0.67%
Lingbao Gold Group Co., Ltd. (Class H)0.66%
Resolute Mining Limited0.63%
Apex Mining Company, Inc.0.60%
Tongguan Gold Group Limited0.54%
West African Resources Limited0.50%
PT ANTAM Persero Tbk0.49%
Sibanye Stillwater Ltd. (ADR)0.32%

Weight gaps

All 47 Holdings in both funds, largest gap first.

Holding weights in GDX and PMTL, widest gap first
Holding	Gap	GDX	PMTL
Agnico Eagle Mines LtdAEM	GDX +5.53 points	11.36%	5.83%
Newmont CorpNEM	GDX +5.41 points	11.64%	6.23%
Barrick Mining CorpB	GDX +4.25 points	8.22%	3.97%
Franco-Nevada CorpFNV	GDX +2.23 points	5.44%	3.21%
Zijin Gold International Co Ltd	PMTL +1.97 points	1.06%	3.03%
Anglogold Ashanti PlcAU	GDX +1.76 points	4.77%	3.01%
Wheaton Precious Metals CorpWPM	GDX +1.74 points	5.48%	3.74%
Northern Star Resources Ltd	GDX +1.66 points	3.23%	1.57%
Gold Fields LtdGFI	GDX +1.55 points	4.06%	2.51%
Kinross Gold CorpKGC	GDX +1.52 points	3.65%	2.13%
Greatland Resources Ltd	PMTL +1.37 points	0.49%	1.86%
Lundin Gold Inc	PMTL +1.37 points	1.09%	2.46%
Pan American Silver CorpPAAS	GDX +1.23 points	2.56%	1.33%
Equinox Gold CorpEQX	GDX +0.98 points	1.85%	0.87%
K92 Mining Inc	PMTL +0.96 points	0.61%	1.57%
Royal Gold IncRGLD	GDX +0.86 points	2.22%	1.36%
Fresnillo PlcFRES.L	PMTL +0.83 points	1.01%	1.84%
Harmony Gold Mining Co LtdHMY	PMTL +0.79 points	0.84%	1.63%
Centerra Gold IncCGAU	PMTL +0.73 points	0.55%	1.28%
Wesdome Gold Mines Ltd/Canada	PMTL +0.67 points	0.44%	1.11%
Discovery Mining Ltd	PMTL +0.57 points	0.74%	1.31%
Genesis Minerals Ltd	PMTL +0.54 points	0.52%	1.06%
Capricorn Metals Ltd	PMTL +0.54 points	0.54%	1.08%
Coeur Mining IncCDE	GDX +0.54 points	1.78%	1.25%
Regis Resources Ltd	PMTL +0.53 points	0.37%	0.90%
First Majestic Silver CorpAG	GDX +0.50 points	1.14%	0.64%
Iamgold CorpIAG	GDX +0.45 points	1.22%	0.77%
Alamos Gold IncAGI	GDX +0.39 points	1.78%	1.39%
Or Royalties IncOR	PMTL +0.38 points	0.68%	1.06%
Eldorado Gold CorpEGO	GDX +0.35 points	0.83%	0.48%
Perseus Mining Ltd	PMTL +0.35 points	0.71%	1.06%
Evolution Mining Ltd	GDX +0.29 points	1.55%	1.26%
Vault Minerals Ltd	PMTL +0.25 points	0.52%	0.77%
Dundee Precious Metals Inc	PMTL +0.24 points	0.94%	1.18%
Ssr Mining IncSSRM	GDX +0.21 points	0.76%	0.55%
B2gold CorpBTG	GDX +0.20 points	0.98%	0.78%
Cia De Minas Buenaventura SaaBVN	GDX +0.19 points	0.83%	0.64%
Industrias Penoles Sab De Cv	GDX +0.19 points	1.36%	1.17%
Westgold Resources Ltd	PMTL +0.18 points	0.40%	0.58%
Hochschild Mining PlcHOC.L	PMTL +0.18 points	0.33%	0.51%
Hecla Mining CoHL	GDX +0.13 points	1.15%	1.02%
Zhaojin Mining Industry Co Ltd	GDX +0.10 points	0.56%	0.46%
Ramelius Resources Ltd	PMTL +0.09 points	0.66%	0.75%
Bumi Resources Minerals Tbk Pt	GDX +0.04 points	0.29%	0.25%
G Mining Ventures Corp	GDX +0.04 points	0.96%	0.92%
Silvercorp Metals IncSVM	GDX +0.03 points	0.29%	0.26%
Fortuna Silver Mines IncFSM	PMTL +0.02 points	0.39%	0.41%

All 57 GDX holdings⁠All 75 PMTL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GDX vs PMTL Cost

Overpaying PMTL vs GDX

$2,552

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GDX 0.51%
$10,165
PMTL 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

GDX 0.51%
PMTL 0.65%
Overpaying

Year by year

Year	GDX	PMTL	Overpaying
10	$918	$1,163	$245
20	$3,527	$4,440	$913
30	$10,165	$12,717	$2,552

Expense ratio

0.51%GDX, cheaper
0.65%PMTL

GDX0.51%PMTL0.65%

0.35%1.16%

Middle half of Precious Metals Miners funds
Median 0.52%

GDX 9th cheapest of 18 funds

PMTL 12th cheapest of 18 funds

GDX vs PMTL Dividends

Last 12 months to Nov 3, 2026

Yield (12M): GDX 0.82%; PMTL No data
Payout (12M): GDX $0.63; PMTL None
Last payment: GDX $0.63; PMTL No data
Ex-dividend: GDX Dec 22, 2025; PMTL No data
Paid on: GDX Dec 26, 2025; PMTL No data
Frequency: GDX Annual; PMTL No data

Distribution history

Per share, 2017 to 2026, same scale for both

GDXAnnual · 9 paymentsAll GDX payments⁠

PMTLAll PMTL payments⁠

No distribution history available.

GDX vs PMTL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GDX 41.4%PMTL No data
Return per unit of riskSharpe ratio, 3 years: GDX 0.94PMTL No data
Worst fallMax drawdown, 5 years: GDX −46.5%PMTL No data
Market sensitivityBeta, 5 years: GDX 0.81PMTL 0.00; Market = 1

GDX and PMTL in the news

All news⁠

Top Movers
Dow jumps 3% as Democrats take Congress and oil falls 8.3%
2 hours agoGDX
Best ETFs
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Top Movers
Cybersecurity funds led the week, up as much as 12.7%, as gold miners fell
Oct 23, 2026GDX
Deep Dive
Gold and silver miner ETFs stalled after 2025, and the labels are not the portfolios
Oct 19, 2026GDX
Top Movers
Investors rotated out of tech, and Taiwan Semiconductor fell despite a beat
Oct 15, 2026GDX
Top Movers
Webull falls 19.1% and Hess Midstream 14.6%; Penguin rises 13.1%
Oct 7, 2026GDX

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GDX vs PMTL

In short

Stated mandate

Why people hold it