GDX Fair Value: Look-Through Valuation
Equity Rank publishes model fair values for holdings making up 58% of GDX, too little for a fund-level model figure (the threshold is 60%). Data as of 2026-10-22. Net assets $26.3B; holdings as of 2026-10-22.
Top 25 holdings of 60
| Holding | Weight | Price | Model fair value | Gap |
|---|---|---|---|---|
| NEM Newmont Goldcorp Corp | 11.13% | $114.11 | $113.31 | -0.7% |
| AEM Agnico Eagle Mines Limited | 11.05% | $176.15 | $172.65 | -2.0% |
| B Barrick Mining Corporation | 7.86% | $38.65 | $47.26 | +22.3% |
| WPM Wheaton Precious Metals Corp | 5.65% | — | Not covered | — |
| FNV Franco-Nevada Corporation | 5.12% | — | Not covered | — |
| AU AngloGold Ashanti plc | 4.97% | $85.19 | $92.93 | +9.1% |
| KGC Kinross Gold Corporation | 3.85% | $22.68 | $27.91 | +23.1% |
| GFI Gold Fields Ltd ADR | 3.75% | $35.14 | $49.22 | +40.1% |
| — NORTHERN STAR RESOURCES LTD | 2.80% | — | Not covered | — |
| — PAN AMERICAN SILVER CORP | 2.70% | — | Not covered | — |
| CDE Coeur Mining Inc | 2.14% | $13.88 | $15.75 | +13.5% |
| RGLD Royal Gold Inc | 1.99% | — | Not covered | — |
| AGI Alamos Gold Inc | 1.88% | $30.30 | $28.98 | -4.4% |
| EQX Equinox Gold Corp | 1.84% | $10.36 | $12.48 | +20.5% |
| — EVOLUTION MINING LTD | 1.58% | — | Not covered | — |
| — INDUSTRIAS PENOLES SAB DE CV | 1.44% | — | Not covered | — |
| HL Hecla Mining Company | 1.32% | $14.11 | $13.65 | -3.3% |
| — ENDEAVOUR MINING PLC | 1.28% | — | Not covered | — |
| IAG IAMGold Corporation | 1.28% | $16.42 | $22.34 | +36.0% |
| AG First Majestic Silver Corp | 1.27% | $15.12 | $16.96 | +12.2% |
| — ZIJIN GOLD INTERNATIONAL CO LTD | 1.16% | — | Not covered | — |
| — FRESNILLO PLC | 1.05% | — | Not covered | — |
| — G MINING VENTURES CORP | 1.04% | — | Not covered | — |
| — LUNDIN GOLD INC | 1.00% | — | Not covered | — |
| BTG B2Gold Corp | 0.96% | $4.87 | $6.62 | +35.9% |
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