GDX vs GNR: Holdings Overlap
VanEck · 51 holdings · $23.7B · as of 2026-03-31
GNRState Street® SPDR® S&P® Global Natural Resources ETF
State Street (SPDR) · 94 holdings · $4.8B · as of 2026-08-06
Holdings snapshots are 128 days apart (GDX: 2026-03-31, GNR: 2026-08-06). Weights and index membership change between snapshots, so the true current overlap is typically higher than shown. For funds tracking the same index, the gap can be 5–15 points.
How similar are GDX and GNR?
VanEck Gold Miners ETF (GDX, by VanEck) holds 51 positions; State Street® SPDR® S&P® Global Natural Resources ETF (GNR, by State Street (SPDR)) holds 94. They have 9 holdings in common, and by portfolio weight the two funds are 11.9% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 11.9%Sum of the smaller weight of each shared holding
- Shared Holdings
- 9GDX holds 51 · GNR holds 94
- Weight in Shared Holdings
- GDX 57%·GNR 12%Share of each fund's weight in stocks both funds own
Based on each fund's latest official holdings. How is this calculated?
What makes each fund different
Only in GDX
42 of 51 positions (42.3% of the fund) are not held by GNR. Showing the top 30 by weight.
Sector Breakdown
| Sector | GDX | GNR |
|---|---|---|
| Materials | 97.4% | 57.3% |
| Energy | 0.0% | 32.0% |
| Consumer Staples | 0.0% | 3.6% |
| Real Estate | 0.0% | 1.0% |
| Other Sectors | 0.0% | 0.0% |
| Unclassified | 2.4% | 5.5% |
Share of each fund's portfolio weight by GICS-style sector, compiled from issuer fund data and our own classification of the holdings, not the issuers' published sector charts. “Unclassified” is weight we could not classify (2% of GDX, 6% of GNR).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| GDX | +18.6% | +4.8% | +56.3% | +47.0% | +23.7% | +12.6% | 0.70% |
| GNR | +9.0% | +20.6% | +37.3% | +13.2% | +11.1% | +10.4% | 2.46% |
Total returns including dividends, from adjusted daily closes as of 2026-08-07. 3Y/5Y/10Y are annualized. Yield is trailing-12-month distributions over the last close. Past performance does not predict future results.
Project the growth of $10,000 in GDX vs GNR →
Shared Holdings(9)
The top 9 shared positions account for 100% of the overlap, led by NEM, AEM and ABX.
 NEMNewmont Corporation COM | 10.77% | 2.77% | 2.77% |
|---|---|---|---|
 AEMAgnico Eagle Mines Ltd. | 12.08% | 2.03% | 2.03% |
 ABXBarrick Mining Corp. | 7.63% | 1.67% | 1.67% |
 WPMWheaton Precious Metals Corp. | 4.89% | 1.37% | 1.37% |
 FNVFranco-Nevada Corp. | 5.16% | 1.08% | 1.08% |
 AUAnglogold Ashanti PLC COM SHS | 5.09% | 0.90% | 0.90% |
 GFIGold Fields Ltd | 4.48% | 0.81% | 0.81% |
 KUSDKinross Gold Corp. | 4.68% | 0.74% | 0.74% |
 NSTNorthern Star Resources Ltd. | 2.59% | 0.54% | 0.54% |
Frequently Asked Questions
How much do GDX and GNR overlap?
GDX and GNR overlap by 11.9% of portfolio weight. They share 9 holdings (GDX holds 51 positions and GNR holds 94), based on each fund's latest SEC-reported holdings.
Is it redundant to own both GDX and GNR?
The two portfolios are 11.9% identical by weight. Owning both is not redundant. Most of each portfolio is distinct, so the funds can serve different roles.
What are the biggest shared holdings of GDX and GNR?
The largest positions held by both funds are NEM, AEM, ABX, WPM and FNV. Together the top 9 shared positions account for 100% of the total overlap.
What does GDX own that GNR doesn't?
42 positions (42.3% of GDX) are unique to GDX, led by PAAS, AGI and CDE. In the other direction, 85 positions (87.4% of GNR) are unique to GNR.