GDX vs GUNR: Holdings Overlap
VanEck · 51 holdings · $23.7B · as of 2026-03-31
GUNRFlexShares Morningstar Global Upstream Natural Resources Index Fund
FlexShares · 148 holdings · $7.2B · as of 2026-04-30
Holdings snapshots are 30 days apart (GDX: 2026-03-31, GUNR: 2026-04-30). 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 GUNR?
VanEck Gold Miners ETF (GDX, by VanEck) holds 51 positions; FlexShares Morningstar Global Upstream Natural Resources Index Fund (GUNR, by FlexShares) holds 148. They have 11 holdings in common, and by portfolio weight the two funds are 10.2% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 10.2%Sum of the smaller weight of each shared holding
- Shared Holdings
- 11GDX holds 51 · GUNR holds 148
- Weight in Shared Holdings
- GDX 57%·GUNR 10%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
40 of 51 positions (42.4% of the fund) are not held by GUNR. Showing the top 30 by weight.
Sector Breakdown
| Sector | GDX | GUNR |
|---|---|---|
| Materials | 97.4% | 43.0% |
| Energy | 0.0% | 32.2% |
| Consumer Staples | 0.0% | 8.4% |
| Utilities | 0.0% | 4.2% |
| Real Estate | 0.0% | 0.9% |
| Other Sectors | 0.0% | 0.6% |
| Unclassified | 2.4% | 10.6% |
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, 11% of GUNR).
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% |
| GUNR | +6.1% | +16.9% | +32.8% | +11.8% | +10.9% | +10.3% | 2.30% |
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 GUNR →
Shared Holdings(11)
The top 10 shared positions account for 97% of the overlap, led by NEM, AEM and ABX.
 NEMNewmont Corp. | 10.77% | 2.05% | 2.05% |
|---|---|---|---|
 AEMAgnico Eagle Mines Ltd. | 12.08% | 1.99% | 1.99% |
 ABXBarrick Mining Corp. | 7.63% | 1.37% | 1.37% |
 WPMWheaton Precious Metals Corp. | 4.89% | 1.19% | 1.19% |
 FNVFranco-Nevada Corp. | 5.16% | 0.85% | 0.85% |
 KUSDKinross Gold Corp. | 4.68% | 0.78% | 0.78% |
 NSTNorthern Star Resources Ltd. | 2.59% | 0.49% | 0.49% |
 PAASPan American Silver Corp. | 3.19% | 0.47% | 0.47% |
 EVNEvolution Mining Ltd. | 1.57% | 0.39% | 0.39% |
 AGIAlamos Gold, Inc., Class A | 2.56% | 0.34% | 0.34% |
 RGLDRoyal Gold, Inc. | 2.22% | 0.31% | 0.31% |
Frequently Asked Questions
How much do GDX and GUNR overlap?
GDX and GUNR overlap by 10.2% of portfolio weight. They share 11 holdings (GDX holds 51 positions and GUNR holds 148), based on each fund's latest SEC-reported holdings.
Is it redundant to own both GDX and GUNR?
The two portfolios are 10.2% 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 GUNR?
The largest positions held by both funds are NEM, AEM, ABX, WPM and FNV. Together the top 10 shared positions account for 97% of the total overlap.
What does GDX own that GUNR doesn't?
40 positions (42.4% of GDX) are unique to GDX, led by AU, GFI and CDE. In the other direction, 137 positions (89.5% of GUNR) are unique to GUNR.