VAW vs GDX: Holdings Overlap
VAWVanguard Materials Index Fund
Vanguard · 110 holdings · $3.0B · as of 2026-05-31
VanEck · 51 holdings · $23.7B · as of 2026-03-31
Holdings snapshots are 61 days apart (VAW: 2026-05-31, GDX: 2026-03-31). 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 VAW and GDX?
Vanguard Materials Index Fund (VAW, by Vanguard) holds 110 positions; VanEck Gold Miners ETF (GDX, by VanEck) holds 51. They have 4 holdings in common, and by portfolio weight the two funds are 11.0% identical. In practical terms the pair is lightly overlapping, with most of each portfolio distinct.
- Overlap by Weight
- 11.0%Sum of the smaller weight of each shared holding
- Shared Holdings
- 4VAW holds 110 · GDX holds 51
- Weight in Shared Holdings
- VAW 11%·GDX 17%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 VAW
106 of 110 positions (88.9% of the fund) are not held by GDX. Showing the top 30 by weight.
Sector Breakdown
| Sector | VAW | GDX |
|---|---|---|
| Materials | 99.5% | 97.4% |
| Energy | 0.3% | 0.0% |
| Other Sectors | 0.0% | 0.0% |
| Unclassified | 0.0% | 2.4% |
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 (0% of VAW, 2% of GDX).
Performance
| Fund | 1M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) | 10Y (ann.) | Yield |
|---|---|---|---|---|---|---|---|
| VAW | +3.2% | +14.7% | +20.8% | +10.3% | +7.0% | +10.1% | 1.34% |
| GDX | +18.6% | +4.8% | +56.3% | +47.0% | +23.7% | +12.6% | 0.70% |
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 VAW vs GDX →
Shared Holdings(4)
The top 4 shared positions account for 100% of the overlap, led by NEM, CDE and RGLD.
Frequently Asked Questions
How much do VAW and GDX overlap?
VAW and GDX overlap by 11.0% of portfolio weight. They share 4 holdings (VAW holds 110 positions and GDX holds 51), based on each fund's latest SEC-reported holdings.
Is it redundant to own both VAW and GDX?
The two portfolios are 11.0% 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 VAW and GDX?
The largest positions held by both funds are NEM, CDE, RGLD and HL. Together the top 4 shared positions account for 100% of the total overlap.
What does VAW own that GDX doesn't?
106 positions (88.9% of VAW) are unique to VAW, led by LIN, FCX and CRH. In the other direction, 47 positions (83.0% of GDX) are unique to GDX.