Gold Miners vs the S&P 500 (GDX): is it outperforming?
Over the past month, GDX has outperformed the S&P 500 by 32.6 points. Here is where that puts it in the sector rotation — updated daily.
Where GDX sits on the rotation map
Gold Miners highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
GDX vs SPY: head-to-head returns
GDX (gold miners) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means GDX won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Gold Miners (GDX) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 11.3 points, but over the past month it has moved decisively ahead of the market — a 32.6-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #1 of the 115 groups Zensei tracks — inside the top tier of the market.
On the shorter tape, GDX's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. GDX's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via VanEck Gold Miners ETF, whose 29 tracked holdings are led by NEWMONT CORP, AGNICO EAGLE MINES LTD and BARRICK MINING CORP. Weighted by portfolio, the fund's holdings trade at roughly 19.5× earnings and 8.1× sales. The thing to watch from here is confirmation: emerging groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
What's inside GDX
Top 5 of 29 tracked holdings, by portfolio weight.
Gold Miners vs the market — common questions
Is gold miners outperforming the S&P 500?
Right now, yes: over the past month GDX has outperformed the S&P 500 by 32.6 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is GDX?
GDX is VanEck Gold Miners ETF, the fund Zensei uses to measure the gold miners group against the S&P 500 benchmark (SPY).
Which stocks are in GDX?
GDX's largest tracked positions are NEWMONT CORP, AGNICO EAGLE MINES LTD, BARRICK MINING CORP, WHEATON PRECIOUS METALS CORP, ANGLOGOLD ASHANTI PLC — 29 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is gold miners in right now?
As of the latest daily data, gold miners is in the Emerging quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track gold miners against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.