Observation window: January 29 – October 21, 2026 · Research universe: combined GDX–GDXJ and SIL–SILJ dataset · 189 security rows
What the data measure
This analysis covers the 189 rows drawn from the combined workbook supplied for the two mining research universes. Each instrument is measured from its January 29, 2026 closing price to its last available close, generally October 21, 2026 (one observation ends October 19). The maximum drawdown is the largest peak-to-trough closing-price decline observed within that window, not necessarily the decline from January 29. Current drawdown measures the decline from the highest closing price in that same period to its final close.
Observed: 26 rows generated a positive total return, while 163 recorded negative returns. The median return was -24.13%; the median maximum drawdown was -43.43%. These figures describe this specific research sample, not the entire global mining industry.
Gold, silver and mining equity benchmarks
| ETF | Return | Maximum drawdown |
|---|---|---|
| GDX | -19.69% | -38.93% |
| GLD | -23.58% | -26.40% |
| SIL | -26.44% | -39.50% |
| SLV | -50.50% | -52.43% |
In this dataset, the gold-backed GLD declined 23.58% while the silver-backed SLV declined 50.50%, a difference of approximately 26.9 percentage points. GDX declined 19.69%; SIL declined 26.44%. GDXJ and SILJ do not appear as separate ticker rows in the supplied workbook and therefore no returns are reported for them here.
Interpretation: metal price exposure, mining-equity exposure and individual security selection produced very different outcomes during the same broad correction. This does not establish which approach will outperform next.
The leading securities
Panoro Minerals led the return ranking at +164.0%, followed by Sailfish Royalty (+86.2%) and New Pacific Metals (+68.6%). Importantly, leaders were not free of volatility: Benz Mining gained 56.6% over the measured period despite a 48.3% maximum intraperiod drawdown.
| Ticker | Security | Return | Max. drawdown |
|---|---|---|---|
| PML.V | Panoro Minerals | +164.00% | -32.99% |
| FISH.V | Sailfish Royalty Corp. | +86.17% | -26.84% |
| NEWP.K | New Pacific Metals | +68.59% | -41.19% |
| LGD.TO | Liberty Gold Corp | +66.67% | -41.21% |
| BNZ.AX | Benz Mining Corp CDI | +56.55% | -48.30% |
| AYA.TO | Aya Gold & Silver | +46.24% | -41.38% |
| MI6.AX | Minerals 260 | +46.00% | -41.62% |
| OM.TO | Osisko Metals | +40.71% | -34.19% |
| BYN.V | Banyan Gold Ord Shs Class A | +40.34% | -36.42% |
| WDO.TO | Wesdome Gold Mines | +26.45% | -25.42% |
The weakest securities
At the opposite end, Manuka Resources declined 76.8%, followed by Bunker Hill Mining (−67.1%) and Guanajuato Silver (−63.2%). A large price decline alone did not signal that selling had ended.
| Ticker | Security | Return | Max. drawdown |
|---|---|---|---|
| MKR.AX | Manuka Resources | -76.82% | -78.18% |
| BNKR.TO | Bunker Hill Mining | -67.12% | -67.87% |
| GSVR.V | Guanajuato Silver Co Ltd | -63.19% | -63.74% |
| TMQ | Trilogy Metals Inc. | -62.90% | -62.90% |
| HYMC.O | Hycroft Mining Holding | -62.54% | -70.68% |
| ARD.AX | Argent Minerals | -62.00% | -62.00% |
| SVL.AX | Silver Mines | -60.71% | -60.71% |
| NFGC.K | New Found Gold Corp | -60.43% | -66.59% |
| ASE.V | Asante Gold | -60.39% | -67.63% |
| BRMS.JK | Bumi Resources Minerals | -58.50% | -60.55% |
Complete interactive ranking — all 189 security rows
The table below contains 189 entries after removing an identical duplicate ticker record. Search by ticker or security name, sort any of the seven fields, or copy the full dataset as tab-separated text for analysis.
Methodology and limitations
Return = percentage change between the first and final available closing prices in the fixed study window. Maximum drawdown is computed from the rolling intraperiod closing-price peak. Current drawdown compares the period peak with the final close. Price data are taken from the supplied study workbook and have not been independently revalidated against exchange data.
The dataset includes exchange-traded funds and securities listed in multiple markets. The 189 entries represent instruments or listings rather than necessarily 189 distinct underlying companies. Prices and returns are recorded in each instrument's quoted currency; return percentages are comparable, while absolute prices across currencies are not. Inclusion reflects the supplied combined research universe, which may be affected by constituent selection, survivorship, missing price histories, currency differences, adjusted-price conventions and corporate actions. Two additional instruments (SIND.K and VGC.TO) were excluded from the source workbook for histories beginning too late.
The sample is historical and descriptive, not an investable backtest. It does not account for trading costs, tax, execution, or prospective selection. Its observed winners cannot be identified retrospectively as proof of a forecasting rule. For broader terminology see the public methodology.
Interpretation and what to watch next
The breadth of negative returns suggests that this was not an isolated company-specific event. Yet the considerable dispersion across individual returns underscores why investors distinguish sector direction, relative strength and risk management. Scenario, not prediction: if mining equities recover, some of the securities displaying relative resilience may attract renewed interest, but the study does not establish the timing or identity of future leaders.
Continue exploring
GDX–GDXJ research archive · SIL–SILJ research archive · Recent mining breadth research