It can be beneficial to compare the major gold miner ETFs on a trailing 12 month basis since this includes both expansion and contraction periods over the past year. The best ETFs not only rally higher on the upswings, but also lose less in the corrections. Interesting to see that all ETFs outperformed the HUI into the May lows. GOEX started to lag the HUI in August, while GDX started to lag the HUI in October. Happy Turkey Day Goldtent!