Mining Stocks
Top 10 of 38 XME holdings, updated
As of 12 October 2026, mining stocks are losing ground: still ahead of the S&P 500 over the longer run, but behind over the past month. XME trails the S&P 500 by 9.7 points over one month and ranks #103 of 115 groups Zensei tracks. 17 of the 38 mining stocks Zensei prices in XME beat the fund this month.
Where mining stocks stand now
As of 12 October 2026, Metals & Mining (XME) ranks #103 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is losing its lead. It built a 9.3-point advantage over the S&P 500 across the longer, time-shifted window, but over the past month it has slipped 9.7 points behind the market — the Cooling quadrant of the rotation map.
On the shorter tape, XME's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XME's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via SPDR S&P Metals & Mining ETF, whose 38 tracked holdings are led by Materion Corp, Reliance Inc and Steel Dynamics Inc. Weighted by portfolio, the fund's holdings trade at roughly 18.4× earnings. The thing to watch from here is whether this is a pause or a handoff: cooling groups sometimes reset and reclaim leadership, but a deepening one-month deficit usually means rotation has moved on.
Metal stocks in XME: the largest and the strongest
As of , these are the largest mining stocks in XME by fund weight, and the strongest over the past month. Size and recent return are measurements, not recommendations.
Top mining stocks by fund weight
Ranked by largest share of XME
- 1Materion CorpMTRN5.8%
- 2Reliance IncRS5.4%
- 3Steel Dynamics IncSTLD5.1%
- 4Freeport-Mcmoran IncFCX5.0%
- 5Cleveland-Cliffs IncCLF5.0%
Best mining stocks this month
Ranked by one-month return, among the holdings Zensei prices
- 1Worthington Steel IncWS+12.6%
- 2Cleveland-Cliffs IncCLF+6.9%
- 3Metallus IncMTUS+6.2%
- 4Materion CorpMTRN+4.9%
- 5Ryerson Holding CorpRYZ+4.1%
Mining Stocks vs the S&P 500
Over the week to 12 October 2026, XME fell 2.7% while the S&P 500 rose 0.4%. The table compares XME and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means XME won that window.
Prices as of · computed from daily adjusted closes · how we measure
Metals & Mining on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Are mining stocks expensive?
The price-to-earnings ratio of XME as a whole: the total price of its holdings over their total earnings, weighted by share of the fund. Holdings that lose money are left out. Compare with every sector and theme: P/E ratio by sector.
XME holdings: the mining stocks inside
This list covers all 38 mining stocks in XME, heaviest first; the 10 largest show their returns where Zensei has a price. As of 12 October 2026, 17 of the 38 mining stocks Zensei prices in XME beat the fund over the past month. 7 of them beat the S&P 500. The strongest is Worthington Steel Inc (WS); the weakest is United States Antimony Corp (UAMY). Inside the fund, one or two outliers drive most of the move.
| # | Holding | Weight | 1M | 3M | vs fund 1M | Momentum | RS health |
|---|---|---|---|---|---|---|---|
| 1 | MTRNMaterion Corp | 5.8% | +4.9% | +9.5% | +12.5 pts | Weak | Fading |
| 2 | RSReliance Inc | 5.4% | +1.7% | +4.4% | +9.4 pts | Cruising | Strong |
| 3 | STLDSteel Dynamics Inc | 5.1% | −0.0% | +2.4% | +7.6 pts | Cruising | Strong |
| 4 | FCXFreeport-Mcmoran Inc | 5.0% | +3.1% | +22.5% | |||
| 5 | CLFCleveland-Cliffs Inc | 5.0% | +6.9% | +32.7% | |||
| 6 | NUENucor Corp | 5.0% | −2.7% | +8.4% | |||
| 7 | CMCCommercial Metals Co | 4.9% | −4.6% | +0.6% | |||
| 8 | NEMNewmont Corp | 4.8% | −7.6% | +26.1% | |||
| 9 | RGLDRoyal Gold Inc | 4.8% | −5.9% | +22.7% | |||
| 10 | MPMP Materials | 4.6% | −14.2% | −12.4% |
All 38 XME holdings by weight: Materion Corp (MTRN) 5.8%, Reliance Inc (RS) 5.4%, Steel Dynamics Inc (STLD) 5.1%, Freeport-Mcmoran Inc (FCX) 5.0%, Cleveland-Cliffs Inc (CLF) 5.0%, Nucor Corp (NUE) 5.0%, Commercial Metals Co (CMC) 4.9%, Newmont Corp (NEM) 4.8%, Royal Gold Inc (RGLD) 4.8%, MP Materials (MP) 4.6%, Coeur Mining Inc (CDE) 4.5%, Alcoa Corp (AA) 4.4%, Hecla Mining Co (HL) 4.4%, Uranium Energy Corp (UEC) 4.3%, Warrior MET Coal Inc (HCC) 3.6%, Core Natural Resources Inc (CNR) 3.4%, USA Rare Earth (USAR) 3.0%, Peabody Energy Corp (BTU) 2.9%, Centrus Energy Corp (LEU) 2.4%, Kaiser Aluminum Corp (KALU) 2.2%, Century Aluminum Co (CENX) 2.2%, Alpha Metallurgical Resources Inc (AMR) 1.7%, Ivanhoe Electric Inc (IE) 1.4%, Hycroft Mining Holding Corp (HYMC) 1.0%, Ryerson Holding Corp (RYZ) 1.0%, McEwen Inc (MUX) 0.9%, Suncoke Energy Inc (SXC) 0.8%, Compass Minerals International Inc (CMP) 0.7%, Worthington Steel Inc (WS) 0.7%, Metallus Inc (MTUS) 0.5%, Realloys Inc (ALOY) 0.5%, Dakota Gold Corp (DC) 0.5%, United States Antimony Corp (UAMY) 0.5%, Contango Silver & Gold Inc (CTGO) 0.5%, Idaho Strategic Resources Inc (IDR) 0.4%, Ur-Energy Inc (URG) 0.4%, Ramaco Resources Inc (METC) 0.4%, American Battery Technology Co (ABAT) 0.3%.
Mining stocks with their own page
Zensei publishes a page for 2 of the stocks in XME; each page shows the stock against the S&P 500 and its sector.
| Stock | Ticker | Weight in XME | 1M return |
|---|---|---|---|
| MP Materials | MP | 4.6% | −14.2% |
| USA Rare Earth | USAR | 3.0% | −24.0% |
Weight is the share of XME. 1M is the plain one-month return to the close of . All stock pages
Mining Stocks: common questions
Mining stocks list: which stocks are in XME?
As of 12 October 2026, XME holds 38 mining stocks, and this page lists all 38. The three largest by fund weight are Materion Corp (MTRN, 5.8%), Reliance Inc (RS, 5.4%) and Steel Dynamics Inc (STLD, 5.1%). Each one shows its fund weight; the 10 largest also show their one-month and three-month returns where Zensei has a price.
What are the best mining stocks this month?
As of 12 October 2026, ranked by one-month return, the three strongest mining stocks in XME are Worthington Steel Inc (WS, +12.6%), Cleveland-Cliffs Inc (CLF, +6.9%) and Metallus Inc (MTUS, +6.2%). This ranks past return only; it does not forecast the next month.
What are the top 3 mining stocks?
As of 12 October 2026, the three largest mining stocks in XME by fund weight are Materion Corp (MTRN, 5.8%), Reliance Inc (RS, 5.4%) and Steel Dynamics Inc (STLD, 5.1%). Fund weight shows size inside the fund, not a recommendation.
Which mining stocks are beating the sector?
As of 12 October 2026, 17 of the 38 mining stocks Zensei prices in XME beat the fund over the past month. The strongest over the past month is Worthington Steel Inc (WS). The table above shows the largest holdings with their weights and returns.
Which ETF holds mining stocks?
Several ETFs hold mining stocks. Zensei tracks the group through XME, the SPDR S&P Metals & Mining ETF. As of 12 October 2026, its published holdings list 38 mining stocks, and the 10 largest make up 50.4% of the fund.
What are the largest metal stocks?
As of 12 October 2026, the three largest metal stocks in XME by fund weight are Materion Corp (MTRN, 5.8%), Reliance Inc (RS, 5.4%) and Steel Dynamics Inc (STLD, 5.1%). Zensei tracks them as mining stocks.
Are mining stocks outperforming the S&P 500?
No. As of 12 October 2026, XME trails the S&P 500 by 9.7 points over the past month.
What is XME?
XME is SPDR S&P Metals & Mining ETF. Zensei uses it to measure mining stocks against the S&P 500 (SPY).
What stocks does XME own?
As of 12 October 2026, the largest of the 38 positions Zensei tracks in XME are Materion Corp, Reliance Inc, Steel Dynamics Inc, Freeport-Mcmoran Inc, Cleveland-Cliffs Inc. Each position measured against the fund, with momentum and relative strength, is part of Zensei Premium.
What quadrant is metals & mining in right now?
As of 12 October 2026, metals & mining is in the Cooling quadrant — still ahead over the longer window, but behind the market over the past month. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: losing ground
Related sectors
Track metals & mining 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.
Compare all sectors: Sector heat map · Sector P/E ratios