Since its peak in December 2010 the Market Vectors Junior Mining Index is down nearly 50%. The GDXJ ETF which replicates this index is comprised of an average of 85 small capitalised mining explorers, mine developers and producers. The smaller capitalised mining stocks have fared worse with many having collapsed 80% in the last year. In this time gold has risen by 20%. Even the major mining companies (GDX) are down over 30% since Sept 2011.