SPDR S&P Metals & Mining ETF (XME)

XME has dropped roughly 13% in the last month, its steepest slide in a while.

What is going on right now?

The price sits around $96, which is about 15% below where it averaged over the past year. It has fallen quickly and steadily, not in one sharp drop.

How is the business itself doing?

XME holds a basket of metal and mining companies, from steel producers like Nucor to copper giant Freeport-McMoran to gold miners like Newmont. No single company makes up more than about 5% of the mix.

What stands out?

It moves about 60% more than the broader market in either direction. When things swing, this one swings harder.

What comes next?

According to reports, weaker demand signals from China and recession worries in Europe are pressuring the prices of steel and copper, which make up a large share of what these companies produce.