The SPDR Gold Shares (NYSEArca: GLD) is off roughly 1% over the past month, but that is not preventing gold miners exchange traded funds from notching some impressive performances.

The Market Vectors Gold Miners ETF (NYSEArca: GDX), the largest and most heavily traded gold miners ETF, is up 3.6% over the past month, but that is barely more than half the one-month gain for the Market Vectors Junior Gold Miners ETF (NYSEArca: GDXJ).

Any further weakness in growth or the U.S. dollar could also bolster gold’s outlook. Gold bullion and miner stocks slightly rebounded mid-March in response to lower-than-expected employment numbers, which raised the possibility that the Federal Reserve could hold off on tightening monetary policy. [Gold Miners ETFs for Contrarian Investors]

GDXJ’s recent bullishness has the ETF breaking out of downtrend that dates back to 2014, according to Chris Kimble of Kimble Charting Solutions.

Perhaps frustrated by gold’s lethargy, investors have yet to warm to the recent rally in miners ETFs. Since the start of April, GDX and GDXJ have lost $619.1 and $127.4 million in assets. Investors pulled $333.3 million from GLD over the same period.

Volatility in U.S. equities, concerns over the Greek debt situation in Europe and geopolitical risks in the Middle East are fueling bets on gold as a safe-haven asset. Additionally, the U.S. dollar has somewhat depreciated, propping up USD-denominated commodities. [Breakout Coming for Junior Miners ETF]

There are some nascent signs investors are embracing risk with leveraged gold miners ETFs. For example, the, Direxion Daily Junior Gold Miners Index Bull 3x Shares (NYSEArca: JNUG) and the Direxion Daily Gold Miners Bull 3X Shares (NYSEArca: NUGT), the triple-leveraged equivalents of GDXJ and GDX, have seen about $54 million in combined inflows this month.