Ive been thinking the same to a degree, but GXY has held up fairly well in the last push down in the overall market from the 12th March to the 23rd March.
It stands out here up against WBC (Westpac). I know not resource but it shows the side ways movement much earlier in the latest downturn.
There is still an awful lot of shorts held and they are not going to sell without a fight. We need to move to the level of SYR to see a possible upward movement. Their shorts were at a similar level to GXY and look how they have dropped off, and their SP is benefiting, surely but slowly.
JMHO
GLTAH
Chart, page-17764
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