3GDX.L vs. GLD

Last updated Apr 1, 2026

Compare and contrast key facts about Leverage Shares 3x Long Gold Miners ETC (3GDX.L) and SPDR Gold Shares (GLD).

3GDX.L and GLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 3GDX.L is an actively managed fund by Leverage Shares. It was launched on Dec 10, 2021. GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004.

Performance

3GDX.L vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leverage Shares 3x Long Gold Miners ETC (3GDX.L) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

3GDX.L vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
3GDX.L Leverage Shares 3x Long Gold Miners ETC	-16.91%	723.93%	-17.15%	-19.21%	-52.89%	16.47%
GLD SPDR Gold Shares	8.57%	63.68%	26.66%	12.69%	-0.77%	3.34%

Returns By Period

In the year-to-date period, 3GDX.L achieves a -16.91% return, which is significantly lower than GLD's 8.57% return.

3GDX.L

• 1D: 8.89%
• 1M: -56.99%
• YTD: -16.91%
• 6M: -1.15%
• 1Y: 219.83%
• 3Y*: 54.76%
• 5Y*: —
• 10Y*: —

GLD

• 1D: 3.79%
• 1M: -11.05%
• YTD: 8.57%
• 6M: 21.05%
• 1Y: 49.33%
• 3Y*: 32.92%
• 5Y*: 21.58%
• 10Y*: 13.92%

*Multi-year figures are annualized to reflect compound growth (CAGR)

3GDX.L vs. GLD - Expense Ratio Comparison

3GDX.L has a 0.75% expense ratio, which is higher than GLD's 0.40% expense ratio.

3GDX.L

Leverage Shares 3x Long Gold Miners ETC

GLD

SPDR Gold Shares

Return for Risk

3GDX.L vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

3GDX.L

3GDX.L Risk / Return Rank: 83
3GDX.L Sharpe Ratio Rank: 84
3GDX.L Sortino Ratio Rank: 84
3GDX.L Omega Ratio Rank: 78
3GDX.L Calmar Ratio Rank: 89
3GDX.L Martin Ratio Rank: 78

GLD

GLD Risk / Return Rank: 87
GLD Sharpe Ratio Rank: 88
GLD Sortino Ratio Rank: 86
GLD Omega Ratio Rank: 86
GLD Calmar Ratio Rank: 89
GLD Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

3GDX.L vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares 3x Long Gold Miners ETC (3GDX.L) and SPDR Gold Shares (GLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	3GDX.L	GLD	Difference
Sharpe ratio Return per unit of total volatility	1.67	1.79	-0.11
Sortino ratio Return per unit of downside risk	2.23	2.21	+0.01
Omega ratio Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio Return relative to maximum drawdown	3.00	2.68	+0.32
Martin ratio Return relative to average drawdown	8.43	9.90	-1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

3GDX.L vs. GLD - Sharpe Ratio Comparison

The current 3GDX.L Sharpe Ratio is 1.67, which is comparable to the GLD Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of 3GDX.L and GLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	3GDX.L	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.67	1.79	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.22	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.62	-0.39

Correlation

The correlation between 3GDX.L and GLD is 0.65, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

3GDX.L vs. GLD - Dividend Comparison

Neither 3GDX.L nor GLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

3GDX.L vs. GLD - Drawdown Comparison

The maximum 3GDX.L drawdown since its inception was -89.13%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for 3GDX.L and GLD.

Drawdown Indicators

	3GDX.L	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-89.13%	-45.56%	-43.57%
Max Drawdown (1Y) Largest decline over 1 year	-69.66%	-19.21%	-50.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.00%	—
Current Drawdown Current decline from peak	-59.62%	-13.23%	-46.39%
Average Drawdown Average peak-to-trough decline	-60.70%	-16.17%	-44.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.80%	5.20%	+19.60%

Volatility

3GDX.L vs. GLD - Volatility Comparison

Leverage Shares 3x Long Gold Miners ETC (3GDX.L) has a higher volatility of 53.47% compared to SPDR Gold Shares (GLD) at 11.06%. This indicates that 3GDX.L's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	3GDX.L	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.47%	11.06%	+42.41%
Volatility (6M) Calculated over the trailing 6-month period	110.92%	24.30%	+86.62%
Volatility (1Y) Calculated over the trailing 1-year period	130.53%	27.80%	+102.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	104.26%	17.74%	+86.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	104.26%	15.87%	+88.39%