BERZ vs. GDXD

Last updated Jun 4, 2026

BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) are both Inverse Equities funds from BMO - BERZ tracks the Solactive FANG Innovation Index while GDXD tracks the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). Both are passively managed. Over the past 3 years, BERZ returned -77.59%/yr vs -84.24%/yr for GDXD. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

BERZ vs. GDXD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BERZ achieves a -65.19% return, which is significantly lower than GDXD's -51.20% return.

BERZ

• 1D: 3.73%
• 1M: -37.37%
• YTD: -65.19%
• 6M: -64.50%
• 1Y: -86.22%
• 3Y*: -77.59%
• 5Y*: —
• 10Y*: —

GDXD

• 1D: 10.76%
• 1M: -10.12%
• YTD: -51.20%
• 6M: -62.62%
• 1Y: -93.08%
• 3Y*: -84.24%
• 5Y*: -72.73%
• 10Y*: —

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

BERZ vs. GDXD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-65.19%	-78.81%	-65.95%	-89.12%	102.85%	-30.19%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-51.20%	-97.53%	-57.78%	-52.35%	-52.56%	-25.72%

Correlation

The correlation between BERZ and GDXD is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021	0.22

BERZ vs. GDXD - Sectors Allocation Comparison

Sectors	BERZ	GDXD
Technology	62.3%	-
Communication Services	25.0%	-
Financial Services	13.3%	-
Consumer Cyclical	12.8%	-
Basic Materials	-	100.0%
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

BERZ vs. GDXD — Risk / Return Rank

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

BERZ

BERZ Risk / Return Rank: 0
BERZ Sharpe Ratio Rank: 1
BERZ Sortino Ratio Rank: 0
BERZ Omega Ratio Rank: 0
BERZ Calmar Ratio Rank: 0
BERZ Martin Ratio Rank: 1

GDXD

GDXD Risk / Return Rank: 2
GDXD Sharpe Ratio Rank: 3
GDXD Sortino Ratio Rank: 1
GDXD Omega Ratio Rank: 1
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 3

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.

BERZ vs. GDXD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). 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.

	BERZ	GDXD	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	-0.68	-0.46
Sortino ratio: Return per unit of downside risk	-2.96	-1.88	-1.07
Omega ratio: Gain probability vs. loss probability	0.69	0.80	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.97	-0.02
Martin ratio: Return relative to average drawdown	-1.54	-1.22	-0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BERZ vs. GDXD - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -1.14, which is lower than the GDXD Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of BERZ and GDXD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BERZ	GDXD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.14	-0.68	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.66	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.67	-0.08

Drawdowns

BERZ vs. GDXD - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.80%, roughly equal to the maximum GDXD drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for BERZ and GDXD.

Drawdown Indicators

	BERZ	GDXD	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-99.96%	+0.16%
Max Drawdown (1Y) Largest decline over 1 year	-87.32%	-96.33%	+9.01%
Max Drawdown (3Y) Largest decline over 3 years	-98.97%	-99.86%	+0.89%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.96%	—
Current Drawdown Current decline from peak	-99.79%	-99.93%	+0.14%
Average Drawdown Average peak-to-trough decline	-71.57%	-71.85%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.07%	75.91%	-19.84%

Volatility

BERZ vs. GDXD - Volatility Comparison

The current volatility for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) is 23.63%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a volatility of 47.44%. This indicates that BERZ experiences smaller price fluctuations and is considered to be less risky than GDXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BERZ	GDXD	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.63%	47.44%	-23.81%
Volatility (6M) Calculated over the trailing 6-month period	57.98%	109.86%	-51.88%
Volatility (1Y) Calculated over the trailing 1-year period	75.77%	136.25%	-60.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.20%	109.97%	-17.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.20%	109.35%	-17.15%

BERZ vs. GDXD - Expense Ratio Comparison

Both BERZ and GDXD have an expense ratio of 0.95%.

Dividends

BERZ vs. GDXD - Dividend Comparison

Neither BERZ nor GDXD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BERZ and GDXD in my portfolio?

BERZ and GDXD have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BERZ or GDXD?

GDXD has higher volatility (47.44%) compared to BERZ (23.63%). In terms of maximum drawdown, BERZ dropped -99.80% vs GDXD's -99.96%.

Which ETF is better, BERZ or GDXD?

On 3-year performance, BERZ leads with -77.59% vs -84.24% for GDXD. Both ETFs have the same 0.95% expense ratio. On volatility, BERZ has been the lower-risk option at 23.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BERZ or GDXD?

Over the 3-year period, BERZ has performed better with a -77.59% return vs -84.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BERZ or GDXD?

BERZ and GDXD have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, BERZ or GDXD?

BERZ and GDXD have nearly identical dividend yields, around 0.00%.

What is the main difference between BERZ and GDXD?

BERZ tracks Solactive FANG Innovation Index, while GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%).

Which has better risk-adjusted returns?

GDXD currently has the higher Sharpe Ratio (-0.68 vs -1.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.