BERZ vs. GDXU

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and MicroSectors Gold Miners 3X Leveraged ETN (GDXU).

BERZ and GDXU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BERZ is a passively managed fund by BMO that tracks the performance of the Solactive FANG Innovation Index. It was launched on Aug 17, 2021. GDXU is a passively managed fund by BMO that tracks the performance of the S-Network MicroSectors Gold Miners Index. It was launched on Dec 2, 2020. Both BERZ and GDXU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BERZ vs. GDXU - 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 Leveraged ETN (GDXU). The values are adjusted to include any dividend payments, if applicable.

BERZ vs. GDXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	19.74%	-78.81%	-65.95%	-89.12%	102.85%	-30.19%
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-17.35%	796.47%	-18.60%	-21.36%	-62.82%	-0.95%

Returns By Period

In the year-to-date period, BERZ achieves a 19.74% return, which is significantly higher than GDXU's -17.35% return.

BERZ

• 1D: -14.87%
• 1M: 7.73%
• YTD: 19.74%
• 6M: -4.91%
• 1Y: -79.02%
• 3Y*: -70.51%
• 5Y*: —
• 10Y*: —

GDXU

• 1D: 21.36%
• 1M: -58.05%
• YTD: -17.35%
• 6M: -1.70%
• 1Y: 237.00%
• 3Y*: 56.52%
• 5Y*: 3.51%
• 10Y*: —

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

BERZ vs. GDXU - Expense Ratio Comparison

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

BERZ

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN

GDXU

MicroSectors Gold Miners 3X Leveraged ETN

Return for Risk

BERZ vs. GDXU — Risk / Return Rank

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

BERZ

BERZ Risk / Return Rank: 1
BERZ Sharpe Ratio Rank: 1
BERZ Sortino Ratio Rank: 1
BERZ Omega Ratio Rank: 1
BERZ Calmar Ratio Rank: 1
BERZ Martin Ratio Rank: 4

GDXU

GDXU Risk / Return Rank: 87
GDXU Sharpe Ratio Rank: 86
GDXU Sortino Ratio Rank: 86
GDXU Omega Ratio Rank: 85
GDXU Calmar Ratio Rank: 93
GDXU Martin Ratio Rank: 85

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. GDXU - 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 Leveraged ETN (GDXU). 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	GDXU	Difference
Sharpe ratio Return per unit of total volatility	-0.84	1.71	-2.55
Sortino ratio Return per unit of downside risk	-1.52	2.24	-3.75
Omega ratio Gain probability vs. loss probability	0.81	1.33	-0.52
Calmar ratio Return relative to maximum drawdown	-0.88	3.32	-4.21
Martin ratio Return relative to average drawdown	-1.00	9.41	-10.40
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. GDXU - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -0.84, which is lower than the GDXU Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of BERZ and GDXU, 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

	BERZ	GDXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	1.71	-2.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	-0.03	-0.63

Correlation

The correlation between BERZ and GDXU is -0.21. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BERZ vs. GDXU - Dividend Comparison

Neither BERZ nor GDXU has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BERZ vs. GDXU - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.46%, which is greater than GDXU's maximum drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for BERZ and GDXU.

Drawdown Indicators

	BERZ	GDXU	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-94.39%	-5.07%
Max Drawdown (1Y) Largest decline over 1 year	-89.01%	-73.16%	-15.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-93.34%	—
Current Drawdown Current decline from peak	-99.28%	-61.64%	-37.64%
Average Drawdown Average peak-to-trough decline	-70.50%	-69.98%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.74%	25.85%	+52.89%

Volatility

BERZ vs. GDXU - Volatility Comparison

The current volatility for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) is 29.36%, while MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a volatility of 57.72%. This indicates that BERZ experiences smaller price fluctuations and is considered to be less risky than GDXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BERZ	GDXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.36%	57.72%	-28.36%
Volatility (6M) Calculated over the trailing 6-month period	61.12%	121.60%	-60.48%
Volatility (1Y) Calculated over the trailing 1-year period	94.14%	139.74%	-45.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.55%	108.93%	-16.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.55%	108.91%	-16.36%