CNDD.TO vs. GDXD.TO
CNDD.TO (BetaPro S&P/TSX 60 -2x Daily Bear ETF) and GDXD.TO (BetaPro Canadian Gold Miners -2x Daily Bear ETF) are both Inverse Equities funds from Global X. Both are actively managed. Over the past 10 years, CNDD.TO returned -23.98%/yr vs -47.44%/yr for GDXD.TO. At a 0.35 correlation, their price movements are largely independent.
Performance
CNDD.TO vs. GDXD.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CNDD.TO achieves a -19.97% return, which is significantly lower than GDXD.TO's -18.91% return. Over the past 10 years, CNDD.TO has outperformed GDXD.TO with an annualized return of -23.98%, while GDXD.TO has yielded a comparatively lower -47.44% annualized return.
CNDD.TO
- 1D
- 0.00%
- 1M
- -3.62%
- YTD
- -19.97%
- 6M
- -19.18%
- 1Y
- -41.83%
- 3Y*
- -30.78%
- 5Y*
- -22.16%
- 10Y*
- -23.98%
GDXD.TO
- 1D
- 1.07%
- 1M
- 26.07%
- YTD
- -18.91%
- 6M
- -17.03%
- 1Y
- -78.68%
- 3Y*
- -67.32%
- 5Y*
- -52.75%
- 10Y*
- -47.44%
CNDD.TO vs. GDXD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNDD.TO BetaPro S&P/TSX 60 -2x Daily Bear ETF | -19.97% | -39.81% | -25.66% | -12.09% | 8.98% | -42.56% | -36.10% | -31.58% | 15.45% | -17.95% |
GDXD.TO BetaPro Canadian Gold Miners -2x Daily Bear ETF | -18.91% | -89.27% | -51.09% | -14.78% | -30.72% | -3.72% | -84.19% | -59.16% | -6.06% | -13.59% |
Correlation
The correlation between CNDD.TO and GDXD.TO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2007 | 0.35 |
Over the past year, CNDD.TO and GDXD.TO have become more correlated (0.62) than their long-term average of 0.35, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CNDD.TO vs. GDXD.TO — Risk / Return Rank
CNDD.TO
GDXD.TO
CNDD.TO vs. GDXD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX 60 -2x Daily Bear ETF (CNDD.TO) and BetaPro Canadian Gold Miners -2x Daily Bear ETF (GDXD.TO). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CNDD.TO | GDXD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.81 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.90 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.52 | -1.14 | -0.38 |
Loading charts...
Drawdowns
CNDD.TO vs. GDXD.TO - Drawdown Comparison
The maximum CNDD.TO drawdown since its inception was -99.32%, roughly equal to the maximum GDXD.TO drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CNDD.TO and GDXD.TO.
Loading charts...
Drawdown Indicators
| CNDD.TO | GDXD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.32% | -100.00% | +0.68% |
Max Drawdown (1Y)Largest decline over 1 year | -42.84% | -87.59% | +44.75% |
Max Drawdown (3Y)Largest decline over 3 years | -72.16% | -98.32% | +26.16% |
Max Drawdown (5Y)Largest decline over 5 years | -72.87% | -98.83% | +25.96% |
Max Drawdown (10Y)Largest decline over 10 years | -93.67% | -99.95% | +6.28% |
Current DrawdownCurrent decline from peak | -99.31% | -100.00% | +0.69% |
Average DrawdownAverage peak-to-trough decline | -82.14% | -94.39% | +12.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.72% | 68.90% | -41.18% |
Volatility
CNDD.TO vs. GDXD.TO - Volatility Comparison
The current volatility for BetaPro S&P/TSX 60 -2x Daily Bear ETF (CNDD.TO) is 6.96%, while BetaPro Canadian Gold Miners -2x Daily Bear ETF (GDXD.TO) has a volatility of 32.35%. This indicates that CNDD.TO experiences smaller price fluctuations and is considered to be less risky than GDXD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CNDD.TO | GDXD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.96% | 32.35% | -25.39% |
Volatility (6M)Calculated over the trailing 6-month period | 19.08% | 73.48% | -54.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.08% | 91.70% | -67.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.71% | 68.11% | -42.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.99% | 68.76% | -38.77% |
Dividends
CNDD.TO vs. GDXD.TO - Dividend Comparison
Neither CNDD.TO nor GDXD.TO has paid dividends to shareholders.
Frequently Asked Questions
CNDD.TO and GDXD.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for CNDD.TO and GDXD.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer