CNDI.TO vs. GDXD.TO
CNDI.TO (BetaPro S&P/TSX 60 Daily Inverse 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, CNDI.TO returned -17.66%/yr vs -47.44%/yr for GDXD.TO. At a 0.30 correlation, their price movements are largely independent.
Performance
CNDI.TO vs. GDXD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CNDI.TO achieves a -10.01% return, which is significantly higher than GDXD.TO's -18.91% return. Over the past 10 years, CNDI.TO has outperformed GDXD.TO with an annualized return of -17.66%, while GDXD.TO has yielded a comparatively lower -47.44% annualized return.
CNDI.TO
- 1D
- -0.17%
- 1M
- -1.89%
- YTD
- -10.01%
- 6M
- -9.78%
- 1Y
- -23.26%
- 3Y*
- -15.69%
- 5Y*
- -10.71%
- 10Y*
- -17.66%
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%
CNDI.TO vs. GDXD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CNDI.TO BetaPro S&P/TSX 60 Daily Inverse ETF | -10.01% | -21.77% | -12.57% | -5.07% | 6.35% | -23.93% | -57.94% | -17.07% | 8.27% | -9.53% |
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 CNDI.TO and GDXD.TO is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Oct 29, 2009 | 0.30 |
Over the past year, CNDI.TO and GDXD.TO have become more correlated (0.55) than their long-term average of 0.30, meaning their price movements have been converging.
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Return for Risk
CNDI.TO vs. GDXD.TO — Risk / Return Rank
CNDI.TO
GDXD.TO
CNDI.TO vs. GDXD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BetaPro S&P/TSX 60 Daily Inverse ETF (CNDI.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.
| CNDI.TO | GDXD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| 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 | -1.56 | -1.14 | -0.42 |
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Drawdowns
CNDI.TO vs. GDXD.TO - Drawdown Comparison
The maximum CNDI.TO drawdown since its inception was -91.95%, smaller than the maximum GDXD.TO drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for CNDI.TO and GDXD.TO.
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Drawdown Indicators
| CNDI.TO | GDXD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.95% | -100.00% | +8.05% |
Max Drawdown (1Y)Largest decline over 1 year | -23.95% | -87.59% | +63.64% |
Max Drawdown (3Y)Largest decline over 3 years | -45.47% | -98.32% | +52.85% |
Max Drawdown (5Y)Largest decline over 5 years | -45.51% | -98.83% | +53.32% |
Max Drawdown (10Y)Largest decline over 10 years | -85.81% | -99.95% | +14.14% |
Current DrawdownCurrent decline from peak | -91.87% | -100.00% | +8.13% |
Average DrawdownAverage peak-to-trough decline | -54.35% | -94.39% | +40.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.99% | 68.90% | -53.91% |
Volatility
CNDI.TO vs. GDXD.TO - Volatility Comparison
The current volatility for BetaPro S&P/TSX 60 Daily Inverse ETF (CNDI.TO) is 3.45%, while BetaPro Canadian Gold Miners -2x Daily Bear ETF (GDXD.TO) has a volatility of 32.35%. This indicates that CNDI.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.
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Volatility by Period
| CNDI.TO | GDXD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.45% | 32.35% | -28.90% |
Volatility (6M)Calculated over the trailing 6-month period | 9.34% | 73.48% | -64.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.00% | 91.70% | -79.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.07% | 68.11% | -55.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.93% | 68.76% | -46.83% |
Dividends
CNDI.TO vs. GDXD.TO - Dividend Comparison
Neither CNDI.TO nor GDXD.TO has paid dividends to shareholders.
Frequently Asked Questions
CNDI.TO and GDXD.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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