EDZ vs. GLD
EDZ (Direxion Daily Emerging Markets Bear 3X Shares) and GLD (SPDR Gold Shares) are both exchange-traded funds - EDZ is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-300%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, EDZ returned -36.90%/yr vs 11.25%/yr for GLD. At a correlation of -0.21, they often move in opposite directions. EDZ charges 1.08%/yr vs 0.40%/yr for GLD.
Performance
EDZ vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, EDZ achieves a -55.99% return, which is significantly lower than GLD's -7.67% return. Over the past 10 years, EDZ has underperformed GLD with an annualized return of -36.90%, while GLD has yielded a comparatively higher 11.25% annualized return.
EDZ
- 1D
- -0.26%
- 1M
- -13.80%
- YTD
- -55.99%
- 6M
- -56.70%
- 1Y
- -70.82%
- 3Y*
- -48.07%
- 5Y*
- -24.79%
- 10Y*
- -36.90%
GLD
- 1D
- -3.02%
- 1M
- -11.58%
- YTD
- -7.67%
- 6M
- -11.17%
- 1Y
- 19.51%
- 3Y*
- 27.10%
- 5Y*
- 17.04%
- 10Y*
- 11.25%
EDZ vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | -55.99% | -59.30% | -12.71% | -20.28% | 49.27% | -8.69% | -68.79% | -43.01% | 32.87% | -64.12% |
GLD SPDR Gold Shares | -7.67% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between EDZ and GLD is -0.42, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 30, 2008 | -0.21 |
Over the past year, the inverse relationship between EDZ and GLD has strengthened: their correlation has moved from -0.21 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EDZ vs. GLD — Risk / Return Rank
EDZ
GLD
EDZ vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Emerging Markets Bear 3X Shares (EDZ) 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.
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.
| EDZ | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 1.15 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 0.75 | -1.69 |
| Martin ratioReturn relative to average drawdown | -1.67 | 2.12 | -3.79 |
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Drawdowns
EDZ vs. GLD - Drawdown Comparison
The maximum EDZ drawdown since its inception was -99.99%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for EDZ and GLD.
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Drawdown Indicators
| EDZ | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -45.56% | -54.43% |
Max Drawdown (1Y)Largest decline over 1 year | -74.99% | -26.21% | -48.78% |
Max Drawdown (3Y)Largest decline over 3 years | -90.46% | -26.21% | -64.25% |
Max Drawdown (5Y)Largest decline over 5 years | -92.91% | -26.21% | -66.70% |
Max Drawdown (10Y)Largest decline over 10 years | -99.17% | -26.21% | -72.96% |
Current DrawdownCurrent decline from peak | -99.99% | -26.21% | -73.78% |
Average DrawdownAverage peak-to-trough decline | -97.73% | -16.17% | -81.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.30% | 9.24% | +33.06% |
Volatility
EDZ vs. GLD - Volatility Comparison
Direxion Daily Emerging Markets Bear 3X Shares (EDZ) has a higher volatility of 37.01% compared to SPDR Gold Shares (GLD) at 8.58%. This indicates that EDZ'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.
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Volatility by Period
| EDZ | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.01% | 8.58% | +28.43% |
Volatility (6M)Calculated over the trailing 6-month period | 61.17% | 24.57% | +36.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.97% | 27.75% | +40.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.92% | 18.30% | +40.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.50% | 16.07% | +45.43% |
EDZ vs. GLD - Expense Ratio Comparison
EDZ has a 1.08% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
EDZ vs. GLD - Dividend Comparison
EDZ's dividend yield for the trailing twelve months is around 7.60%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EDZ Direxion Daily Emerging Markets Bear 3X Shares | 7.60% | 6.58% | 4.87% | 4.34% | 0.00% | 0.00% | 0.82% | 1.67% | 0.68% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EDZ and GLD have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EDZ has higher volatility (37.01%) compared to GLD (8.58%). In terms of maximum drawdown, EDZ dropped -99.99% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.25% vs -36.90% for EDZ. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.25% return vs -36.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 1.08% for EDZ.
EDZ has the higher dividend yield at 7.60%, compared with 0.00% for GLD.
EDZ is categorized as Leveraged Equities, while GLD is Gold. EDZ tracks MSCI Emerging Markets Index (-300%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.08% for EDZ and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.71 vs -1.05), 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.
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