ETLX.DE vs. M9SD.DE

Last updated Jun 5, 2026

ETLX.DE (L&G Gold Mining UCITS ETF) and M9SD.DE (Market Access NYSE Arca Gold Bugs UCITS ETF) are both Precious Metals funds - ETLX.DE tracks the DAXglobal® Gold Miners while M9SD.DE tracks the NYSE Arca Gold BUGS. Both are passively managed. Over the past 10 years, ETLX.DE returned 15.32%/yr vs 12.24%/yr for M9SD.DE. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.65% expense ratio.

Performance

ETLX.DE vs. M9SD.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in L&G Gold Mining UCITS ETF (ETLX.DE) and Market Access NYSE Arca Gold Bugs UCITS ETF (M9SD.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETLX.DE achieves a -2.30% return, which is significantly lower than M9SD.DE's 3.74% return. Over the past 10 years, ETLX.DE has outperformed M9SD.DE with an annualized return of 15.32%, while M9SD.DE has yielded a comparatively lower 12.24% annualized return.

ETLX.DE

• 1D: 0.57%
• 1M: -6.27%
• YTD: -2.30%
• 6M: 5.08%
• 1Y: 60.19%
• 3Y*: 46.63%
• 5Y*: 23.41%
• 10Y*: 15.32%

M9SD.DE

• 1D: 1.07%
• 1M: -4.44%
• YTD: 3.74%
• 6M: 11.23%
• 1Y: 69.16%
• 3Y*: 40.66%
• 5Y*: 20.23%
• 10Y*: 12.24%

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

ETLX.DE vs. M9SD.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETLX.DE L&G Gold Mining UCITS ETF	-2.30%	152.55%	27.41%	11.05%	-7.10%	-3.32%	12.25%	42.55%	-5.79%	-3.18%
M9SD.DE Market Access NYSE Arca Gold Bugs UCITS ETF	3.74%	130.74%	20.64%	2.95%	-2.13%	-8.52%	14.07%	50.51%	-13.27%	-11.82%

Correlation

The correlation between ETLX.DE and M9SD.DE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.94
Correlation (All Time) Calculated using the full available price history since Jun 9, 2009	0.92

The correlation between ETLX.DE and M9SD.DE has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.

Return for Risk

ETLX.DE vs. M9SD.DE — Risk / Return Rank

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

ETLX.DE

ETLX.DE Risk / Return Rank: 37
ETLX.DE Sharpe Ratio Rank: 38
ETLX.DE Sortino Ratio Rank: 35
ETLX.DE Omega Ratio Rank: 36
ETLX.DE Calmar Ratio Rank: 43
ETLX.DE Martin Ratio Rank: 35

M9SD.DE

M9SD.DE Risk / Return Rank: 46
M9SD.DE Sharpe Ratio Rank: 48
M9SD.DE Sortino Ratio Rank: 42
M9SD.DE Omega Ratio Rank: 44
M9SD.DE Calmar Ratio Rank: 52
M9SD.DE Martin Ratio Rank: 41

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.

ETLX.DE vs. M9SD.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Gold Mining UCITS ETF (ETLX.DE) and Market Access NYSE Arca Gold Bugs UCITS ETF (M9SD.DE). 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.

	ETLX.DE	M9SD.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.65	-0.31
Sortino ratio: Return per unit of downside risk	1.81	2.09	-0.27
Omega ratio: Gain probability vs. loss probability	1.23	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	2.11	2.56	-0.46
Martin ratio: Return relative to average drawdown	5.29	6.47	-1.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETLX.DE vs. M9SD.DE - Sharpe Ratio Comparison

The current ETLX.DE Sharpe Ratio is 1.33, which is comparable to the M9SD.DE Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of ETLX.DE and M9SD.DE, 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

	ETLX.DE	M9SD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.65	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.58	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.35	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.12	+0.10

Drawdowns

ETLX.DE vs. M9SD.DE - Drawdown Comparison

The maximum ETLX.DE drawdown since its inception was -73.44%, smaller than the maximum M9SD.DE drawdown of -80.12%. Use the drawdown chart below to compare losses from any high point for ETLX.DE and M9SD.DE.

Drawdown Indicators

	ETLX.DE	M9SD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-73.44%	-80.12%	+6.68%
Max Drawdown (1Y) Largest decline over 1 year	-28.89%	-27.35%	-1.54%
Max Drawdown (3Y) Largest decline over 3 years	-28.89%	-27.35%	-1.54%
Max Drawdown (5Y) Largest decline over 5 years	-42.03%	-39.62%	-2.41%
Max Drawdown (10Y) Largest decline over 10 years	-47.05%	-55.80%	+8.75%
Current Drawdown Current decline from peak	-24.71%	-22.37%	-2.34%
Average Drawdown Average peak-to-trough decline	-34.69%	-42.59%	+7.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.52%	10.84%	+0.68%

Volatility

ETLX.DE vs. M9SD.DE - Volatility Comparison

L&G Gold Mining UCITS ETF (ETLX.DE) and Market Access NYSE Arca Gold Bugs UCITS ETF (M9SD.DE) have volatilities of 14.03% and 13.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETLX.DE	M9SD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.03%	13.40%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	35.22%	33.87%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	45.70%	42.57%	+3.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.04%	34.36%	+1.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.83%	34.73%	-0.90%

ETLX.DE vs. M9SD.DE - Expense Ratio Comparison

Both ETLX.DE and M9SD.DE have an expense ratio of 0.65%.

Dividends

ETLX.DE vs. M9SD.DE - Dividend Comparison

Neither ETLX.DE nor M9SD.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETLX.DE and M9SD.DE in my portfolio?

With a correlation of 0.96, ETLX.DE and M9SD.DE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ETLX.DE or M9SD.DE?

Both ETFs have the same 0.65% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETLX.DE or M9SD.DE?

ETLX.DE and M9SD.DE have the same expense ratio: 0.65% per year.

What is the main difference between ETLX.DE and M9SD.DE?

ETLX.DE tracks DAXglobal® Gold Miners, while M9SD.DE tracks NYSE Arca Gold BUGS. They also come from different issuers: Legal & General and China Post Global.