FNV vs. GDXU

Last updated Jun 9, 2026

FNV (Franco-Nevada Corporation) is a stock, while GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) is Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index. Over the past 5 years, FNV returned 7.95%/yr vs -14.72%/yr for GDXU. Their correlation of 0.82 suggests significant overlap in exposure.

Performance

FNV vs. GDXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franco-Nevada Corporation (FNV) and MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FNV achieves a 3.78% return, which is significantly higher than GDXU's -57.47% return.

FNV

• 1D: -1.82%
• 1M: -7.48%
• YTD: 3.78%
• 6M: 7.92%
• 1Y: 29.43%
• 3Y*: 14.93%
• 5Y*: 7.95%
• 10Y*: 12.94%

GDXU

• 1D: -0.54%
• 1M: -49.20%
• YTD: -57.47%
• 6M: -46.20%
• 1Y: 38.54%
• 3Y*: 35.00%
• 5Y*: -14.72%
• 10Y*: —

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

FNV vs. GDXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
FNV Franco-Nevada Corporation	3.78%	77.81%	7.41%	-17.96%	-0.39%	11.57%	-5.37%
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-57.47%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.66%

Correlation

The correlation between FNV and GDXU is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.82

The correlation between FNV and GDXU has been stable across timeframes, ranging from 0.81 to 0.82 - a consistent structural relationship.

Return for Risk

FNV vs. GDXU — Risk / Return Rank

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

FNV

FNV Risk / Return Rank: 65
FNV Sharpe Ratio Rank: 68
FNV Sortino Ratio Rank: 60
FNV Omega Ratio Rank: 62
FNV Calmar Ratio Rank: 67
FNV Martin Ratio Rank: 68

GDXU

GDXU Risk / Return Rank: 20
GDXU Sharpe Ratio Rank: 14
GDXU Sortino Ratio Rank: 26
GDXU Omega Ratio Rank: 30
GDXU Calmar Ratio Rank: 16
GDXU Martin Ratio Rank: 14

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.

FNV vs. GDXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franco-Nevada Corporation (FNV) and MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (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.

	FNV	GDXU	Difference
Sharpe ratio: Return per unit of total volatility	0.82	0.28	+0.55
Sortino ratio: Return per unit of downside risk	1.22	1.32	-0.10
Omega ratio: Gain probability vs. loss probability	1.17	1.18	-0.01
Calmar ratio: Return relative to maximum drawdown	1.26	0.48	+0.78
Martin ratio: Return relative to average drawdown	3.00	1.04	+1.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FNV vs. GDXU - Sharpe Ratio Comparison

The current FNV Sharpe Ratio is 0.82, which is higher than the GDXU Sharpe Ratio of 0.28. The chart below compares the historical Sharpe Ratios of FNV and GDXU, 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

	FNV	GDXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	0.28	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	-0.13	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	-0.13	+0.58

Drawdowns

FNV vs. GDXU - Drawdown Comparison

The maximum FNV drawdown since its inception was -58.76%, smaller than the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for FNV and GDXU.

Drawdown Indicators

	FNV	GDXU	Difference
Max Drawdown Largest peak-to-trough decline	-58.76%	-94.39%	+35.63%
Max Drawdown (1Y) Largest decline over 1 year	-23.40%	-80.26%	+56.86%
Max Drawdown (3Y) Largest decline over 3 years	-29.64%	-80.26%	+50.62%
Max Drawdown (5Y) Largest decline over 5 years	-37.12%	-92.93%	+55.81%
Max Drawdown (10Y) Largest decline over 10 years	-37.12%	—	—
Current Drawdown Current decline from peak	-23.40%	-80.26%	+56.86%
Average Drawdown Average peak-to-trough decline	-13.96%	-69.78%	+55.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.83%	37.20%	-27.37%

Volatility

FNV vs. GDXU - Volatility Comparison

The current volatility for Franco-Nevada Corporation (FNV) is 12.49%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 50.50%. This indicates that FNV 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

	FNV	GDXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.49%	50.50%	-38.01%
Volatility (6M) Calculated over the trailing 6-month period	30.10%	122.03%	-91.93%
Volatility (1Y) Calculated over the trailing 1-year period	36.00%	140.25%	-104.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.35%	111.49%	-81.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.18%	110.52%	-80.34%

Dividends

FNV vs. GDXU - Dividend Comparison

FNV's dividend yield for the trailing twelve months is around 0.74%, while GDXU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FNV Franco-Nevada Corporation	0.74%	0.73%	1.22%	1.23%	0.94%	1.10%	0.82%	0.96%	1.35%	1.14%	1.46%	1.81%
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNV and GDXU in my portfolio?

FNV and GDXU have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNV or GDXU?

GDXU has higher volatility (50.50%) compared to FNV (12.49%). In terms of maximum drawdown, FNV dropped -58.76% vs GDXU's -94.39%.

Which has better risk-adjusted returns?

FNV currently has the higher Sharpe Ratio (0.82 vs 0.28), 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.