GBTC vs. GDXU
GBTC (Grayscale Bitcoin Trust ETF) and GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index. Both are passively managed. Over the past 5 years, GBTC returned 9.63%/yr vs -16.79%/yr for GDXU. At a 0.19 correlation, their price movements are largely independent. GBTC charges 1.50%/yr vs 0.95%/yr for GDXU.
Performance
GBTC vs. GDXU - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -29.58% return, which is significantly higher than GDXU's -59.48% return.
GBTC
- 1D
- -2.09%
- 1M
- -22.74%
- YTD
- -29.58%
- 6M
- -33.89%
- 1Y
- -43.81%
- 3Y*
- 52.63%
- 5Y*
- 9.63%
- 10Y*
- 48.94%
GDXU
- 1D
- -4.74%
- 1M
- -51.61%
- YTD
- -59.48%
- 6M
- -53.72%
- 1Y
- 28.46%
- 3Y*
- 32.83%
- 5Y*
- -16.79%
- 10Y*
- —
GBTC vs. GDXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -29.58% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 36.81% |
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -59.48% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
Correlation
The correlation between GBTC and GDXU is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.19 |
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Return for Risk
GBTC vs. GDXU — Risk / Return Rank
GBTC
GDXU
GBTC vs. GDXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | GDXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.17 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 0.35 | -1.19 |
| Martin ratioReturn relative to average drawdown | -1.49 | 0.76 | -2.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GBTC | GDXU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.00 | 0.20 | -1.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.15 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.60 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | -0.14 | +0.80 |
Drawdowns
GBTC vs. GDXU - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for GBTC and GDXU.
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Drawdown Indicators
| GBTC | GDXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -94.39% | +4.48% |
Max Drawdown (1Y)Largest decline over 1 year | -52.45% | -81.20% | +28.75% |
Max Drawdown (3Y)Largest decline over 3 years | -52.45% | -81.20% | +28.75% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -92.65% | +7.23% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -51.09% | -81.20% | +30.11% |
Average DrawdownAverage peak-to-trough decline | -43.42% | -69.74% | +26.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.34% | 37.55% | -8.21% |
Volatility
GBTC vs. GDXU - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 11.72%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 49.14%. This indicates that GBTC 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.
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Volatility by Period
| GBTC | GDXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.72% | 49.14% | -37.42% |
Volatility (6M)Calculated over the trailing 6-month period | 34.45% | 122.10% | -87.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.14% | 140.07% | -95.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.26% | 111.51% | -49.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 82.21% | 110.46% | -28.25% |
GBTC vs. GDXU - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than GDXU's 0.95% expense ratio.
Dividends
GBTC vs. GDXU - Dividend Comparison
Neither GBTC nor GDXU has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
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% |
Frequently Asked Questions
GBTC and GDXU have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (49.14%) compared to GBTC (11.72%). In terms of maximum drawdown, GBTC dropped -89.91% vs GDXU's -94.39%.
On 5-year performance, GBTC leads with 9.63% vs -16.79% for GDXU. On fees, GDXU is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 11.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 9.63% return vs -16.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXU is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
GBTC and GDXU have nearly identical dividend yields, around 0.00%.
GBTC is categorized as Cryptocurrency, while GDXU is Leveraged Equities. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while GDXU tracks S-Network MicroSectors Gold Miners Index. They also come from different issuers: Grayscale and BMO. Their fees differ too: 1.50% for GBTC and 0.95% for GDXU.
GDXU currently has the higher Sharpe Ratio (0.20 vs -1.00), 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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