GDX vs. GDXD

Last updated Jun 4, 2026

GDX (VanEck Gold Miners ETF) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). Both are passively managed. Over the past 5 years, GDX returned 18.69%/yr vs -72.73%/yr for GDXD. At a correlation of -0.99, they often move in opposite directions. GDX charges 0.51%/yr vs 0.95%/yr for GDXD.

Performance

GDX vs. GDXD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDX achieves a -0.90% return, which is significantly higher than GDXD's -51.20% return.

GDX

• 1D: -3.46%
• 1M: -0.76%
• YTD: -0.90%
• 6M: 5.62%
• 1Y: 61.27%
• 3Y*: 41.00%
• 5Y*: 18.69%
• 10Y*: 13.98%

GDXD

• 1D: 10.76%
• 1M: -10.12%
• YTD: -51.20%
• 6M: -62.62%
• 1Y: -93.08%
• 3Y*: -84.24%
• 5Y*: -72.73%
• 10Y*: —

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

GDX vs. GDXD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDX VanEck Gold Miners ETF	-0.90%	154.77%	10.63%	9.98%	-9.01%	-9.52%	1.97%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-51.20%	-97.53%	-57.78%	-52.35%	-52.56%	-19.71%	-13.30%

Correlation

The correlation between GDX and GDXD is -1.00, 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	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-0.99
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	-0.99

The correlation between GDX and GDXD has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

GDX vs. GDXD - Sectors Allocation Comparison

Sectors	GDX	GDXD
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDX vs. GDXD — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

GDXD

GDXD Risk / Return Rank: 2
GDXD Sharpe Ratio Rank: 3
GDXD Sortino Ratio Rank: 1
GDXD Omega Ratio Rank: 1
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 3

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.

GDX vs. GDXD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). 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.

	GDX	GDXD	Difference
Sharpe ratio: Return per unit of total volatility	1.35	-0.68	+2.04
Sortino ratio: Return per unit of downside risk	1.76	-1.88	+3.65
Omega ratio: Gain probability vs. loss probability	1.25	0.80	+0.44
Calmar ratio: Return relative to maximum drawdown	2.00	-0.97	+2.96
Martin ratio: Return relative to average drawdown	5.13	-1.22	+6.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDX vs. GDXD - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.35, which is higher than the GDXD Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of GDX and GDXD, 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

	GDX	GDXD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	-0.68	+2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	-0.66	+1.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	-0.67	+0.79

Drawdowns

GDX vs. GDXD - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum GDXD drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for GDX and GDXD.

Drawdown Indicators

	GDX	GDXD	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-99.96%	+19.62%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-96.33%	+65.49%
Max Drawdown (3Y) Largest decline over 3 years	-30.84%	-99.86%	+69.02%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-99.96%	+53.45%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-26.62%	-99.93%	+73.31%
Average Drawdown Average peak-to-trough decline	-40.43%	-71.85%	+31.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.99%	75.91%	-63.92%

Volatility

GDX vs. GDXD - Volatility Comparison

The current volatility for VanEck Gold Miners ETF (GDX) is 15.40%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a volatility of 47.44%. This indicates that GDX experiences smaller price fluctuations and is considered to be less risky than GDXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDX	GDXD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.40%	47.44%	-32.04%
Volatility (6M) Calculated over the trailing 6-month period	37.50%	109.86%	-72.36%
Volatility (1Y) Calculated over the trailing 1-year period	45.49%	136.25%	-90.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	109.97%	-73.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	109.35%	-72.17%

GDX vs. GDXD - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is lower than GDXD's 0.95% expense ratio.

Dividends

GDX vs. GDXD - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.74%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	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 GDX and GDXD in my portfolio?

GDX and GDXD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDX or GDXD?

GDXD has higher volatility (47.44%) compared to GDX (15.40%). In terms of maximum drawdown, GDX dropped -80.34% vs GDXD's -99.96%.

Which ETF is better, GDX or GDXD?

On 5-year performance, GDX leads with 18.69% vs -72.73% for GDXD. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 15.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or GDXD?

Over the 5-year period, GDX has performed better with a 18.69% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or GDXD?

GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for GDXD.

Which ETF pays a higher dividend yield, GDX or GDXD?

GDX has the higher dividend yield at 0.74%, compared with 0.00% for GDXD.

What is the main difference between GDX and GDXD?

GDX is categorized as Gold, while GDXD is Inverse Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). They also come from different issuers: VanEck and BMO. Their fees differ too: 0.51% for GDX and 0.95% for GDXD.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.35 vs -0.68), 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.