GDX vs. GDXD
GDX (VanEck Gold Miners ETF) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) 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. Both are passively managed. Over the past 5 years, GDX returned 17.86%/yr vs -73.29%/yr for GDXD. Their -0.99 correlation means they have often moved in opposite directions in the past. GDX charges 0.51%/yr vs 0.95%/yr for GDXD.
Performance
GDX vs. GDXD - Performance Comparison
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Returns By Period
In the year-to-date period, GDX achieves a -13.61% return, which is significantly higher than GDXD's -42.32% return.
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
GDXD
- 1D
- 10.48%
- 1M
- 10.38%
- 6M
- -10.42%
- YTD
- -42.32%
- 1Y
- -91.93%
- 3Y*
- -83.55%
- 5Y*
- -73.29%
- 10Y*
- —
- ALL TIME*
- -70.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $19.58M | $21.95M | $29.87M |
GDX vs. GDXD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 0.66% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | -42.32% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
Correlation
The correlation between GDX and GDXD is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 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.
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Return for Risk
GDX vs. GDXD — Risk / Return Rank
GDX
GDXD
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 due June 29, 2040 (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.
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.
| GDX | GDXD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.88 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.84 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | -0.96 | +2.11 |
| Martin ratioReturn relative to average drawdown | 2.48 | -1.11 | +3.60 |
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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.
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Drawdown Indicators
| GDX | GDXD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -99.96% | +19.62% |
Max Drawdown (1Y)Largest decline over 1 year | -38.93% | -95.95% | +57.02% |
Max Drawdown (3Y)Largest decline over 3 years | -38.93% | -99.86% | +60.93% |
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 DrawdownCurrent decline from peak | -36.03% | -99.92% | +63.89% |
Average DrawdownAverage peak-to-trough decline | -40.37% | -72.59% | +32.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 83.56% | -65.59% |
Volatility
GDX vs. GDXD - Volatility Comparison
The current volatility for VanEck Gold Miners ETF (GDX) is 12.73%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a volatility of 40.76%. 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.
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Volatility by Period
| GDX | GDXD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.73% | 40.76% | -28.03% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 118.25% | -78.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.49% | 146.68% | -98.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.23% | 112.62% | -75.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 110.97% | -73.63% |
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 0.85%, 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 | 0.85% | 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 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
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.
GDXD has higher volatility (40.76%) compared to GDX (12.73%). In terms of maximum drawdown, GDX dropped -80.34% vs GDXD's -99.96%.
On 5-year performance, GDX leads with 17.86% vs -73.29% for GDXD. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 12.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 17.86% return vs -73.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for GDXD.
GDX has the higher dividend yield at 0.85%, compared with 0.00% for 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. They also come from different issuers: VanEck and BMO. Their fees differ too: 0.51% for GDX and 0.95% for GDXD.
GDX currently has the higher Sharpe Ratio (0.92 vs -0.63), 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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