GDX vs. GDXU
GDX (VanEck Gold Miners ETF) and GDXU (MicroSectors Gold Miners 3X 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 GDXU is a Leveraged 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 -14.38%/yr for GDXU. Their 0.99 correlation means they have historically moved very closely together. GDX charges 0.51%/yr vs 0.95%/yr for GDXU.
Performance
GDX vs. GDXU - 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 GDXU's -69.22% 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%
GDXU
- 1D
- -10.43%
- 1M
- -21.69%
- 6M
- -73.59%
- YTD
- -69.22%
- 1Y
- 8.47%
- 3Y*
- 27.81%
- 5Y*
- -14.38%
- 10Y*
- —
- ALL TIME*
- -18.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $99.61M | $115.40M | $172.82M |
GDX vs. GDXU - 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% |
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -69.22% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
Correlation
The correlation between GDX and GDXU is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| 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. | 1.00 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.99 |
The correlation between GDX and GDXU has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
GDX vs. GDXU — Risk / Return Rank
GDX
GDXU
GDX vs. GDXU - 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 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.
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 | GDXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.15 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 0.15 | +1.00 |
| Martin ratioReturn relative to average drawdown | 2.48 | 0.27 | +2.22 |
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Drawdowns
GDX vs. GDXU - Drawdown Comparison
The maximum GDX drawdown since its inception was -80.34%, smaller than the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for GDX and GDXU.
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Drawdown Indicators
| GDX | GDXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.34% | -94.39% | +14.05% |
Max Drawdown (1Y)Largest decline over 1 year | -38.93% | -87.14% | +48.21% |
Max Drawdown (3Y)Largest decline over 3 years | -38.93% | -87.14% | +48.21% |
Max Drawdown (5Y)Largest decline over 5 years | -46.51% | -91.30% | +44.79% |
Max Drawdown (10Y)Largest decline over 10 years | -49.79% | — | — |
Current DrawdownCurrent decline from peak | -36.03% | -85.71% | +49.68% |
Average DrawdownAverage peak-to-trough decline | -40.37% | -70.08% | +29.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 48.64% | -30.67% |
Volatility
GDX vs. GDXU - Volatility Comparison
The current volatility for VanEck Gold Miners ETF (GDX) is 12.73%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 38.79%. This indicates that GDX 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
| GDX | GDXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.73% | 38.79% | -26.06% |
Volatility (6M)Calculated over the trailing 6-month period | 39.94% | 125.93% | -85.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.49% | 147.32% | -98.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.23% | 113.44% | -76.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.34% | 111.56% | -74.22% |
GDX vs. GDXU - Expense Ratio Comparison
GDX has a 0.51% expense ratio, which is lower than GDXU's 0.95% expense ratio.
Dividends
GDX vs. GDXU - Dividend Comparison
GDX's dividend yield for the trailing twelve months is around 0.85%, while GDXU 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% |
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
With a correlation of 1.00, GDX and GDXU 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.
GDXU has higher volatility (38.79%) compared to GDX (12.73%). In terms of maximum drawdown, GDX dropped -80.34% vs GDXU's -94.39%.
On 5-year performance, GDX leads with 17.86% vs -14.38% for GDXU. 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 -14.38%. 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 GDXU.
GDX has the higher dividend yield at 0.85%, compared with 0.00% for GDXU.
GDX is categorized as Gold, while GDXU is Leveraged Equities. GDX tracks NYSE MarketVector Global Gold Miners Index, while GDXU 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 GDXU.
GDX currently has the higher Sharpe Ratio (0.92 vs 0.09), 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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