GDXD.TO vs. NRGD.TO

Last updated Jul 1, 2026

GDXD.TO (BetaPro Canadian Gold Miners -2x Daily Bear ETF) and NRGD.TO (BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF) are both Inverse Equities funds from Global X. Both are actively managed. Over the past 10 years, GDXD.TO returned -47.44%/yr vs -39.76%/yr for NRGD.TO. At a 0.20 correlation, their price movements are largely independent.

Performance

GDXD.TO vs. NRGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro Canadian Gold Miners -2x Daily Bear ETF (GDXD.TO) and BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF (NRGD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXD.TO achieves a -18.91% return, which is significantly higher than NRGD.TO's -42.79% return. Over the past 10 years, GDXD.TO has underperformed NRGD.TO with an annualized return of -47.44%, while NRGD.TO has yielded a comparatively higher -39.76% annualized return.

GDXD.TO

• 1D: 1.07%
• 1M: 26.07%
• YTD: -18.91%
• 6M: -17.03%
• 1Y: -78.68%
• 3Y*: -67.32%
• 5Y*: -52.75%
• 10Y*: -47.44%

NRGD.TO

• 1D: 0.67%
• 1M: 15.82%
• YTD: -42.79%
• 6M: -42.42%
• 1Y: -58.41%
• 3Y*: -39.90%
• 5Y*: -47.73%
• 10Y*: -39.76%

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

GDXD.TO vs. NRGD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GDXD.TO BetaPro Canadian Gold Miners -2x Daily Bear ETF	-18.91%	-89.27%	-51.09%	-14.78%	-30.72%	-3.72%	-84.19%	-59.16%	-6.06%	-13.59%
NRGD.TO BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF	-42.79%	-37.02%	-26.44%	-13.09%	-71.68%	-79.40%	-42.84%	-29.09%	59.29%	10.52%

Correlation

The correlation between GDXD.TO and NRGD.TO is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 26, 2007	0.20

The correlation between GDXD.TO and NRGD.TO shifts across timeframes, from -0.06 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GDXD.TO vs. NRGD.TO — Risk / Return Rank

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

GDXD.TO

GDXD.TO Risk / Return Rank: 2
GDXD.TO Sharpe Ratio Rank: 3
GDXD.TO Sortino Ratio Rank: 1
GDXD.TO Omega Ratio Rank: 1
GDXD.TO Calmar Ratio Rank: 2
GDXD.TO Martin Ratio Rank: 4

NRGD.TO

NRGD.TO Risk / Return Rank: 1
NRGD.TO Sharpe Ratio Rank: 0
NRGD.TO Sortino Ratio Rank: 0
NRGD.TO Omega Ratio Rank: 1
NRGD.TO Calmar Ratio Rank: 2
NRGD.TO Martin Ratio Rank: 2

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.

GDXD.TO vs. NRGD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaPro Canadian Gold Miners -2x Daily Bear ETF (GDXD.TO) and BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF (NRGD.TO). 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.

	GDXD.TO	NRGD.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-1.25	+0.39
Sortino ratio: Return per unit of downside risk	-1.80	-2.31	+0.51
Omega ratio: Gain probability vs. loss probability	0.81	0.77	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.83	-0.07
Martin ratio: Return relative to average drawdown	-1.14	-1.38	+0.24

GDXD.TO vs. NRGD.TO - Sharpe Ratio Comparison

The current GDXD.TO Sharpe Ratio is -0.86, which is higher than the NRGD.TO Sharpe Ratio of -1.25. The chart below compares the historical Sharpe Ratios of GDXD.TO and NRGD.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDXD.TO vs. NRGD.TO - Drawdown Comparison

The maximum GDXD.TO drawdown since its inception was -100.00%, roughly equal to the maximum NRGD.TO drawdown of -99.97%. Use the drawdown chart below to compare losses from any high point for GDXD.TO and NRGD.TO.

Drawdown Indicators

	GDXD.TO	NRGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.97%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-87.59%	-70.42%	-17.17%
Max Drawdown (3Y) Largest decline over 3 years	-98.32%	-85.00%	-13.32%
Max Drawdown (5Y) Largest decline over 5 years	-98.83%	-98.12%	-0.71%
Max Drawdown (10Y) Largest decline over 10 years	-99.95%	-99.92%	-0.03%
Current Drawdown Current decline from peak	-100.00%	-99.95%	-0.05%
Average Drawdown Average peak-to-trough decline	-94.39%	-87.60%	-6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.90%	42.26%	+26.64%

Volatility

GDXD.TO vs. NRGD.TO - Volatility Comparison

BetaPro Canadian Gold Miners -2x Daily Bear ETF (GDXD.TO) has a higher volatility of 32.35% compared to BetaPro S&P/TSX Capped Energy -2x Daily Bear ETF (NRGD.TO) at 16.23%. This indicates that GDXD.TO's price experiences larger fluctuations and is considered to be riskier than NRGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXD.TO	NRGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.35%	16.23%	+16.12%
Volatility (6M) Calculated over the trailing 6-month period	73.48%	39.50%	+33.98%
Volatility (1Y) Calculated over the trailing 1-year period	91.70%	46.97%	+44.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.11%	57.37%	+10.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.76%	67.11%	+1.65%

Dividends

GDXD.TO vs. NRGD.TO - Dividend Comparison

Neither GDXD.TO nor NRGD.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDXD.TO and NRGD.TO in my portfolio?

GDXD.TO and NRGD.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.