GDXD.TO vs. SPXD.TO
GDXD.TO (BetaPro Canadian Gold Miners -2x Daily Bear ETF) and SPXD.TO (BetaPro S&P 500 -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 -33.02%/yr for SPXD.TO. At a 0.14 correlation, their price movements are largely independent.
Performance
GDXD.TO vs. SPXD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD.TO achieves a -18.91% return, which is significantly lower than SPXD.TO's -16.73% return. Over the past 10 years, GDXD.TO has underperformed SPXD.TO with an annualized return of -47.44%, while SPXD.TO has yielded a comparatively higher -33.02% 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%
SPXD.TO
- 1D
- -1.59%
- 1M
- 2.08%
- YTD
- -16.73%
- 6M
- -15.52%
- 1Y
- -30.42%
- 3Y*
- -28.05%
- 5Y*
- -21.90%
- 10Y*
- -33.02%
GDXD.TO vs. SPXD.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% |
SPXD.TO BetaPro S&P 500 -2x Daily Bear ETF | -16.73% | -28.74% | -30.20% | -32.04% | 32.32% | -43.18% | -74.72% | -42.74% | 5.32% | -33.38% |
Correlation
The correlation between GDXD.TO and SPXD.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2008 | 0.14 |
Over the past year, GDXD.TO and SPXD.TO have become more correlated (0.38) than their long-term average of 0.14, meaning their price movements have been converging.
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Return for Risk
GDXD.TO vs. SPXD.TO — Risk / Return Rank
GDXD.TO
SPXD.TO
GDXD.TO vs. SPXD.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 500 -2x Daily Bear ETF (SPXD.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 | SPXD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.80 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.95 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.14 | -1.77 | +0.62 |
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Drawdowns
GDXD.TO vs. SPXD.TO - Drawdown Comparison
The maximum GDXD.TO drawdown since its inception was -100.00%, roughly equal to the maximum SPXD.TO drawdown of -99.93%. Use the drawdown chart below to compare losses from any high point for GDXD.TO and SPXD.TO.
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Drawdown Indicators
| GDXD.TO | SPXD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.93% | -0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -87.59% | -32.29% | -55.30% |
Max Drawdown (3Y)Largest decline over 3 years | -98.32% | -69.67% | -28.65% |
Max Drawdown (5Y)Largest decline over 5 years | -98.83% | -76.70% | -22.13% |
Max Drawdown (10Y)Largest decline over 10 years | -99.95% | -98.25% | -1.70% |
Current DrawdownCurrent decline from peak | -100.00% | -99.93% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -94.39% | -89.70% | -4.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.90% | 17.51% | +51.39% |
Volatility
GDXD.TO vs. SPXD.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 500 -2x Daily Bear ETF (SPXD.TO) at 10.53%. This indicates that GDXD.TO's price experiences larger fluctuations and is considered to be riskier than SPXD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXD.TO | SPXD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.35% | 10.53% | +21.82% |
Volatility (6M)Calculated over the trailing 6-month period | 73.48% | 20.21% | +53.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 91.70% | 25.07% | +66.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.11% | 33.77% | +34.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.76% | 38.74% | +30.02% |
Dividends
GDXD.TO vs. SPXD.TO - Dividend Comparison
Neither GDXD.TO nor SPXD.TO has paid dividends to shareholders.
Frequently Asked Questions
GDXD.TO and SPXD.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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