GDXD.TO vs. SPXI.TO
GDXD.TO (BetaPro Canadian Gold Miners -2x Daily Bear ETF) and SPXI.TO (BetaPro S&P 500 Daily Inverse 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 -13.73%/yr for SPXI.TO. At a 0.10 correlation, their price movements are largely independent.
Performance
GDXD.TO vs. SPXI.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GDXD.TO achieves a -18.91% return, which is significantly lower than SPXI.TO's -8.32% return. Over the past 10 years, GDXD.TO has underperformed SPXI.TO with an annualized return of -47.44%, while SPXI.TO has yielded a comparatively higher -13.73% 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%
SPXI.TO
- 1D
- -1.36%
- 1M
- 1.04%
- YTD
- -8.32%
- 6M
- -7.64%
- 1Y
- -15.85%
- 3Y*
- -13.50%
- 5Y*
- -9.78%
- 10Y*
- -13.73%
GDXD.TO vs. SPXI.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% |
SPXI.TO BetaPro S&P 500 Daily Inverse ETF | -8.32% | -13.79% | -14.77% | -15.60% | 19.13% | -24.53% | -24.80% | -23.55% | 4.26% | -18.72% |
Correlation
The correlation between GDXD.TO and SPXI.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2010 | 0.10 |
Over the past year, GDXD.TO and SPXI.TO have become more correlated (0.35) than their long-term average of 0.10, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GDXD.TO vs. SPXI.TO — Risk / Return Rank
GDXD.TO
SPXI.TO
GDXD.TO vs. SPXI.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 Daily Inverse ETF (SPXI.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 | SPXI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.81 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.93 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.14 | -1.80 | +0.65 |
Loading charts...
Drawdowns
GDXD.TO vs. SPXI.TO - Drawdown Comparison
The maximum GDXD.TO drawdown since its inception was -100.00%, which is greater than SPXI.TO's maximum drawdown of -92.06%. Use the drawdown chart below to compare losses from any high point for GDXD.TO and SPXI.TO.
Loading charts...
Drawdown Indicators
| GDXD.TO | SPXI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -92.06% | -7.94% |
Max Drawdown (1Y)Largest decline over 1 year | -87.59% | -17.10% | -70.49% |
Max Drawdown (3Y)Largest decline over 3 years | -98.32% | -42.22% | -56.10% |
Max Drawdown (5Y)Largest decline over 5 years | -98.83% | -47.81% | -51.02% |
Max Drawdown (10Y)Largest decline over 10 years | -99.95% | -77.60% | -22.35% |
Current DrawdownCurrent decline from peak | -100.00% | -91.94% | -8.06% |
Average DrawdownAverage peak-to-trough decline | -94.39% | -67.18% | -27.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.90% | 8.91% | +59.99% |
Volatility
GDXD.TO vs. SPXI.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 Daily Inverse ETF (SPXI.TO) at 5.04%. This indicates that GDXD.TO's price experiences larger fluctuations and is considered to be riskier than SPXI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GDXD.TO | SPXI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.35% | 5.04% | +27.31% |
Volatility (6M)Calculated over the trailing 6-month period | 73.48% | 10.18% | +63.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 91.70% | 12.75% | +78.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.11% | 17.02% | +51.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.76% | 18.13% | +50.63% |
Dividends
GDXD.TO vs. SPXI.TO - Dividend Comparison
Neither GDXD.TO nor SPXI.TO has paid dividends to shareholders.
Frequently Asked Questions
GDXD.TO and SPXI.TO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for GDXD.TO and SPXI.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer