GDXD vs. EFZ
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and EFZ (ProShares Short MSCI EAFE) are both Inverse Equities funds - GDXD tracks the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%) while EFZ tracks the MSCI EAFE Index (-100%). Both are passively managed. Over the past 5 years, GDXD returned -72.97%/yr vs -6.05%/yr for EFZ. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
GDXD vs. EFZ - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -32.64% return, which is significantly lower than EFZ's -7.84% return.
GDXD
- 1D
- 11.11%
- 1M
- 68.74%
- 6M
- -1.35%
- YTD
- -32.64%
- 1Y
- -90.73%
- 3Y*
- -81.84%
- 5Y*
- -72.97%
- 10Y*
- —
EFZ
- 1D
- 0.94%
- 1M
- 1.09%
- 6M
- -4.91%
- YTD
- -7.84%
- 1Y
- -14.64%
- 3Y*
- -9.25%
- 5Y*
- -6.05%
- 10Y*
- -8.32%
GDXD vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -32.64% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
EFZ ProShares Short MSCI EAFE | -7.84% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -2.83% |
Correlation
The correlation between GDXD and EFZ is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.46 |
The correlation between GDXD and EFZ has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
GDXD vs. EFZ — Risk / Return Rank
GDXD
EFZ
GDXD vs. EFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and ProShares Short MSCI EAFE (EFZ). 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 | EFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.87 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.84 | -0.11 |
| Martin ratioReturn relative to average drawdown | -1.11 | -1.35 | +0.24 |
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Drawdowns
GDXD vs. EFZ - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than EFZ's maximum drawdown of -88.15%. Use the drawdown chart below to compare losses from any high point for GDXD and EFZ.
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Drawdown Indicators
| GDXD | EFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -88.15% | -11.81% |
Max Drawdown (1Y)Largest decline over 1 year | -96.19% | -17.60% | -78.59% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -35.82% | -64.04% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -44.12% | -55.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.58% | — |
Current DrawdownCurrent decline from peak | -99.91% | -87.93% | -11.98% |
Average DrawdownAverage peak-to-trough decline | -72.38% | -67.20% | -5.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 81.60% | 10.86% | +70.74% |
Volatility
GDXD vs. EFZ - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 36.43% compared to ProShares Short MSCI EAFE (EFZ) at 4.17%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than EFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXD | EFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 36.43% | 4.17% | +32.26% |
Volatility (6M)Calculated over the trailing 6-month period | 118.05% | 14.29% | +103.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 145.22% | 16.87% | +128.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.15% | 16.84% | +95.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.79% | 17.10% | +93.69% |
GDXD vs. EFZ - Expense Ratio Comparison
Both GDXD and EFZ have an expense ratio of 0.95%.
Dividends
GDXD vs. EFZ - Dividend Comparison
GDXD has not paid dividends to shareholders, while EFZ's dividend yield for the trailing twelve months is around 3.97%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 3.97% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDXD and EFZ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (36.43%) compared to EFZ (4.17%). In terms of maximum drawdown, GDXD dropped -99.96% vs EFZ's -88.15%.
On 5-year performance, EFZ leads with -6.05% vs -72.97% for GDXD. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EFZ has performed better with a -6.05% return vs -72.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXD and EFZ have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 3.97%, compared with 0.00% for GDXD.
GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while EFZ tracks MSCI EAFE Index (-100%). They also come from different issuers: BMO and ProShares.
GDXD currently has the higher Sharpe Ratio (-0.63 vs -0.87), 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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