GDXD vs. EPU

Last updated Jun 24, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and EPU (iShares MSCI Peru ETF) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while EPU is a Mid Cap Blend Equities fund tracking the MSCI All Peru Capped Index. Both are passively managed. Over the past 5 years, GDXD returned -73.69%/yr vs 29.75%/yr for EPU. At a correlation of -0.63, they often move in opposite directions. GDXD charges 0.95%/yr vs 0.59%/yr for EPU.

Performance

GDXD vs. EPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and iShares MSCI Peru ETF (EPU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXD achieves a -44.09% return, which is significantly lower than EPU's 18.54% return.

GDXD

• 1D: 14.60%
• 1M: 10.85%
• YTD: -44.09%
• 6M: -36.28%
• 1Y: -92.07%
• 3Y*: -84.34%
• 5Y*: -73.69%
• 10Y*: —

EPU

• 1D: -3.70%
• 1M: 3.83%
• YTD: 18.54%
• 6M: 17.84%
• 1Y: 83.34%
• 3Y*: 46.58%
• 5Y*: 29.75%
• 10Y*: 14.73%

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

GDXD vs. EPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-44.09%	-97.53%	-57.78%	-52.35%	-52.56%	-19.71%	-13.10%
EPU iShares MSCI Peru ETF	18.54%	86.87%	21.73%	25.34%	2.05%	-11.81%	2.29%

Correlation

The correlation between GDXD and EPU is -0.72, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.72
Correlation (3Y) Calculated over the trailing 3-year period	-0.69
Correlation (5Y) Calculated over the trailing 5-year period	-0.64
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	-0.63

The correlation between GDXD and EPU has been stable across timeframes, ranging from -0.72 to -0.63 - a consistent structural relationship.

GDXD vs. EPU - Sectors Allocation Comparison

Sectors	GDXD	EPU
Basic Materials	100.0%	54.2%
Communication Services	-	1.5%
Consumer Cyclical	-	4.1%
Consumer Defensive	-	3.0%
Energy	-	-
Financial Services	-	27.9%
Healthcare	-	0.9%
Industrials	-	2.6%
Real Estate	-	3.0%
Technology	-	-
Utilities	-	2.8%

Return for Risk

GDXD vs. EPU — Risk / Return Rank

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

GDXD

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

EPU

EPU Risk / Return Rank: 76
EPU Sharpe Ratio Rank: 87
EPU Sortino Ratio Rank: 73
EPU Omega Ratio Rank: 75
EPU Calmar Ratio Rank: 80
EPU Martin Ratio Rank: 66

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 vs. EPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and iShares MSCI Peru ETF (EPU). 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	EPU	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	2.68	-3.32
Sortino ratio: Return per unit of downside risk	-1.57	3.07	-4.64
Omega ratio: Gain probability vs. loss probability	0.83	1.42	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.96	4.02	-4.97
Martin ratio: Return relative to average drawdown	-1.17	11.51	-12.67

GDXD vs. EPU - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.64, which is lower than the EPU Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of GDXD and EPU, 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 vs. EPU - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, which is greater than EPU's maximum drawdown of -60.62%. Use the drawdown chart below to compare losses from any high point for GDXD and EPU.

Drawdown Indicators

	GDXD	EPU	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-60.62%	-39.34%
Max Drawdown (1Y) Largest decline over 1 year	-96.33%	-20.85%	-75.48%
Max Drawdown (3Y) Largest decline over 3 years	-99.86%	-20.85%	-79.01%
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	-35.59%	-64.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.97%	—
Current Drawdown Current decline from peak	-99.92%	-8.61%	-91.31%
Average Drawdown Average peak-to-trough decline	-72.06%	-18.79%	-53.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.80%	7.27%	+71.53%

Volatility

GDXD vs. EPU - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 53.31% compared to iShares MSCI Peru ETF (EPU) at 12.75%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than EPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXD	EPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.31%	12.75%	+40.56%
Volatility (6M) Calculated over the trailing 6-month period	117.73%	27.23%	+90.50%
Volatility (1Y) Calculated over the trailing 1-year period	143.27%	31.33%	+111.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.54%	25.12%	+86.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.62%	23.66%	+86.96%

GDXD vs. EPU - Expense Ratio Comparison

GDXD has a 0.95% expense ratio, which is higher than EPU's 0.59% expense ratio.

Dividends

GDXD vs. EPU - Dividend Comparison

GDXD has not paid dividends to shareholders, while EPU's dividend yield for the trailing twelve months is around 2.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EPU iShares MSCI Peru ETF	2.02%	1.63%	5.78%	4.17%	5.56%	3.13%	1.91%	2.67%	1.53%	3.30%	0.85%	1.90%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDXD and EPU in my portfolio?

GDXD and EPU have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXD or EPU?

GDXD has higher volatility (53.31%) compared to EPU (12.75%). In terms of maximum drawdown, GDXD dropped -99.96% vs EPU's -60.62%.

Which ETF is better, GDXD or EPU?

On 5-year performance, EPU leads with 29.75% vs -73.69% for GDXD. On fees, EPU is cheaper at 0.59% per year. On volatility, EPU has been the lower-risk option at 12.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXD or EPU?

Over the 5-year period, EPU has performed better with a 29.75% return vs -73.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXD or EPU?

EPU is cheaper with a 0.59% expense ratio, compared with 0.95% for GDXD.

Which ETF pays a higher dividend yield, GDXD or EPU?

EPU has the higher dividend yield at 2.02%, compared with 0.00% for GDXD.

What is the main difference between GDXD and EPU?

GDXD is categorized as Inverse Equities, while EPU is Mid Cap Blend Equities. GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while EPU tracks MSCI All Peru Capped Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.95% for GDXD and 0.59% for EPU.

Which has better risk-adjusted returns?

EPU currently has the higher Sharpe Ratio (2.67 vs -0.64), 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.