GDXD vs. GDX
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and GDX (VanEck Gold Miners 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 GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, GDXD returned -72.96%/yr vs 17.75%/yr for GDX. At a correlation of -0.99, they often move in opposite directions. GDXD charges 0.95%/yr vs 0.51%/yr for GDX.
Performance
GDXD vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -37.37% return, which is significantly lower than GDX's -14.46% return.
GDXD
- 1D
- 8.77%
- 1M
- 16.42%
- 6M
- -11.19%
- YTD
- -37.37%
- 1Y
- -91.03%
- 3Y*
- -82.31%
- 5Y*
- -72.96%
- 10Y*
- —
GDX
- 1D
- -2.86%
- 1M
- -8.32%
- 6M
- -23.35%
- YTD
- -14.46%
- 1Y
- 40.98%
- 3Y*
- 33.47%
- 5Y*
- 17.75%
- 10Y*
- 10.48%
GDXD vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -37.37% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
GDX VanEck Gold Miners ETF | -14.46% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 0.66% |
Correlation
The correlation between GDXD and GDX is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | -0.99 |
The correlation between GDXD and GDX has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
GDXD vs. GDX — Risk / Return Rank
GDXD
GDX
GDXD vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.18 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 1.12 | -2.07 |
| Martin ratioReturn relative to average drawdown | -1.12 | 2.59 | -3.72 |
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Drawdowns
GDXD vs. GDX - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for GDXD and GDX.
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Drawdown Indicators
| GDXD | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -80.34% | -19.62% |
Max Drawdown (1Y)Largest decline over 1 year | -96.19% | -36.66% | -59.53% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -36.66% | -63.20% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -46.51% | -53.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -99.91% | -36.66% | -63.25% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -40.39% | -31.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.98% | 15.85% | +65.13% |
Volatility
GDXD vs. GDX - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 47.16% compared to VanEck Gold Miners ETF (GDX) at 14.73%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXD | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 47.16% | 14.73% | +32.43% |
Volatility (6M)Calculated over the trailing 6-month period | 117.86% | 39.96% | +77.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 144.94% | 48.08% | +96.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.08% | 37.07% | +75.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.75% | 37.36% | +73.39% |
GDXD vs. GDX - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
GDXD vs. GDX - Dividend Comparison
GDXD has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.86%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.86% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
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
GDXD and GDX have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (47.16%) compared to GDX (14.73%). In terms of maximum drawdown, GDXD dropped -99.96% vs GDX's -80.34%.
On 5-year performance, GDX leads with 17.75% vs -72.96% for GDXD. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 14.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 17.75% return vs -72.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for GDXD.
GDX has the higher dividend yield at 0.86%, compared with 0.00% for GDXD.
GDXD is categorized as Inverse Equities, while GDX is Gold. GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: BMO and VanEck. Their fees differ too: 0.95% for GDXD and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (0.86 vs -0.63), 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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