GDXD vs. GDX
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) 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, 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 -73.29%/yr vs 17.86%/yr for GDX. Their -0.99 correlation means they have often moved in opposite directions in the past. GDXD charges 0.95%/yr vs 0.51%/yr for GDX.
Performance
GDXD vs. GDX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GDXD achieves a -42.32% return, which is significantly lower than GDX's -13.61% return.
GDXD
- 1D
- 10.48%
- 1M
- 10.38%
- 6M
- -10.42%
- YTD
- -42.32%
- 1Y
- -91.93%
- 3Y*
- -83.55%
- 5Y*
- -73.29%
- 10Y*
- —
- ALL TIME*
- -70.78%
GDX
- 1D
- -3.49%
- 1M
- -5.52%
- 6M
- -21.34%
- YTD
- -13.61%
- 1Y
- 42.30%
- 3Y*
- 36.42%
- 5Y*
- 17.86%
- 10Y*
- 10.07%
- ALL TIME*
- 4.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.26B | $1.34B | $1.78B | |
| $19.58M | $21.95M | $29.87M |
GDXD vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | -42.32% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
GDX VanEck Gold Miners ETF | -13.61% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 0.66% |
Correlation
The correlation between GDXD and GDX is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer 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.
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 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 due June 29, 2040 (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 | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.18 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.15 | -2.11 |
| Martin ratioReturn relative to average drawdown | -1.11 | 2.48 | -3.60 |
Loading charts...
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.
Loading charts...
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 | -95.95% | -38.93% | -57.02% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -38.93% | -60.93% |
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 | -99.92% | -36.03% | -63.89% |
Average DrawdownAverage peak-to-trough decline | -72.59% | -40.37% | -32.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 83.56% | 17.97% | +65.59% |
Volatility
GDXD vs. GDX - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a higher volatility of 40.76% compared to VanEck Gold Miners ETF (GDX) at 12.73%. 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.
Loading charts...
Volatility by Period
| GDXD | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.76% | 12.73% | +28.03% |
Volatility (6M)Calculated over the trailing 6-month period | 118.25% | 39.94% | +78.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 146.68% | 48.49% | +98.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.62% | 37.23% | +75.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.97% | 37.34% | +73.63% |
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 0.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.85% | 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 due June 29, 2040 | 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 (40.76%) compared to GDX (12.73%). In terms of maximum drawdown, GDXD dropped -99.96% vs GDX's -80.34%.
On 5-year performance, GDX leads with 17.86% vs -73.29% for GDXD. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 12.73%. 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 17.86% return vs -73.29%. 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 0.85%, compared with 0.00% for GDXD.
GDXD is categorized as Inverse Equities, while GDX is Gold. GDXD tracks S-Network MicroSectors Gold Miners Index, 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 (0.92 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.
Find the right allocation for GDXD and GDX
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