GDXD vs. GLD
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) and GLD (SPDR Gold Shares) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, GDXD returned -73.29%/yr vs 16.95%/yr for GLD. Their -0.80 correlation means they have often moved in opposite directions in the past. GDXD charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
GDXD vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -42.32% return, which is significantly lower than GLD's -6.25% 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%
GLD
- 1D
- -1.49%
- 1M
- -1.74%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 20.20%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.58M | $21.95M | $29.87M | |
| $2.38B | $2.40B | $2.72B |
GDXD vs. GLD - 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% |
GLD SPDR Gold Shares | -6.25% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 4.02% |
Correlation
The correlation between GDXD and GLD is -0.82, 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. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.80 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | -0.80 |
The correlation between GDXD and GLD has been stable across timeframes, ranging from -0.82 to -0.80 - a consistent structural relationship.
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Return for Risk
GDXD vs. GLD — Risk / Return Rank
GDXD
GLD
GDXD vs. GLD - 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 SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.66 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.17 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.86 | -1.82 |
| Martin ratioReturn relative to average drawdown | -1.11 | 1.86 | -2.97 |
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Drawdowns
GDXD vs. GLD - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for GDXD and GLD.
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Drawdown Indicators
| GDXD | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -45.56% | -54.40% |
Max Drawdown (1Y)Largest decline over 1 year | -95.95% | -26.40% | -69.55% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -26.40% | -73.46% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -26.40% | -73.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.40% | — |
Current DrawdownCurrent decline from peak | -99.92% | -25.08% | -74.84% |
Average DrawdownAverage peak-to-trough decline | -72.59% | -16.21% | -56.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 83.56% | 12.18% | +71.38% |
Volatility
GDXD vs. GLD - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a higher volatility of 40.76% compared to SPDR Gold Shares (GLD) at 6.40%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXD | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.76% | 6.40% | +34.36% |
Volatility (6M)Calculated over the trailing 6-month period | 118.25% | 23.52% | +94.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 146.68% | 28.13% | +118.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.62% | 18.49% | +94.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.97% | 16.14% | +94.83% |
GDXD vs. GLD - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
GDXD vs. GLD - Dividend Comparison
Neither GDXD nor GLD has paid dividends to shareholders.
Frequently Asked Questions
GDXD and GLD have a correlation of -0.82, 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 GLD (6.40%). In terms of maximum drawdown, GDXD dropped -99.96% vs GLD's -45.56%.
On 5-year performance, GLD leads with 16.95% vs -73.29% for GDXD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLD has performed better with a 16.95% return vs -73.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for GDXD.
GDXD and GLD have nearly identical dividend yields, around 0.00%.
GDXD is categorized as Inverse Equities, while GLD is Gold. GDXD tracks S-Network MicroSectors Gold Miners Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: BMO and State Street. Their fees differ too: 0.95% for GDXD and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.81 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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