GDXD vs. IAU
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and IAU (iShares Gold Trust) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, GDXD returned -73.69%/yr vs 18.02%/yr for IAU. At a correlation of -0.80, they often move in opposite directions. GDXD charges 0.95%/yr vs 0.25%/yr for IAU.
Performance
GDXD vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -44.09% return, which is significantly lower than IAU's -4.73% return.
GDXD
- 1D
- 14.60%
- 1M
- 10.85%
- YTD
- -44.09%
- 6M
- -36.28%
- 1Y
- -92.07%
- 3Y*
- -84.34%
- 5Y*
- -73.69%
- 10Y*
- —
IAU
- 1D
- -1.87%
- 1M
- -8.82%
- YTD
- -4.73%
- 6M
- -8.68%
- 1Y
- 21.45%
- 3Y*
- 28.61%
- 5Y*
- 18.02%
- 10Y*
- 11.76%
GDXD vs. IAU - 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% |
IAU iShares Gold Trust | -4.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 4.08% |
Correlation
The correlation between GDXD and IAU is -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | -0.80 |
The correlation between GDXD and IAU has been stable across timeframes, ranging from -0.81 to -0.80 - a consistent structural relationship.
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Return for Risk
GDXD vs. IAU — Risk / Return Rank
GDXD
IAU
GDXD vs. IAU - 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 Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.17 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.88 | -1.84 |
| Martin ratioReturn relative to average drawdown | -1.17 | 2.37 | -3.54 |
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Drawdowns
GDXD vs. IAU - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for GDXD and IAU.
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Drawdown Indicators
| GDXD | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -45.14% | -54.82% |
Max Drawdown (1Y)Largest decline over 1 year | -96.33% | -24.40% | -71.93% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -24.40% | -75.46% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -24.40% | -75.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.40% | — |
Current DrawdownCurrent decline from peak | -99.92% | -23.87% | -76.05% |
Average DrawdownAverage peak-to-trough decline | -72.06% | -15.97% | -56.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.80% | 9.07% | +69.73% |
Volatility
GDXD vs. IAU - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 53.31% compared to iShares Gold Trust (IAU) at 8.10%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXD | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.31% | 8.10% | +45.21% |
Volatility (6M)Calculated over the trailing 6-month period | 117.73% | 24.23% | +93.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 143.27% | 27.38% | +115.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.54% | 18.18% | +93.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.62% | 15.98% | +94.64% |
GDXD vs. IAU - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
GDXD vs. IAU - Dividend Comparison
Neither GDXD nor IAU has paid dividends to shareholders.
Frequently Asked Questions
GDXD and IAU have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (53.31%) compared to IAU (8.10%). In terms of maximum drawdown, GDXD dropped -99.96% vs IAU's -45.14%.
On 5-year performance, IAU leads with 18.02% vs -73.69% for GDXD. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IAU has performed better with a 18.02% return vs -73.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 0.95% for GDXD.
GDXD and IAU have nearly identical dividend yields, around 0.00%.
GDXD is categorized as Inverse Equities, while IAU is Gold. GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while IAU tracks LBMA Gold Price. They also come from different issuers: BMO and iShares. Their fees differ too: 0.95% for GDXD and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (0.79 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.
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