GDXD vs. JDST

Last updated Jun 4, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and JDST (Direxion Daily Junior Gold Miners Index Bear 2X Shares) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while JDST is a Leveraged Equities fund tracking the MVIS Global Junior Gold Miners Index (-300%). Both are passively managed. Over the past 5 years, GDXD returned -72.73%/yr vs -51.81%/yr for JDST. With a 0.98 correlation, they move nearly in lockstep. GDXD charges 0.95%/yr vs 1.10%/yr for JDST.

Performance

GDXD vs. JDST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXD achieves a -51.20% return, which is significantly lower than JDST's -30.24% return.

GDXD

• 1D: 10.76%
• 1M: -10.12%
• YTD: -51.20%
• 6M: -62.62%
• 1Y: -93.08%
• 3Y*: -84.24%
• 5Y*: -72.73%
• 10Y*: —

JDST

• 1D: 8.81%
• 1M: -3.29%
• YTD: -30.24%
• 6M: -43.02%
• 1Y: -80.42%
• 3Y*: -68.21%
• 5Y*: -51.81%
• 10Y*: -64.52%

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

GDXD vs. JDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-51.20%	-97.53%	-57.78%	-52.35%	-52.56%	-19.71%	-13.30%
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares	-30.24%	-91.10%	-40.98%	-28.29%	-26.25%	10.97%	-13.56%

Correlation

The correlation between GDXD and JDST is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.98

The correlation between GDXD and JDST has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

GDXD vs. JDST — 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: 3
GDXD Sortino Ratio Rank: 1
GDXD Omega Ratio Rank: 1
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 3

JDST

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

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. JDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST). 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.

	GDXD	JDST	Difference
Sharpe ratio Return per unit of total volatility	-0.68	-0.82	+0.13
Sortino ratio Return per unit of downside risk	-1.88	-1.69	-0.19
Omega ratio Gain probability vs. loss probability	0.80	0.82	-0.02
Calmar ratio Return relative to maximum drawdown	-0.97	-0.91	-0.06
Martin ratio Return relative to average drawdown	-1.22	-1.23	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDXD vs. JDST - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.68, which is comparable to the JDST Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of GDXD and JDST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDXD	JDST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.68	-0.82	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	-0.64	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	-0.59	-0.07

Drawdowns

GDXD vs. JDST - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, roughly equal to the maximum JDST drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GDXD and JDST.

Drawdown Indicators

	GDXD	JDST	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-100.00%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-96.33%	-88.98%	-7.35%
Max Drawdown (3Y) Largest decline over 3 years	-99.86%	-98.58%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	-99.28%	-0.68%
Max Drawdown (10Y) Largest decline over 10 years	—	-100.00%	—
Current Drawdown Current decline from peak	-99.93%	-100.00%	+0.07%
Average Drawdown Average peak-to-trough decline	-71.85%	-95.32%	+23.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	75.91%	65.41%	+10.50%

Volatility

GDXD vs. JDST - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 47.44% compared to Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) at 33.11%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than JDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXD	JDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.44%	33.11%	+14.33%
Volatility (6M) Calculated over the trailing 6-month period	109.86%	79.71%	+30.15%
Volatility (1Y) Calculated over the trailing 1-year period	136.25%	98.62%	+37.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	109.97%	80.86%	+29.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	109.35%	104.76%	+4.59%

GDXD vs. JDST - Expense Ratio Comparison

GDXD has a 0.95% expense ratio, which is lower than JDST's 1.10% expense ratio.

Dividends

GDXD vs. JDST - Dividend Comparison

GDXD has not paid dividends to shareholders, while JDST's dividend yield for the trailing twelve months is around 11.53%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares	11.53%	15.08%	6.50%	4.81%	0.00%	0.00%	11.75%	3.16%	0.57%

Frequently Asked Questions

Can I hold both GDXD and JDST in my portfolio?

With a correlation of 0.98, GDXD and JDST move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GDXD or JDST?

GDXD has higher volatility (47.44%) compared to JDST (33.11%). In terms of maximum drawdown, GDXD dropped -99.96% vs JDST's -100.00%.

Which ETF is better, GDXD or JDST?

On 5-year performance, JDST leads with -51.81% vs -72.73% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, JDST has been the lower-risk option at 33.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXD or JDST?

Over the 5-year period, JDST has performed better with a -51.81% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXD or JDST?

GDXD is cheaper with a 0.95% expense ratio, compared with 1.10% for JDST.

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

JDST has the higher dividend yield at 11.53%, compared with 0.00% for GDXD.

What is the main difference between GDXD and JDST?

GDXD is categorized as Inverse Equities, while JDST is Leveraged Equities. GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while JDST tracks MVIS Global Junior Gold Miners Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for GDXD and 1.10% for JDST.

Which has better risk-adjusted returns?

GDXD currently has the higher Sharpe Ratio (-0.68 vs -0.82), 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.