GDXD vs. JDST
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 -72.96%/yr vs -52.35%/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
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Returns By Period
In the year-to-date period, GDXD achieves a -37.37% return, which is significantly lower than JDST's -15.75% return.
GDXD
- 1D
- 8.77%
- 1M
- 16.42%
- 6M
- -11.19%
- YTD
- -37.37%
- 1Y
- -91.03%
- 3Y*
- -82.31%
- 5Y*
- -72.96%
- 10Y*
- —
JDST
- 1D
- 7.16%
- 1M
- 12.73%
- 6M
- 5.01%
- YTD
- -15.75%
- 1Y
- -75.99%
- 3Y*
- -65.43%
- 5Y*
- -52.35%
- 10Y*
- -60.31%
GDXD vs. JDST - 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% |
JDST Direxion Daily Junior Gold Miners Index Bear 2X Shares | -15.75% | -91.10% | -40.98% | -28.29% | -26.25% | 10.97% | -12.08% |
Correlation
The correlation between GDXD and JDST is 0.99 - 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 | 0.99 |
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 3, 2020 | 0.98 |
The correlation between GDXD and JDST has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
GDXD vs. JDST — Risk / Return Rank
GDXD
JDST
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.
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 | JDST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.87 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.86 | -0.09 |
| Martin ratioReturn relative to average drawdown | -1.12 | -1.08 | -0.04 |
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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.
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Drawdown Indicators
| GDXD | JDST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -100.00% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -96.19% | -88.98% | -7.21% |
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 DrawdownCurrent decline from peak | -99.91% | -100.00% | +0.09% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -95.33% | +23.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.98% | 70.33% | +10.65% |
Volatility
GDXD vs. JDST - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 47.16% compared to Direxion Daily Junior Gold Miners Index Bear 2X Shares (JDST) at 34.78%. 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.
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Volatility by Period
| GDXD | JDST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 47.16% | 34.78% | +12.38% |
Volatility (6M)Calculated over the trailing 6-month period | 117.86% | 86.06% | +31.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 144.94% | 105.38% | +39.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.08% | 82.47% | +29.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.75% | 104.51% | +6.24% |
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 5.76%.
| 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 | 5.76% | 15.08% | 6.50% | 4.81% | 0.00% | 0.00% | 11.75% | 3.16% | 0.57% |
Frequently Asked Questions
With a correlation of 0.99, 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.
GDXD has higher volatility (47.16%) compared to JDST (34.78%). In terms of maximum drawdown, GDXD dropped -99.96% vs JDST's -100.00%.
On 5-year performance, JDST leads with -52.35% vs -72.96% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, JDST has been the lower-risk option at 34.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JDST has performed better with a -52.35% return vs -72.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXD is cheaper with a 0.95% expense ratio, compared with 1.10% for JDST.
JDST has the higher dividend yield at 5.76%, compared with 0.00% for GDXD.
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.
GDXD currently has the higher Sharpe Ratio (-0.63 vs -0.72), 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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