GDXD vs. MXI

Last updated Aug 2, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) and MXI (iShares Global Materials ETF) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index, while MXI is a Materials fund tracking the S&P Global Materials Index. Both are passively managed. Over the past 5 years, GDXD returned -73.29%/yr vs 5.97%/yr for MXI. Their -0.62 correlation means they have often moved in opposite directions in the past. GDXD charges 0.95%/yr vs 0.46%/yr for MXI.

Performance

GDXD vs. MXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) and iShares Global Materials ETF (MXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXD achieves a -42.32% return, which is significantly lower than MXI's 10.45% 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%

MXI

• 1D: -2.15%
• 1M: -1.96%
• 6M: 1.26%
• YTD: 10.45%
• 1Y: 28.15%
• 3Y*: 10.42%
• 5Y*: 5.97%
• 10Y*: 10.43%
• ALL TIME*: 6.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040	$19.58M	$21.95M	$29.87M
MXI iShares Global Materials ETF	$1.58M	$1.75M	$2.67M

GDXD vs. MXI - 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%
MXI iShares Global Materials ETF	10.45%	27.43%	-8.25%	14.37%	-9.09%	15.06%	4.21%

Correlation

The correlation between GDXD and MXI is -0.77, 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.	-0.77
Correlation (3Y) Balances recent behavior with more history.	-0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.62
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	-0.62

The correlation between GDXD and MXI shifts across timeframes, from -0.77 (1 year) to -0.62 (all time), reflecting how their relationship changes across market environments.

GDXD vs. MXI - Sectors Allocation Comparison

Sectors	GDXD	MXI
Basic Materials	100.0%	93.7%
Communication Services	-	-
Consumer Cyclical	-	4.9%
Consumer Defensive	-	0.6%
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	1.0%
Real Estate	-	-
Technology	-	0.5%
Utilities	-	-

Return for Risk

GDXD vs. MXI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GDXD

GDXD Risk / Return Rank: 2
GDXD Sharpe Ratio Rank: 4
GDXD Sortino Ratio Rank: 2
GDXD Omega Ratio Rank: 2
GDXD Calmar Ratio Rank: 0
GDXD Martin Ratio Rank: 4

MXI

MXI Risk / Return Rank: 51
MXI Sharpe Ratio Rank: 55
MXI Sortino Ratio Rank: 50
MXI Omega Ratio Rank: 53
MXI Calmar Ratio Rank: 48
MXI Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GDXD vs. MXI - 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 iShares Global Materials ETF (MXI). 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	MXI	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	1.33	-1.96
Sortino ratio: Return per unit of downside risk	-1.50	1.80	-3.29
Omega ratio: Gain probability vs. loss probability	0.84	1.23	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.96	1.72	-2.68
Martin ratio: Return relative to average drawdown	-1.11	5.64	-6.75

GDXD vs. MXI - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.63, which is lower than the MXI Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of GDXD and MXI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDXD vs. MXI - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, which is greater than MXI's maximum drawdown of -68.44%. Use the drawdown chart below to compare losses from any high point for GDXD and MXI.

Drawdown Indicators

	GDXD	MXI	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-68.44%	-31.52%
Max Drawdown (1Y) Largest decline over 1 year	-95.95%	-16.18%	-79.77%
Max Drawdown (3Y) Largest decline over 3 years	-99.86%	-22.25%	-77.61%
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	-28.76%	-71.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.52%	—
Current Drawdown Current decline from peak	-99.92%	-8.41%	-91.51%
Average Drawdown Average peak-to-trough decline	-72.59%	-17.98%	-54.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	83.56%	4.91%	+78.65%

Volatility

GDXD vs. MXI - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a higher volatility of 40.76% compared to iShares Global Materials ETF (MXI) at 6.48%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than MXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXD	MXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.76%	6.48%	+34.28%
Volatility (6M) Calculated over the trailing 6-month period	118.25%	18.38%	+99.87%
Volatility (1Y) Calculated over the trailing 1-year period	146.68%	20.95%	+125.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.62%	19.92%	+92.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.97%	20.42%	+90.55%

GDXD vs. MXI - Expense Ratio Comparison

GDXD has a 0.95% expense ratio, which is higher than MXI's 0.46% expense ratio.

Dividends

GDXD vs. MXI - Dividend Comparison

GDXD has not paid dividends to shareholders, while MXI's dividend yield for the trailing twelve months is around 1.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MXI iShares Global Materials ETF	1.73%	2.22%	3.24%	2.92%	4.84%	3.51%	1.21%	3.64%	2.77%	1.76%	1.31%	3.64%

Frequently Asked Questions

Can I hold both GDXD and MXI in my portfolio?

GDXD and MXI have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXD or MXI?

GDXD has higher volatility (40.76%) compared to MXI (6.48%). In terms of maximum drawdown, GDXD dropped -99.96% vs MXI's -68.44%.

Which ETF is better, GDXD or MXI?

On 5-year performance, MXI leads with 5.97% vs -73.29% for GDXD. On fees, MXI is cheaper at 0.46% per year. On volatility, MXI has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXD or MXI?

Over the 5-year period, MXI has performed better with a 5.97% return vs -73.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXD or MXI?

MXI is cheaper with a 0.46% expense ratio, compared with 0.95% for GDXD.

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

MXI has the higher dividend yield at 1.73%, compared with 0.00% for GDXD.

What is the main difference between GDXD and MXI?

GDXD is categorized as Inverse Equities, while MXI is Materials. GDXD tracks S-Network MicroSectors Gold Miners Index, while MXI tracks S&P Global Materials Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.95% for GDXD and 0.46% for MXI.

Which has better risk-adjusted returns?

MXI currently has the higher Sharpe Ratio (1.33 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.