GDXD vs. SEF
Compare and contrast key facts about MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and ProShares Short Financials (SEF).
GDXD and SEF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDXD is a passively managed fund by BMO that tracks the performance of the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). It was launched on Dec 2, 2020. SEF is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Financials Index (-100%). It was launched on Jun 12, 2008. Both GDXD and SEF are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GDXD vs. SEF - Performance Comparison
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GDXD vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -51.34% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.30% |
SEF ProShares Short Financials | 11.27% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -3.55% |
Returns By Period
In the year-to-date period, GDXD achieves a -51.34% return, which is significantly lower than SEF's 11.27% return.
GDXD
- 1D
- -21.63%
- 1M
- 68.00%
- YTD
- -51.34%
- 6M
- -76.21%
- 1Y
- -96.70%
- 3Y*
- -84.06%
- 5Y*
- -75.49%
- 10Y*
- —
SEF
- 1D
- -2.13%
- 1M
- 3.96%
- YTD
- 11.27%
- 6M
- 10.38%
- 1Y
- 2.76%
- 3Y*
- -10.01%
- 5Y*
- -6.70%
- 10Y*
- -11.67%
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GDXD vs. SEF - Expense Ratio Comparison
Both GDXD and SEF have an expense ratio of 0.95%.
Return for Risk
GDXD vs. SEF — Risk / Return Rank
GDXD
SEF
GDXD vs. SEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and ProShares Short Financials (SEF). 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 | SEF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.70 | 0.14 | -0.84 |
Sortino ratioReturn per unit of downside risk | -2.54 | 0.36 | -2.90 |
Omega ratioGain probability vs. loss probability | 0.73 | 1.05 | -0.31 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | 0.08 | -1.06 |
Martin ratioReturn relative to average drawdown | -1.20 | 0.11 | -1.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GDXD | SEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.70 | 0.14 | -0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | -0.37 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.49 | -0.20 |
Correlation
The correlation between GDXD and SEF is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
GDXD vs. SEF - Dividend Comparison
GDXD has not paid dividends to shareholders, while SEF's dividend yield for the trailing twelve months is around 3.27%.
| 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% |
SEF ProShares Short Financials | 3.27% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
Drawdowns
GDXD vs. SEF - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for GDXD and SEF.
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Drawdown Indicators
| GDXD | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -96.51% | -3.45% |
Max Drawdown (1Y)Largest decline over 1 year | -98.51% | -20.21% | -78.30% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -41.62% | -58.34% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.66% | — |
Current DrawdownCurrent decline from peak | -99.93% | -96.00% | -3.93% |
Average DrawdownAverage peak-to-trough decline | -70.92% | -82.58% | +11.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.64% | 14.44% | +66.20% |
Volatility
GDXD vs. SEF - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 54.68% compared to ProShares Short Financials (SEF) at 4.86%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXD | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 54.68% | 4.86% | +49.82% |
Volatility (6M)Calculated over the trailing 6-month period | 110.83% | 11.37% | +99.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 138.20% | 19.28% | +118.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 108.13% | 17.99% | +90.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 108.21% | 20.55% | +87.66% |