GDXD vs. SH

Last updated Jun 24, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and SH (ProShares Short S&P500) are both Inverse Equities funds - GDXD tracks the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 5 years, GDXD returned -73.69%/yr vs -8.40%/yr for SH. At a 0.30 correlation, their price movements are largely independent. GDXD charges 0.95%/yr vs 0.89%/yr for SH.

Performance

GDXD vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXD achieves a -44.09% return, which is significantly lower than SH's -5.55% return.

GDXD

• 1D: 14.60%
• 1M: 10.85%
• YTD: -44.09%
• 6M: -36.28%
• 1Y: -92.07%
• 3Y*: -84.34%
• 5Y*: -73.69%
• 10Y*: —

SH

• 1D: 1.41%
• 1M: 1.68%
• YTD: -5.55%
• 6M: -4.58%
• 1Y: -14.55%
• 3Y*: -11.90%
• 5Y*: -8.40%
• 10Y*: -12.90%

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

GDXD vs. SH - 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%
SH ProShares Short S&P500	-5.55%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-2.50%

Correlation

The correlation between GDXD and SH is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.30

The correlation between GDXD and SH shifts across timeframes, from 0.29 (5 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

GDXD vs. SH - Sectors Allocation Comparison

Sectors	GDXD	SH
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	83.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDXD vs. SH — 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: 4
GDXD Sortino Ratio Rank: 1
GDXD Omega Ratio Rank: 2
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 3

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 1

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. SH - 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 S&P500 (SH). 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	SH	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	-1.17	+0.53
Sortino ratio: Return per unit of downside risk	-1.57	-1.68	+0.11
Omega ratio: Gain probability vs. loss probability	0.83	0.82	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.89	-0.07
Martin ratio: Return relative to average drawdown	-1.17	-1.67	+0.51

GDXD vs. SH - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.64, which is higher than the SH Sharpe Ratio of -1.17. The chart below compares the historical Sharpe Ratios of GDXD and SH, 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. SH - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, which is greater than SH's maximum drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for GDXD and SH.

Drawdown Indicators

	GDXD	SH	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-94.66%	-5.30%
Max Drawdown (1Y) Largest decline over 1 year	-96.33%	-16.42%	-79.91%
Max Drawdown (3Y) Largest decline over 3 years	-99.86%	-38.82%	-61.04%
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	-44.53%	-55.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-76.12%	—
Current Drawdown Current decline from peak	-99.92%	-94.48%	-5.44%
Average Drawdown Average peak-to-trough decline	-72.06%	-67.78%	-4.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.80%	9.62%	+69.18%

Volatility

GDXD vs. SH - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 53.31% compared to ProShares Short S&P500 (SH) at 4.80%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXD	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.31%	4.80%	+48.51%
Volatility (6M) Calculated over the trailing 6-month period	117.73%	9.83%	+107.90%
Volatility (1Y) Calculated over the trailing 1-year period	143.27%	12.46%	+130.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.54%	16.95%	+94.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.62%	18.03%	+92.59%

GDXD vs. SH - Expense Ratio Comparison

GDXD has a 0.95% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

GDXD vs. SH - Dividend Comparison

GDXD has not paid dividends to shareholders, while SH's dividend yield for the trailing twelve months is around 4.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
SH ProShares Short S&P500	4.39%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both GDXD and SH in my portfolio?

GDXD and SH have a correlation of 0.40, 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 SH?

GDXD has higher volatility (53.31%) compared to SH (4.80%). In terms of maximum drawdown, GDXD dropped -99.96% vs SH's -94.66%.

Which ETF is better, GDXD or SH?

On 5-year performance, SH leads with -8.40% vs -73.69% for GDXD. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXD or SH?

Over the 5-year period, SH has performed better with a -8.40% return vs -73.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXD or SH?

SH is cheaper with a 0.89% expense ratio, compared with 0.95% for GDXD.

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

SH has the higher dividend yield at 4.39%, compared with 0.00% for GDXD.

What is the main difference between GDXD and SH?

GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: BMO and ProShares. Their fees differ too: 0.95% for GDXD and 0.89% for SH.

Which has better risk-adjusted returns?

GDXD currently has the higher Sharpe Ratio (-0.64 vs -1.17), 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.