GDXD vs. SHNY

Last updated Apr 2, 2026

Compare and contrast key facts about MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and MicroSectors Gold 3X Leveraged ETN (SHNY).

GDXD and SHNY 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. SHNY is managed by BMO. It was launched on Feb 24, 2023.

Performance

GDXD vs. SHNY - Performance Comparison

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

GDXD vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-57.98%	-97.53%	-57.78%	-55.34%
SHNY MicroSectors Gold 3X Leveraged ETN	11.56%	214.54%	50.30%	12.52%

Returns By Period

In the year-to-date period, GDXD achieves a -57.98% return, which is significantly lower than SHNY's 11.56% return.

GDXD

• 1D: -13.65%
• 1M: 43.26%
• YTD: -57.98%
• 6M: -78.84%
• 1Y: -97.19%
• 3Y*: -84.82%
• 5Y*: -76.20%
• 10Y*: —

SHNY

• 1D: 5.04%
• 1M: -32.72%
• YTD: 11.56%
• 6M: 39.19%
• 1Y: 123.55%
• 3Y*: 69.59%
• 5Y*: —
• 10Y*: —

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

GDXD vs. SHNY - Expense Ratio Comparison

Both GDXD and SHNY have an expense ratio of 0.95%.

GDXD

MicroSectors Gold Miners -3X Inverse Leveraged ETNs

SHNY

MicroSectors Gold 3X Leveraged ETN

Return for Risk

GDXD vs. SHNY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDXD

GDXD Risk / Return Rank: 1
GDXD Sharpe Ratio Rank: 2
GDXD Sortino Ratio Rank: 0
GDXD Omega Ratio Rank: 0
GDXD Calmar Ratio Rank: 0
GDXD Martin Ratio Rank: 3

SHNY

SHNY Risk / Return Rank: 74
SHNY Sharpe Ratio Rank: 78
SHNY Sortino Ratio Rank: 75
SHNY Omega Ratio Rank: 74
SHNY Calmar Ratio Rank: 79
SHNY Martin Ratio Rank: 64

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. SHNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and MicroSectors Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio Return per unit of total volatility	-0.70	1.51	-2.21
Sortino ratio Return per unit of downside risk	-2.67	1.94	-4.61
Omega ratio Gain probability vs. loss probability	0.72	1.29	-0.57
Calmar ratio Return relative to maximum drawdown	-0.99	2.24	-3.23
Martin ratio Return relative to average drawdown	-1.20	6.74	-7.94
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. SHNY - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.70, which is lower than the SHNY Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of GDXD and SHNY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GDXD	SHNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.70	1.51	-2.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.69	1.34	-2.03

Correlation

The correlation between GDXD and SHNY is -0.79. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

GDXD vs. SHNY - Dividend Comparison

Neither GDXD nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GDXD vs. SHNY - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, which is greater than SHNY's maximum drawdown of -54.35%. Use the drawdown chart below to compare losses from any high point for GDXD and SHNY.

Drawdown Indicators

	GDXD	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-54.35%	-45.61%
Max Drawdown (1Y) Largest decline over 1 year	-98.51%	-54.35%	-44.16%
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	—	—
Current Drawdown Current decline from peak	-99.94%	-41.30%	-58.64%
Average Drawdown Average peak-to-trough decline	-70.95%	-13.16%	-57.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	80.88%	18.10%	+62.78%

Volatility

GDXD vs. SHNY - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 52.55% compared to MicroSectors Gold 3X Leveraged ETN (SHNY) at 31.37%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXD	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	52.55%	31.37%	+21.18%
Volatility (6M) Calculated over the trailing 6-month period	111.65%	74.62%	+37.03%
Volatility (1Y) Calculated over the trailing 1-year period	138.77%	82.54%	+56.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.19%	58.30%	+49.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.33%	58.30%	+50.03%