GDXD vs. SLV
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and SLV (iShares Silver Trust) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 5 years, GDXD returned -73.69%/yr vs 18.31%/yr for SLV. At a correlation of -0.78, they often move in opposite directions. GDXD charges 0.95%/yr vs 0.50%/yr for SLV.
Performance
GDXD vs. SLV - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -44.09% return, which is significantly lower than SLV's -13.49% return.
GDXD
- 1D
- 14.60%
- 1M
- 10.85%
- YTD
- -44.09%
- 6M
- -36.28%
- 1Y
- -92.07%
- 3Y*
- -84.34%
- 5Y*
- -73.69%
- 10Y*
- —
SLV
- 1D
- -5.40%
- 1M
- -18.48%
- YTD
- -13.49%
- 6M
- -14.05%
- 1Y
- 69.08%
- 3Y*
- 39.38%
- 5Y*
- 18.31%
- 10Y*
- 12.68%
GDXD vs. SLV - 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% |
SLV iShares Silver Trust | -13.49% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 10.03% |
Correlation
The correlation between GDXD and SLV is -0.79, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | -0.78 |
The correlation between GDXD and SLV has been stable across timeframes, ranging from -0.79 to -0.78 - a consistent structural relationship.
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Return for Risk
GDXD vs. SLV — Risk / Return Rank
GDXD
SLV
GDXD vs. SLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and iShares Silver Trust (SLV). 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 | SLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.79 | ||
| Sortino ratioReturn per unit of downside risk | -3.12 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.25 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.47 | -2.43 |
| Martin ratioReturn relative to average drawdown | -1.17 | 3.16 | -4.33 |
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Drawdowns
GDXD vs. SLV - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than SLV's maximum drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for GDXD and SLV.
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Drawdown Indicators
| GDXD | SLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -76.28% | -23.68% |
Max Drawdown (1Y)Largest decline over 1 year | -96.33% | -47.23% | -49.10% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -47.23% | -52.63% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -47.23% | -52.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.23% | — |
Current DrawdownCurrent decline from peak | -99.92% | -47.23% | -52.69% |
Average DrawdownAverage peak-to-trough decline | -72.06% | -44.65% | -27.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.80% | 21.91% | +56.89% |
Volatility
GDXD vs. SLV - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 53.31% compared to iShares Silver Trust (SLV) at 14.34%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXD | SLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.31% | 14.34% | +38.97% |
Volatility (6M)Calculated over the trailing 6-month period | 117.73% | 59.27% | +58.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 143.27% | 60.33% | +82.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.54% | 36.59% | +74.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.62% | 32.09% | +78.53% |
GDXD vs. SLV - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is higher than SLV's 0.50% expense ratio.
Dividends
GDXD vs. SLV - Dividend Comparison
Neither GDXD nor SLV has paid dividends to shareholders.
Frequently Asked Questions
GDXD and SLV have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (53.31%) compared to SLV (14.34%). In terms of maximum drawdown, GDXD dropped -99.96% vs SLV's -76.28%.
On 5-year performance, SLV leads with 18.31% vs -73.69% for GDXD. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 14.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SLV has performed better with a 18.31% return vs -73.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.95% for GDXD.
GDXD and SLV have nearly identical dividend yields, around 0.00%.
GDXD is categorized as Inverse Equities, while SLV is Silver. GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while SLV tracks LBMA Silver Price. They also come from different issuers: BMO and iShares. Their fees differ too: 0.95% for GDXD and 0.50% for SLV.
SLV currently has the higher Sharpe Ratio (1.15 vs -0.64), 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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