GDXD vs. SLV
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) and SLV (iShares Silver Trust) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 5 years, GDXD returned -73.81%/yr vs 17.38%/yr for SLV. Their -0.79 correlation means they have often moved in opposite directions in the past. 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 -47.15% return, which is significantly lower than SLV's -18.57% return.
GDXD
- 1D
- -8.36%
- 1M
- 1.15%
- 6M
- -18.51%
- YTD
- -47.15%
- 1Y
- -92.60%
- 3Y*
- -84.35%
- 5Y*
- -73.81%
- 10Y*
- —
- ALL TIME*
- -71.17%
SLV
- 1D
- 0.19%
- 1M
- -4.65%
- 6M
- -27.58%
- YTD
- -18.57%
- 1Y
- 56.18%
- 3Y*
- 34.29%
- 5Y*
- 17.38%
- 10Y*
- 10.86%
- ALL TIME*
- 7.17%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.45M | $20.78M | $29.79M | |
| $713.72M | $758.23M | $1.25B |
GDXD vs. SLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | -47.15% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
SLV iShares Silver Trust | -18.57% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 10.03% |
Correlation
The correlation between GDXD and SLV is -0.81, 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. | -0.81 |
Correlation (3Y) Balances recent behavior with more history. | -0.78 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.79 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | -0.79 |
The correlation between GDXD and SLV has been stable across timeframes, ranging from -0.81 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 due June 29, 2040 (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 | -1.55 | ||
| Sortino ratioReturn per unit of downside risk | -2.90 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.21 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 1.08 | -2.05 |
| Martin ratioReturn relative to average drawdown | -1.14 | 2.05 | -3.19 |
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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 | -95.33% | -52.28% | -43.05% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -52.28% | -47.58% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -52.28% | -47.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.28% | — |
Current DrawdownCurrent decline from peak | -99.93% | -50.32% | -49.61% |
Average DrawdownAverage peak-to-trough decline | -72.61% | -44.68% | -27.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 83.17% | 27.49% | +55.68% |
Volatility
GDXD vs. SLV - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a higher volatility of 38.92% compared to iShares Silver Trust (SLV) at 10.86%. 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 | 38.92% | 10.86% | +28.06% |
Volatility (6M)Calculated over the trailing 6-month period | 114.18% | 44.32% | +69.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 147.12% | 61.47% | +85.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.72% | 36.98% | +75.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.98% | 32.23% | +78.75% |
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 -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (38.92%) compared to SLV (10.86%). In terms of maximum drawdown, GDXD dropped -99.96% vs SLV's -76.28%.
On 5-year performance, SLV leads with 17.38% vs -73.81% for GDXD. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 10.86%. 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 17.38% return vs -73.81%. 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, 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 (0.92 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.
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