GDXD vs. UUP
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 5 years, GDXD returned -73.69%/yr vs 5.98%/yr for UUP. At a 0.49 correlation, their price movements are largely independent. GDXD charges 0.95%/yr vs 0.75%/yr for UUP.
Performance
GDXD vs. UUP - 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 UUP's 5.25% return.
GDXD
- 1D
- 14.60%
- 1M
- 10.85%
- YTD
- -44.09%
- 6M
- -36.28%
- 1Y
- -92.07%
- 3Y*
- -84.34%
- 5Y*
- -73.69%
- 10Y*
- —
UUP
- 1D
- 0.32%
- 1M
- 2.45%
- YTD
- 5.25%
- 6M
- 5.61%
- 1Y
- 7.81%
- 3Y*
- 4.89%
- 5Y*
- 5.98%
- 10Y*
- 3.23%
GDXD vs. UUP - 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.25% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -1.34% |
Correlation
The correlation between GDXD and UUP is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.49 |
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Return for Risk
GDXD vs. UUP — Risk / Return Rank
GDXD
UUP
GDXD vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.94 | ||
| Sortino ratioReturn per unit of downside risk | -3.44 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.23 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.15 | -3.11 |
| Martin ratioReturn relative to average drawdown | -1.17 | 5.90 | -7.06 |
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Drawdowns
GDXD vs. UUP - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for GDXD and UUP.
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Drawdown Indicators
| GDXD | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -22.19% | -77.77% |
Max Drawdown (1Y)Largest decline over 1 year | -96.33% | -3.65% | -92.68% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -10.05% | -89.81% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -10.37% | -89.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.24% | — |
Current DrawdownCurrent decline from peak | -99.92% | -1.44% | -98.48% |
Average DrawdownAverage peak-to-trough decline | -72.06% | -8.90% | -63.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.80% | 1.34% | +77.46% |
Volatility
GDXD vs. UUP - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 53.31% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.35%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXD | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.31% | 1.35% | +51.96% |
Volatility (6M)Calculated over the trailing 6-month period | 117.73% | 4.33% | +113.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 143.27% | 6.07% | +137.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.54% | 7.22% | +104.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.62% | 6.91% | +103.71% |
GDXD vs. UUP - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
GDXD vs. UUP - Dividend Comparison
GDXD has not paid dividends to shareholders, while UUP's dividend yield for the trailing twelve months is around 3.26%.
| 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.26% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
GDXD and UUP have a correlation of 0.43, 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 UUP (1.35%). In terms of maximum drawdown, GDXD dropped -99.96% vs UUP's -22.19%.
On 5-year performance, UUP leads with 5.98% vs -73.69% for GDXD. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UUP has performed better with a 5.98% return vs -73.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.95% for GDXD.
UUP has the higher dividend yield at 3.26%, compared with 0.00% for GDXD.
GDXD is categorized as Inverse Equities, while UUP is Currency. GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: BMO and Invesco. Their fees differ too: 0.95% for GDXD and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.30 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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