GDXD vs. UUP
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) 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, 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 -73.29%/yr vs 5.70%/yr for UUP. Their 0.48 correlation means their historical movements had little consistent relationship. 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 -42.32% return, which is significantly lower than UUP's 4.22% return.
GDXD
- 1D
- 10.48%
- 1M
- 10.38%
- 6M
- -10.42%
- YTD
- -42.32%
- 1Y
- -91.93%
- 3Y*
- -83.55%
- 5Y*
- -73.29%
- 10Y*
- —
- ALL TIME*
- -70.78%
UUP
- 1D
- 0.11%
- 1M
- -0.60%
- 6M
- 4.92%
- YTD
- 4.22%
- 1Y
- 5.67%
- 3Y*
- 4.54%
- 5Y*
- 5.70%
- 10Y*
- 3.22%
- ALL TIME*
- 1.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.58M | $21.95M | $29.87M | |
| $55.14M | $58.68M | $59.16M |
GDXD vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | -42.32% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
UUP Invesco DB US Dollar Index Bullish Fund | 4.22% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -1.34% |
Correlation
The correlation between GDXD and UUP is 0.42, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.42 |
Correlation (3Y) Balances recent behavior with more history. | 0.44 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.48 |
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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 due June 29, 2040 (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 | -1.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.13 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.22 | -2.18 |
| Martin ratioReturn relative to average drawdown | -1.11 | 3.83 | -4.94 |
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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 | -95.95% | -3.65% | -92.30% |
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% | -2.41% | -97.51% |
Average DrawdownAverage peak-to-trough decline | -72.59% | -8.86% | -63.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 83.56% | 1.33% | +82.23% |
Volatility
GDXD vs. UUP - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a higher volatility of 40.76% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.65%. 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 | 40.76% | 1.65% | +39.11% |
Volatility (6M)Calculated over the trailing 6-month period | 118.25% | 4.11% | +114.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 146.68% | 5.88% | +140.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.62% | 7.23% | +105.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.97% | 6.89% | +104.08% |
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 3.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | 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 | 3.29% | 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 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (40.76%) compared to UUP (1.65%). In terms of maximum drawdown, GDXD dropped -99.96% vs UUP's -22.19%.
On 5-year performance, UUP leads with 5.70% vs -73.29% for GDXD. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.65%. 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 5.70% return vs -73.29%. 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 3.29%, compared with 0.00% for GDXD.
GDXD is categorized as Inverse Equities, while UUP is Currency. GDXD tracks S-Network MicroSectors Gold Miners Index, 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 (0.75 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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