GDXU vs. ACLO

Last updated Jun 23, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while ACLO is a CLO fund actively managed by TCW. GDXU is passively managed, while ACLO is actively managed. Over the past year, GDXU returned 47.73% vs 5.31% for ACLO. At a correlation of -0.12, they often move in opposite directions. GDXU charges 0.95%/yr vs 0.20%/yr for ACLO.

Performance

GDXU vs. ACLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) and TCW AAA CLO ETF (ACLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -54.87% return, which is significantly lower than ACLO's 2.41% return.

GDXU

• 1D: -3.77%
• 1M: -22.15%
• YTD: -54.87%
• 6M: -61.87%
• 1Y: 47.73%
• 3Y*: 45.15%
• 5Y*: -8.03%
• 10Y*: —

ACLO

• 1D: 0.00%
• 1M: 0.41%
• YTD: 2.41%
• 6M: 2.53%
• 1Y: 5.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDXU vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-54.87%	796.47%	-14.98%
ACLO TCW AAA CLO ETF	2.41%	5.32%	0.81%

Correlation

The correlation between GDXU and ACLO is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.12

Return for Risk

GDXU vs. ACLO — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 19
GDXU Sharpe Ratio Rank: 13
GDXU Sortino Ratio Rank: 26
GDXU Omega Ratio Rank: 29
GDXU Calmar Ratio Rank: 15
GDXU Martin Ratio Rank: 14

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

GDXU vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) and TCW AAA CLO ETF (ACLO). 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.

	GDXU	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	0.33	7.32	-6.99
Sortino ratio: Return per unit of downside risk	1.41	15.16	-13.75
Omega ratio: Gain probability vs. loss probability	1.19	3.44	-2.25
Calmar ratio: Return relative to maximum drawdown	0.57	19.90	-19.33
Martin ratio: Return relative to average drawdown	1.20	165.46	-164.26

GDXU vs. ACLO - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.33, which is lower than the ACLO Sharpe Ratio of 7.32. The chart below compares the historical Sharpe Ratios of GDXU and ACLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDXU vs. ACLO - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for GDXU and ACLO.

Drawdown Indicators

	GDXU	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-1.01%	-93.38%
Max Drawdown (1Y) Largest decline over 1 year	-83.97%	-0.27%	-83.70%
Max Drawdown (3Y) Largest decline over 3 years	-83.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.30%	—	—
Current Drawdown Current decline from peak	-79.05%	0.00%	-79.05%
Average Drawdown Average peak-to-trough decline	-69.79%	-0.04%	-69.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.79%	0.03%	+39.76%

Volatility

GDXU vs. ACLO - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 53.36% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.36%	0.19%	+53.17%
Volatility (6M) Calculated over the trailing 6-month period	125.48%	0.58%	+124.90%
Volatility (1Y) Calculated over the trailing 1-year period	143.87%	0.73%	+143.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.23%	1.07%	+111.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	111.12%	1.07%	+110.05%

GDXU vs. ACLO - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

GDXU vs. ACLO - Dividend Comparison

GDXU has not paid dividends to shareholders, while ACLO's dividend yield for the trailing twelve months is around 4.90%.

Position	TTM	2025	2024
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDXU and ACLO in my portfolio?

GDXU and ACLO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXU or ACLO?

GDXU has higher volatility (53.36%) compared to ACLO (0.19%). In terms of maximum drawdown, GDXU dropped -94.39% vs ACLO's -1.01%.

Which ETF is better, GDXU or ACLO?

On 1-year performance, GDXU leads with 47.73% vs 5.31% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or ACLO?

Over the 1-year period, GDXU has performed better with a 47.73% return vs 5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.95% for GDXU.

Which ETF pays a higher dividend yield, GDXU or ACLO?

ACLO has the higher dividend yield at 4.90%, compared with 0.00% for GDXU.

What is the main difference between GDXU and ACLO?

GDXU is categorized as Leveraged Equities, while ACLO is CLO. They also come from different issuers: BMO and TCW. Their fees differ too: 0.95% for GDXU and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.32 vs 0.33), 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.