GDXU vs. AEM

Last updated Jun 13, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) is Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while AEM (Agnico Eagle Mines Limited) is a stock. Over the past 5 years, GDXU returned -14.73%/yr vs 20.78%/yr for AEM. Their correlation of 0.91 suggests significant overlap in exposure.

Performance

GDXU vs. AEM - 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 Agnico Eagle Mines Limited (AEM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -56.00% return, which is significantly lower than AEM's -3.66% return.

GDXU

• 1D: 8.84%
• 1M: -50.11%
• YTD: -56.00%
• 6M: -55.92%
• 1Y: 30.95%
• 3Y*: 37.87%
• 5Y*: -14.73%
• 10Y*: —

AEM

• 1D: 3.09%
• 1M: -16.80%
• YTD: -3.66%
• 6M: -2.93%
• 1Y: 34.46%
• 3Y*: 50.92%
• 5Y*: 20.78%
• 10Y*: 14.70%

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

GDXU vs. AEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-56.00%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.32%
AEM Agnico Eagle Mines Limited	-3.66%	119.53%	46.04%	8.98%	1.08%	-22.81%	2.07%

Correlation

The correlation between GDXU and AEM is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.91

The correlation between GDXU and AEM has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

GDXU vs. AEM — 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: 14
GDXU Martin Ratio Rank: 14

AEM

AEM Risk / Return Rank: 64
AEM Sharpe Ratio Rank: 69
AEM Sortino Ratio Rank: 61
AEM Omega Ratio Rank: 62
AEM Calmar Ratio Rank: 61
AEM Martin Ratio Rank: 65

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. AEM - 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 Agnico Eagle Mines Limited (AEM). 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	AEM	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.79	-0.57
Sortino ratio: Return per unit of downside risk	1.27	1.22	+0.05
Omega ratio: Gain probability vs. loss probability	1.18	1.16	+0.01
Calmar ratio: Return relative to maximum drawdown	0.37	0.88	-0.51
Martin ratio: Return relative to average drawdown	0.80	2.48	-1.68

GDXU vs. AEM - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.22, which is lower than the AEM Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of GDXU and AEM, 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. AEM - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, roughly equal to the maximum AEM drawdown of -90.49%. Use the drawdown chart below to compare losses from any high point for GDXU and AEM.

Drawdown Indicators

	GDXU	AEM	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-90.49%	-3.90%
Max Drawdown (1Y) Largest decline over 1 year	-83.97%	-39.39%	-44.58%
Max Drawdown (3Y) Largest decline over 3 years	-83.97%	-39.39%	-44.58%
Max Drawdown (5Y) Largest decline over 5 years	-92.44%	-45.03%	-47.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-53.86%	—
Current Drawdown Current decline from peak	-79.58%	-35.35%	-44.23%
Average Drawdown Average peak-to-trough decline	-69.77%	-46.65%	-23.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.59%	13.93%	+24.66%

Volatility

GDXU vs. AEM - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 54.28% compared to Agnico Eagle Mines Limited (AEM) at 15.31%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than AEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	AEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	54.28%	15.31%	+38.97%
Volatility (6M) Calculated over the trailing 6-month period	123.72%	36.02%	+87.70%
Volatility (1Y) Calculated over the trailing 1-year period	142.00%	44.06%	+97.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.92%	37.06%	+74.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.82%	37.35%	+73.47%

Dividends

GDXU vs. AEM - Dividend Comparison

GDXU has not paid dividends to shareholders, while AEM's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEM Agnico Eagle Mines Limited	1.05%	0.94%	2.05%	2.92%	3.08%	2.63%	2.36%	0.89%	1.09%	0.89%	0.86%	1.22%
GDXU MicroSectors Gold Miners 3X 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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDXU and AEM in my portfolio?

With a correlation of 0.92, GDXU and AEM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GDXU or AEM?

GDXU has higher volatility (54.28%) compared to AEM (15.31%). In terms of maximum drawdown, GDXU dropped -94.39% vs AEM's -90.49%.

Which has better risk-adjusted returns?

AEM currently has the higher Sharpe Ratio (0.79 vs 0.22), 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.