GDXU vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Bitcoin (BTC-USD).

GDXU is a passively managed fund by BMO that tracks the performance of the S-Network MicroSectors Gold Miners Index. It was launched on Dec 2, 2020.

Performance

GDXU vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

GDXU vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-6.09%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.66%
BTC-USD Bitcoin	-21.63%	-6.27%	120.76%	155.82%	-64.23%	59.40%	49.06%

Returns By Period

In the year-to-date period, GDXU achieves a -6.09% return, which is significantly higher than BTC-USD's -21.63% return.

GDXU

• 1D: 13.62%
• 1M: -51.51%
• YTD: -6.09%
• 6M: 8.92%
• 1Y: 287.76%
• 3Y*: 63.33%
• 5Y*: 6.19%
• 10Y*: —

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

Return for Risk

GDXU vs. BTC-USD — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 89
GDXU Sharpe Ratio Rank: 91
GDXU Sortino Ratio Rank: 86
GDXU Omega Ratio Rank: 85
GDXU Calmar Ratio Rank: 94
GDXU Martin Ratio Rank: 87

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Bitcoin (BTC-USD). 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.

	GDXU	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	2.07	-0.44	+2.51
Sortino ratio Return per unit of downside risk	2.39	-0.38	+2.76
Omega ratio Gain probability vs. loss probability	1.35	0.96	+0.39
Calmar ratio Return relative to maximum drawdown	3.87	-1.11	+4.97
Martin ratio Return relative to average drawdown	10.85	-1.99	+12.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDXU vs. BTC-USD - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 2.07, which is higher than the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of GDXU and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GDXU	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	-0.44	+2.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.05	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	1.19	-1.20

Correlation

The correlation between GDXU and BTC-USD is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

GDXU vs. BTC-USD - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for GDXU and BTC-USD.

Drawdown Indicators

	GDXU	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-85.30%	-9.09%
Max Drawdown (1Y) Largest decline over 1 year	-73.16%	-49.65%	-23.51%
Max Drawdown (5Y) Largest decline over 5 years	-93.34%	-76.67%	-16.67%
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-56.42%	-45.02%	-11.40%
Average Drawdown Average peak-to-trough decline	-69.97%	-41.99%	-27.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.08%	27.60%	-1.52%

Volatility

GDXU vs. BTC-USD - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a higher volatility of 53.09% compared to Bitcoin (BTC-USD) at 13.58%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.09%	13.58%	+39.51%
Volatility (6M) Calculated over the trailing 6-month period	122.23%	35.98%	+86.25%
Volatility (1Y) Calculated over the trailing 1-year period	140.32%	36.76%	+103.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	109.02%	46.90%	+62.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	109.02%	56.70%	+52.32%