GDXU vs. DBE
GDXU (MicroSectors Gold Miners 3X Leveraged ETN) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, GDXU returned -10.91%/yr vs 19.66%/yr for DBE. At a 0.11 correlation, their price movements are largely independent. GDXU charges 0.95%/yr vs 0.78%/yr for DBE.
Performance
GDXU vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GDXU achieves a -43.81% return, which is significantly lower than DBE's 83.68% return.
GDXU
- 1D
- -10.63%
- 1M
- -11.26%
- YTD
- -43.81%
- 6M
- -33.96%
- 1Y
- 72.31%
- 3Y*
- 46.61%
- 5Y*
- -10.91%
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
GDXU vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETN | -43.81% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.66% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | 5.34% |
Correlation
The correlation between GDXU and DBE is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020 | 0.11 |
The correlation between GDXU and DBE shifts across timeframes, from -0.21 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GDXU vs. DBE — Risk / Return Rank
GDXU
DBE
GDXU vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.40 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 5.89 | -4.91 |
| Martin ratioReturn relative to average drawdown | 2.00 | 11.53 | -9.53 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GDXU | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.53 | 2.43 | -1.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.10 | 0.67 | -0.77 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.09 | -0.18 |
Drawdowns
GDXU vs. DBE - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GDXU and DBE.
Loading charts...
Drawdown Indicators
| GDXU | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -86.69% | -7.70% |
Max Drawdown (1Y)Largest decline over 1 year | -73.99% | -14.41% | -59.58% |
Max Drawdown (3Y)Largest decline over 3 years | -73.99% | -23.89% | -50.10% |
Max Drawdown (5Y)Largest decline over 5 years | -92.93% | -38.74% | -54.19% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -73.92% | -30.27% | -43.65% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -57.31% | -12.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.23% | 7.35% | +28.88% |
Volatility
GDXU vs. DBE - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a higher volatility of 46.45% compared to Invesco DB Energy Fund (DBE) at 12.95%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GDXU | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 46.45% | 12.95% | +33.50% |
Volatility (6M)Calculated over the trailing 6-month period | 118.07% | 30.86% | +87.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 137.57% | 34.97% | +102.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 110.85% | 29.39% | +81.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.02% | 28.33% | +81.69% |
GDXU vs. DBE - Expense Ratio Comparison
GDXU has a 0.95% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
GDXU vs. DBE - Dividend Comparison
GDXU has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
GDXU MicroSectors Gold Miners 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDXU and DBE have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (46.45%) compared to DBE (12.95%). In terms of maximum drawdown, GDXU dropped -94.39% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.66% vs -10.91% for GDXU. On fees, DBE is cheaper at 0.78% per year. On volatility, DBE has been the lower-risk option at 12.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.66% return vs -10.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.95% for GDXU.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for GDXU.
GDXU is categorized as Leveraged Equities, while DBE is Oil & Gas. GDXU tracks S-Network MicroSectors Gold Miners Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: BMO and Invesco. Their fees differ too: 0.95% for GDXU and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs 0.53), 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.
Find the right allocation for GDXU and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer