GDXU vs. DFEN.DE
GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and DFEN.DE (VanEck Defense UCITS ETF A) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while DFEN.DE is a Aerospace & Defense fund tracking the MarketVector Global Defense Industry Index. Both are passively managed. Over the past 3 years, GDXU returned 37.87%/yr vs 40.64%/yr for DFEN.DE. At a 0.28 correlation, their price movements are largely independent. GDXU charges 0.95%/yr vs 0.55%/yr for DFEN.DE.
Performance
GDXU vs. DFEN.DE - Performance Comparison
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Different Trading Currencies
GDXU is traded in USD, while DFEN.DE is traded in EUR. To make them comparable, the DFEN.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GDXU achieves a -56.00% return, which is significantly lower than DFEN.DE's 1.46% return.
GDXU
- 1D
- 8.84%
- 1M
- -50.11%
- YTD
- -56.00%
- 6M
- -55.92%
- 1Y
- 30.95%
- 3Y*
- 37.87%
- 5Y*
- -14.73%
- 10Y*
- —
DFEN.DE
- 1D
- 0.49%
- 1M
- 1.00%
- YTD
- 1.46%
- 6M
- 2.92%
- 1Y
- 13.94%
- 3Y*
- 40.64%
- 5Y*
- —
- 10Y*
- —
GDXU vs. DFEN.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -56.00% | 796.47% | -18.60% | -45.26% |
DFEN.DE VanEck Defense UCITS ETF A | 1.46% | 70.20% | 43.28% | 24.17% |
Correlation
The correlation between GDXU and DFEN.DE is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2023 | 0.28 |
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Return for Risk
GDXU vs. DFEN.DE — Risk / Return Rank
GDXU
DFEN.DE
GDXU vs. DFEN.DE - 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 VanEck Defense UCITS ETF A (DFEN.DE). 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 | DFEN.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.11 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.37 | 0.71 | -0.34 |
| Martin ratioReturn relative to average drawdown | 0.80 | 1.73 | -0.93 |
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Drawdowns
GDXU vs. DFEN.DE - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, which is greater than DFEN.DE's maximum drawdown of -19.59%. Use the drawdown chart below to compare losses from any high point for GDXU and DFEN.DE.
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Drawdown Indicators
| GDXU | DFEN.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -19.59% | -74.80% |
Max Drawdown (1Y)Largest decline over 1 year | -83.97% | -19.59% | -64.38% |
Max Drawdown (3Y)Largest decline over 3 years | -83.97% | -19.59% | -64.38% |
Max Drawdown (5Y)Largest decline over 5 years | -92.44% | — | — |
Current DrawdownCurrent decline from peak | -79.58% | -16.58% | -63.00% |
Average DrawdownAverage peak-to-trough decline | -69.77% | -3.51% | -66.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.59% | 8.02% | +30.57% |
Volatility
GDXU vs. DFEN.DE - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 54.28% compared to VanEck Defense UCITS ETF A (DFEN.DE) at 7.93%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than DFEN.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXU | DFEN.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 54.28% | 7.93% | +46.35% |
Volatility (6M)Calculated over the trailing 6-month period | 123.72% | 19.89% | +103.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 142.00% | 25.41% | +116.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.92% | 21.76% | +90.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.82% | 21.76% | +89.06% |
GDXU vs. DFEN.DE - Expense Ratio Comparison
GDXU has a 0.95% expense ratio, which is higher than DFEN.DE's 0.55% expense ratio.
Dividends
GDXU vs. DFEN.DE - Dividend Comparison
Neither GDXU nor DFEN.DE has paid dividends to shareholders.
Frequently Asked Questions
GDXU and DFEN.DE have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DFEN.DE is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DFEN.DE is cheaper with a 0.55% expense ratio, compared with 0.95% for GDXU.
GDXU is categorized as Leveraged Equities, while DFEN.DE is Aerospace & Defense. GDXU tracks S-Network MicroSectors Gold Miners Index, while DFEN.DE tracks MarketVector Global Defense Industry Index. They also come from different issuers: BMO and VanEck. Their fees differ too: 0.95% for GDXU and 0.55% for DFEN.DE.
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