GDXU vs. DLLL

Last updated Jun 5, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETN) and DLLL (GraniteShares 2x Long DELL Daily ETF) are both Leveraged Equities funds - GDXU tracks the S-Network MicroSectors Gold Miners Index while DLLL tracks the Dell Technologies Inc. (DELL). Both are passively managed. Over the past year, GDXU returned 76.85% vs 836.76% for DLLL. At a 0.10 correlation, their price movements are largely independent. GDXU charges 0.95%/yr vs 1.50%/yr for DLLL.

Performance

GDXU vs. DLLL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and GraniteShares 2x Long DELL Daily ETF (DLLL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -41.62% return, which is significantly lower than DLLL's 758.72% return.

GDXU

• 1D: 3.90%
• 1M: -8.04%
• YTD: -41.62%
• 6M: -31.92%
• 1Y: 76.85%
• 3Y*: 47.72%
• 5Y*: -10.23%
• 10Y*: —

DLLL

• 1D: 0.11%
• 1M: 230.95%
• YTD: 758.72%
• 6M: 593.50%
• 1Y: 836.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDXU vs. DLLL - Yearly Performance Comparison

	2026 (YTD)	2025
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-41.62%	387.71%
DLLL GraniteShares 2x Long DELL Daily ETF	758.72%	-3.72%

Correlation

The correlation between GDXU and DLLL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.10

GDXU vs. DLLL - Sectors Allocation Comparison

Sectors	GDXU	DLLL
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	66.7%
Utilities	-	-

Return for Risk

GDXU vs. DLLL — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 25
GDXU Sharpe Ratio Rank: 19
GDXU Sortino Ratio Rank: 30
GDXU Omega Ratio Rank: 33
GDXU Calmar Ratio Rank: 23
GDXU Martin Ratio Rank: 19

DLLL

DLLL Risk / Return Rank: 95
DLLL Sharpe Ratio Rank: 99
DLLL Sortino Ratio Rank: 94
DLLL Omega Ratio Rank: 91
DLLL Calmar Ratio Rank: 98
DLLL Martin Ratio Rank: 95

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. DLLL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and GraniteShares 2x Long DELL Daily ETF (DLLL). 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	DLLL	Difference
Sharpe ratio: Return per unit of total volatility	0.56	6.54	-5.98
Sortino ratio: Return per unit of downside risk	1.56	4.79	-3.23
Omega ratio: Gain probability vs. loss probability	1.22	1.59	-0.38
Calmar ratio: Return relative to maximum drawdown	1.04	14.78	-13.73
Martin ratio: Return relative to average drawdown	2.11	30.80	-28.69
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. DLLL - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.56, which is lower than the DLLL Sharpe Ratio of 6.54. The chart below compares the historical Sharpe Ratios of GDXU and DLLL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDXU	DLLL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	6.54	-5.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	3.14	-3.23

Drawdowns

GDXU vs. DLLL - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than DLLL's maximum drawdown of -68.58%. Use the drawdown chart below to compare losses from any high point for GDXU and DLLL.

Drawdown Indicators

	GDXU	DLLL	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-68.58%	-25.81%
Max Drawdown (1Y) Largest decline over 1 year	-73.99%	-57.19%	-16.80%
Max Drawdown (3Y) Largest decline over 3 years	-73.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.93%	—	—
Current Drawdown Current decline from peak	-72.90%	-18.77%	-54.13%
Average Drawdown Average peak-to-trough decline	-69.77%	-25.89%	-43.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.52%	27.39%	+9.13%

Volatility

GDXU vs. DLLL - Volatility Comparison

The current volatility for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) is 46.65%, while GraniteShares 2x Long DELL Daily ETF (DLLL) has a volatility of 69.62%. This indicates that GDXU experiences smaller price fluctuations and is considered to be less risky than DLLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	DLLL	Difference
Volatility (1M) Calculated over the trailing 1-month period	46.65%	69.62%	-22.97%
Volatility (6M) Calculated over the trailing 6-month period	118.08%	102.01%	+16.07%
Volatility (1Y) Calculated over the trailing 1-year period	137.54%	129.16%	+8.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.85%	130.36%	-19.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.00%	130.36%	-20.36%

GDXU vs. DLLL - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is lower than DLLL's 1.50% expense ratio.

Dividends

GDXU vs. DLLL - Dividend Comparison

Neither GDXU nor DLLL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDXU and DLLL in my portfolio?

GDXU and DLLL have a correlation of 0.14, 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 DLLL?

DLLL has higher volatility (69.62%) compared to GDXU (46.65%). In terms of maximum drawdown, GDXU dropped -94.39% vs DLLL's -68.58%.

Which ETF is better, GDXU or DLLL?

On 1-year performance, DLLL leads with 836.76% vs 76.85% for GDXU. On fees, GDXU is cheaper at 0.95% per year. On volatility, GDXU has been the lower-risk option at 46.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or DLLL?

Over the 1-year period, DLLL has performed better with a 836.76% return vs 76.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or DLLL?

GDXU is cheaper with a 0.95% expense ratio, compared with 1.50% for DLLL.

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

GDXU and DLLL have nearly identical dividend yields, around 0.00%.

What is the main difference between GDXU and DLLL?

GDXU tracks S-Network MicroSectors Gold Miners Index, while DLLL tracks Dell Technologies Inc. (DELL). They also come from different issuers: BMO and GraniteShares. Their fees differ too: 0.95% for GDXU and 1.50% for DLLL.

Which has better risk-adjusted returns?

DLLL currently has the higher Sharpe Ratio (6.54 vs 0.56), 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.