GDXU vs. ESPO
GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and ESPO (VanEck Video Gaming and eSports ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while ESPO is a Gaming fund tracking the MVIS Global Video Gaming and eSports Index. Both are passively managed. Over the past 5 years, GDXU returned -14.38%/yr vs 8.32%/yr for ESPO. Their 0.30 correlation means their historical movements had little consistent relationship. GDXU charges 0.95%/yr vs 0.55%/yr for ESPO.
Performance
GDXU vs. ESPO - Performance Comparison
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Returns By Period
In the year-to-date period, GDXU achieves a -69.22% return, which is significantly lower than ESPO's -9.09% return.
GDXU
- 1D
- -10.43%
- 1M
- -11.49%
- 6M
- -73.59%
- YTD
- -69.22%
- 1Y
- 12.97%
- 3Y*
- 27.81%
- 5Y*
- -14.38%
- 10Y*
- —
- ALL TIME*
- -18.76%
ESPO
- 1D
- -3.16%
- 1M
- 3.18%
- 6M
- -5.98%
- YTD
- -9.09%
- 1Y
- -11.33%
- 3Y*
- 18.46%
- 5Y*
- 8.32%
- 10Y*
- —
- ALL TIME*
- 16.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.98M | $1.50M | $1.55M | |
| $99.61M | $115.40M | $172.82M |
GDXU vs. ESPO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -69.22% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
ESPO VanEck Video Gaming and eSports ETF | -9.09% | 25.79% | 47.61% | 33.64% | -34.71% | -2.13% | 6.74% |
Correlation
The correlation between GDXU and ESPO is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.30 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.30 |
GDXU vs. ESPO - Sectors Allocation Comparison
Sectors
GDXU
ESPO
Basic Materials
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
-
Energy
-
-
Financial Services
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Basic Materials
GDXU
ESPO
-
Communication Services
GDXU
-
ESPO
Consumer Cyclical
GDXU
-
ESPO
Consumer Defensive
GDXU
-
ESPO
-
Energy
GDXU
-
ESPO
-
Financial Services
GDXU
-
ESPO
-
Healthcare
GDXU
-
ESPO
-
Industrials
GDXU
-
ESPO
-
Real Estate
GDXU
-
ESPO
-
Technology
GDXU
-
ESPO
Utilities
GDXU
-
ESPO
-
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Return for Risk
GDXU vs. ESPO — Risk / Return Rank
GDXU
ESPO
GDXU vs. ESPO - 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 Video Gaming and eSports ETF (ESPO). 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 | ESPO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.67 | ||
| Sortino ratioReturn per unit of downside risk | +1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.92 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | -0.39 | +0.54 |
| Martin ratioReturn relative to average drawdown | 0.27 | -0.62 | +0.89 |
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Drawdowns
GDXU vs. ESPO - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, which is greater than ESPO's maximum drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for GDXU and ESPO.
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Drawdown Indicators
| GDXU | ESPO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -50.99% | -43.40% |
Max Drawdown (1Y)Largest decline over 1 year | -87.14% | -29.43% | -57.71% |
Max Drawdown (3Y)Largest decline over 3 years | -87.14% | -29.43% | -57.71% |
Max Drawdown (5Y)Largest decline over 5 years | -91.30% | -48.33% | -42.97% |
Current DrawdownCurrent decline from peak | -85.71% | -22.03% | -63.68% |
Average DrawdownAverage peak-to-trough decline | -70.08% | -15.23% | -54.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.64% | 18.32% | +30.32% |
Volatility
GDXU vs. ESPO - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 38.79% compared to VanEck Video Gaming and eSports ETF (ESPO) at 6.66%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than ESPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXU | ESPO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 38.79% | 6.66% | +32.13% |
Volatility (6M)Calculated over the trailing 6-month period | 125.93% | 16.07% | +109.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 147.32% | 19.65% | +127.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.44% | 25.12% | +88.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.56% | 25.65% | +85.91% |
GDXU vs. ESPO - Expense Ratio Comparison
GDXU has a 0.95% expense ratio, which is higher than ESPO's 0.55% expense ratio.
Dividends
GDXU vs. ESPO - Dividend Comparison
GDXU has not paid dividends to shareholders, while ESPO's dividend yield for the trailing twelve months is around 1.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Video Gaming and eSports ETF | 1.37% | 1.24% | 0.44% | 0.96% | 0.91% | 3.36% | 0.12% | 0.22% | 0.04% |
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% |
Frequently Asked Questions
GDXU and ESPO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (38.79%) compared to ESPO (6.66%). In terms of maximum drawdown, GDXU dropped -94.39% vs ESPO's -50.99%.
On 5-year performance, ESPO leads with 8.32% vs -14.38% for GDXU. On fees, ESPO is cheaper at 0.55% per year. On volatility, ESPO has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, ESPO has performed better with a 8.32% return vs -14.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ESPO is cheaper with a 0.55% expense ratio, compared with 0.95% for GDXU.
ESPO has the higher dividend yield at 1.37%, compared with 0.00% for GDXU.
GDXU is categorized as Leveraged Equities, while ESPO is Gaming. GDXU tracks S-Network MicroSectors Gold Miners Index, while ESPO tracks MVIS Global Video Gaming and eSports Index. They also come from different issuers: BMO and VanEck. Their fees differ too: 0.95% for GDXU and 0.55% for ESPO.
GDXU currently has the higher Sharpe Ratio (0.09 vs -0.58), 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.
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