GDXU vs. GBTC
GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, GDXU returned -16.79%/yr vs 9.63%/yr for GBTC. At a 0.19 correlation, their price movements are largely independent. GDXU charges 0.95%/yr vs 1.50%/yr for GBTC.
Performance
GDXU vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, GDXU achieves a -59.48% return, which is significantly lower than GBTC's -29.58% return.
GDXU
- 1D
- -4.74%
- 1M
- -51.61%
- YTD
- -59.48%
- 6M
- -53.72%
- 1Y
- 28.46%
- 3Y*
- 32.83%
- 5Y*
- -16.79%
- 10Y*
- —
GBTC
- 1D
- -2.09%
- 1M
- -22.74%
- YTD
- -29.58%
- 6M
- -33.89%
- 1Y
- -43.81%
- 3Y*
- 52.63%
- 5Y*
- 9.63%
- 10Y*
- 48.94%
GDXU vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -59.48% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
GBTC Grayscale Bitcoin Trust ETF | -29.58% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 36.81% |
Correlation
The correlation between GDXU and GBTC is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.19 |
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Return for Risk
GDXU vs. GBTC — Risk / Return Rank
GDXU
GBTC
GDXU vs. GBTC - 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 Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +2.72 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.84 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | -0.84 | +1.19 |
| Martin ratioReturn relative to average drawdown | 0.76 | -1.49 | +2.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GDXU | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.20 | -1.00 | +1.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.15 | 0.16 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.14 | 0.66 | -0.80 |
Drawdowns
GDXU vs. GBTC - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, roughly equal to the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for GDXU and GBTC.
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Drawdown Indicators
| GDXU | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -89.91% | -4.48% |
Max Drawdown (1Y)Largest decline over 1 year | -81.20% | -52.45% | -28.75% |
Max Drawdown (3Y)Largest decline over 3 years | -81.20% | -52.45% | -28.75% |
Max Drawdown (5Y)Largest decline over 5 years | -92.65% | -85.42% | -7.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -81.20% | -51.09% | -30.11% |
Average DrawdownAverage peak-to-trough decline | -69.74% | -43.42% | -26.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.55% | 29.34% | +8.21% |
Volatility
GDXU vs. GBTC - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 49.14% compared to Grayscale Bitcoin Trust ETF (GBTC) at 11.72%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXU | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 49.14% | 11.72% | +37.42% |
Volatility (6M)Calculated over the trailing 6-month period | 122.10% | 34.45% | +87.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 140.07% | 44.14% | +95.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.51% | 62.26% | +49.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.46% | 82.21% | +28.25% |
GDXU vs. GBTC - Expense Ratio Comparison
GDXU has a 0.95% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
GDXU vs. GBTC - Dividend Comparison
Neither GDXU nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
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% | 0.00% |
Frequently Asked Questions
GDXU and GBTC have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (49.14%) compared to GBTC (11.72%). In terms of maximum drawdown, GDXU dropped -94.39% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 9.63% vs -16.79% for GDXU. On fees, GDXU is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 11.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 9.63% return vs -16.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXU is cheaper with a 0.95% expense ratio, compared with 1.50% for GBTC.
GDXU and GBTC have nearly identical dividend yields, around 0.00%.
GDXU is categorized as Leveraged Equities, while GBTC is Cryptocurrency. GDXU tracks S-Network MicroSectors Gold Miners Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: BMO and Grayscale. Their fees differ too: 0.95% for GDXU and 1.50% for GBTC.
GDXU currently has the higher Sharpe Ratio (0.20 vs -1.00), 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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