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 -14.38%/yr vs 7.01%/yr for GBTC. Their 0.20 correlation means their historical movements had little consistent relationship. 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 -69.22% return, which is significantly lower than GBTC's -28.72% 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%
GBTC
- 1D
- -2.85%
- 1M
- 4.80%
- 6M
- -25.46%
- YTD
- -28.72%
- 1Y
- -46.91%
- 3Y*
- 36.79%
- 5Y*
- 7.01%
- 10Y*
- 50.99%
- ALL TIME*
- 54.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $75.53M | $74.63M | $101.29M | |
| $99.61M | $115.40M | $172.82M |
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 | -69.22% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
GBTC Grayscale Bitcoin Trust ETF | -28.72% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 36.81% |
Correlation
The correlation between GDXU and GBTC is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.20 |
The correlation between GDXU and GBTC shifts across timeframes, from 0.18 (3 years) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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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.
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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +2.79 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.82 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | -0.88 | +1.02 |
| Martin ratioReturn relative to average drawdown | 0.27 | -1.34 | +1.61 |
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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 | -87.14% | -53.75% | -33.39% |
Max Drawdown (3Y)Largest decline over 3 years | -87.14% | -53.75% | -33.39% |
Max Drawdown (5Y)Largest decline over 5 years | -91.30% | -85.42% | -5.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -85.71% | -50.49% | -35.22% |
Average DrawdownAverage peak-to-trough decline | -70.08% | -43.51% | -26.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.64% | 34.92% | +13.72% |
Volatility
GDXU vs. GBTC - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 38.79% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.06%. 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 | 38.79% | 9.06% | +29.73% |
Volatility (6M)Calculated over the trailing 6-month period | 125.93% | 33.68% | +92.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 147.32% | 44.36% | +102.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.44% | 60.60% | +52.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.56% | 81.27% | +30.29% |
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 0.32, 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 GBTC (9.06%). In terms of maximum drawdown, GDXU dropped -94.39% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 7.01% vs -14.38% for GDXU. On fees, GDXU is cheaper at 0.95% per year. On volatility, GBTC has been the lower-risk option at 9.06%. 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 7.01% return vs -14.38%. 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 (0.09 vs -1.06), 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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