GDXU vs. GDMN

Last updated Jun 13, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and GDMN (WisdomTree Efficient Gold Plus Gold Miners Strategy Fund) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while GDMN is a Commodities fund actively managed by WisdomTree. GDXU is passively managed, while GDMN is actively managed. Over the past 3 years, GDXU returned 37.87%/yr vs 56.30%/yr for GDMN. With a 0.96 correlation, they move nearly in lockstep. GDXU charges 0.95%/yr vs 0.45%/yr for GDMN.

Performance

GDXU vs. GDMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) and WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -56.00% return, which is significantly lower than GDMN's -13.77% return.

GDXU

• 1D: 8.84%
• 1M: -50.11%
• YTD: -56.00%
• 6M: -55.92%
• 1Y: 30.95%
• 3Y*: 37.87%
• 5Y*: -14.73%
• 10Y*: —

GDMN

• 1D: 2.11%
• 1M: -23.27%
• YTD: -13.77%
• 6M: -13.73%
• 1Y: 56.55%
• 3Y*: 56.30%
• 5Y*: —
• 10Y*: —

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

GDXU vs. GDMN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-56.00%	796.47%	-18.60%	-21.36%	-62.82%	27.74%
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund	-13.77%	237.09%	28.23%	12.97%	-14.62%	6.93%

Correlation

The correlation between GDXU and GDMN is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Dec 16, 2021	0.96

The correlation between GDXU and GDMN has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

GDXU vs. GDMN - Sectors Allocation Comparison

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

Return for Risk

GDXU vs. GDMN — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 19
GDXU Sharpe Ratio Rank: 13
GDXU Sortino Ratio Rank: 26
GDXU Omega Ratio Rank: 29
GDXU Calmar Ratio Rank: 14
GDXU Martin Ratio Rank: 14

GDMN

GDMN Risk / Return Rank: 29
GDMN Sharpe Ratio Rank: 28
GDMN Sortino Ratio Rank: 28
GDMN Omega Ratio Rank: 33
GDMN Calmar Ratio Rank: 27
GDMN Martin Ratio Rank: 26

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. GDMN - 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 WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN). 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	GDMN	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.90	-0.68
Sortino ratio: Return per unit of downside risk	1.27	1.38	-0.10
Omega ratio: Gain probability vs. loss probability	1.18	1.20	-0.02
Calmar ratio: Return relative to maximum drawdown	0.37	1.17	-0.80
Martin ratio: Return relative to average drawdown	0.80	3.15	-2.35

GDXU vs. GDMN - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.22, which is lower than the GDMN Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of GDXU and GDMN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GDXU vs. GDMN - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than GDMN's maximum drawdown of -52.82%. Use the drawdown chart below to compare losses from any high point for GDXU and GDMN.

Drawdown Indicators

	GDXU	GDMN	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-52.82%	-41.57%
Max Drawdown (1Y) Largest decline over 1 year	-83.97%	-48.76%	-35.21%
Max Drawdown (3Y) Largest decline over 3 years	-83.97%	-48.76%	-35.21%
Max Drawdown (5Y) Largest decline over 5 years	-92.44%	—	—
Current Drawdown Current decline from peak	-79.58%	-43.39%	-36.19%
Average Drawdown Average peak-to-trough decline	-69.77%	-19.02%	-50.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.59%	18.01%	+20.58%

Volatility

GDXU vs. GDMN - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 54.28% compared to WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN) at 21.98%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than GDMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	GDMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	54.28%	21.98%	+32.30%
Volatility (6M) Calculated over the trailing 6-month period	123.72%	54.30%	+69.42%
Volatility (1Y) Calculated over the trailing 1-year period	142.00%	63.44%	+78.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.92%	48.07%	+63.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.82%	48.07%	+62.75%

GDXU vs. GDMN - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is higher than GDMN's 0.45% expense ratio.

Dividends

GDXU vs. GDMN - Dividend Comparison

GDXU has not paid dividends to shareholders, while GDMN's dividend yield for the trailing twelve months is around 3.13%.

Position	TTM	2025	2024	2023	2022
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund	3.13%	2.70%	9.44%	7.69%	1.44%
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDXU and GDMN in my portfolio?

With a correlation of 0.96, GDXU and GDMN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GDXU or GDMN?

GDXU has higher volatility (54.28%) compared to GDMN (21.98%). In terms of maximum drawdown, GDXU dropped -94.39% vs GDMN's -52.82%.

Which ETF is better, GDXU or GDMN?

On 3-year performance, GDMN leads with 56.30% vs 37.87% for GDXU. On fees, GDMN is cheaper at 0.45% per year. On volatility, GDMN has been the lower-risk option at 21.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or GDMN?

Over the 3-year period, GDMN has performed better with a 56.30% return vs 37.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or GDMN?

GDMN is cheaper with a 0.45% expense ratio, compared with 0.95% for GDXU.

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

GDMN has the higher dividend yield at 3.13%, compared with 0.00% for GDXU.

What is the main difference between GDXU and GDMN?

GDXU is categorized as Leveraged Equities, while GDMN is Commodities. They also come from different issuers: BMO and WisdomTree. Their fees differ too: 0.95% for GDXU and 0.45% for GDMN.

Which has better risk-adjusted returns?

GDMN currently has the higher Sharpe Ratio (0.90 vs 0.22), 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.