GDXU vs. GDX
GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, GDXU returned -8.03%/yr vs 20.52%/yr for GDX. With a 0.99 correlation, they move nearly in lockstep. GDXU charges 0.95%/yr vs 0.51%/yr for GDX.
Performance
GDXU vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, GDXU achieves a -54.87% return, which is significantly lower than GDX's -5.05% return.
GDXU
- 1D
- -3.77%
- 1M
- -22.15%
- YTD
- -54.87%
- 6M
- -61.87%
- 1Y
- 47.73%
- 3Y*
- 45.15%
- 5Y*
- -8.03%
- 10Y*
- —
GDX
- 1D
- -1.30%
- 1M
- -4.21%
- YTD
- -5.05%
- 6M
- -9.69%
- 1Y
- 56.88%
- 3Y*
- 41.48%
- 5Y*
- 20.52%
- 10Y*
- 12.89%
GDXU vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -54.87% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
GDX VanEck Gold Miners ETF | -5.05% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 0.66% |
Correlation
The correlation between GDXU and GDX is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.99 |
The correlation between GDXU and GDX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
GDXU vs. GDX — Risk / Return Rank
GDXU
GDX
GDXU vs. GDX - 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 Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.22 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.57 | 1.58 | -1.00 |
| Martin ratioReturn relative to average drawdown | 1.20 | 4.19 | -2.99 |
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Drawdowns
GDXU vs. GDX - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for GDXU and GDX.
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Drawdown Indicators
| GDXU | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -80.34% | -14.05% |
Max Drawdown (1Y)Largest decline over 1 year | -83.97% | -36.28% | -47.69% |
Max Drawdown (3Y)Largest decline over 3 years | -83.97% | -36.28% | -47.69% |
Max Drawdown (5Y)Largest decline over 5 years | -91.30% | -46.51% | -44.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -79.05% | -29.70% | -49.35% |
Average DrawdownAverage peak-to-trough decline | -69.79% | -40.40% | -29.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.79% | 13.62% | +26.17% |
Volatility
GDXU vs. GDX - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 53.36% compared to VanEck Gold Miners ETF (GDX) at 17.03%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXU | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 53.36% | 17.03% | +36.33% |
Volatility (6M)Calculated over the trailing 6-month period | 125.48% | 39.77% | +85.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 143.87% | 47.49% | +96.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.23% | 36.83% | +75.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.12% | 37.39% | +73.73% |
GDXU vs. GDX - Expense Ratio Comparison
GDXU has a 0.95% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
GDXU vs. GDX - Dividend Comparison
GDXU has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDX VanEck Gold Miners ETF | 0.78% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, GDXU and GDX 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.
GDXU has higher volatility (53.36%) compared to GDX (17.03%). In terms of maximum drawdown, GDXU dropped -94.39% vs GDX's -80.34%.
On 5-year performance, GDX leads with 20.52% vs -8.03% for GDXU. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 17.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDX has performed better with a 20.52% return vs -8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for GDXU.
GDX has the higher dividend yield at 0.78%, compared with 0.00% for GDXU.
GDXU is categorized as Leveraged Equities, while GDX is Gold. GDXU tracks S-Network MicroSectors Gold Miners Index, while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: BMO and VanEck. Their fees differ too: 0.95% for GDXU and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.21 vs 0.33), 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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