GDXU vs. GDXD
GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index. Both are passively managed. Over the past 5 years, GDXU returned -14.38%/yr vs -73.29%/yr for GDXD. Their -0.99 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
GDXU vs. GDXD - 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 GDXD's -42.32% return.
GDXU
- 1D
- -10.43%
- 1M
- -21.69%
- 6M
- -73.59%
- YTD
- -69.22%
- 1Y
- 8.47%
- 3Y*
- 27.81%
- 5Y*
- -14.38%
- 10Y*
- —
- ALL TIME*
- -18.76%
GDXD
- 1D
- 10.48%
- 1M
- 10.38%
- 6M
- -10.42%
- YTD
- -42.32%
- 1Y
- -91.93%
- 3Y*
- -83.55%
- 5Y*
- -73.29%
- 10Y*
- —
- ALL TIME*
- -70.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.58M | $21.95M | $29.87M | |
| $99.61M | $115.40M | $172.82M |
GDXU vs. GDXD - 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% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | -42.32% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
Correlation
The correlation between GDXU and GDXD is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | -0.99 |
The correlation between GDXU and GDXD has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
GDXU vs. GDXD - Sectors Allocation Comparison
Sectors
GDXU
GDXD
Basic Materials
Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Financial Services
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Healthcare
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Industrials
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Real Estate
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Technology
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-
Utilities
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-
Basic Materials
GDXU
GDXD
Communication Services
GDXU
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GDXD
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Consumer Cyclical
GDXU
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GDXD
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Consumer Defensive
GDXU
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GDXD
-
Energy
GDXU
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GDXD
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Financial Services
GDXU
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GDXD
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Healthcare
GDXU
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GDXD
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Industrials
GDXU
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GDXD
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Real Estate
GDXU
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GDXD
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Technology
GDXU
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GDXD
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Utilities
GDXU
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GDXD
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Return for Risk
GDXU vs. GDXD — Risk / Return Rank
GDXU
GDXD
GDXU vs. GDXD - 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 MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD). 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 | GDXD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +2.67 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.84 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | -0.96 | +1.11 |
| Martin ratioReturn relative to average drawdown | 0.27 | -1.11 | +1.38 |
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Drawdowns
GDXU vs. GDXD - Drawdown Comparison
The maximum GDXU drawdown since its inception was -94.39%, smaller than the maximum GDXD drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for GDXU and GDXD.
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Drawdown Indicators
| GDXU | GDXD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -99.96% | +5.57% |
Max Drawdown (1Y)Largest decline over 1 year | -87.14% | -95.95% | +8.81% |
Max Drawdown (3Y)Largest decline over 3 years | -87.14% | -99.86% | +12.72% |
Max Drawdown (5Y)Largest decline over 5 years | -91.30% | -99.96% | +8.66% |
Current DrawdownCurrent decline from peak | -85.71% | -99.92% | +14.21% |
Average DrawdownAverage peak-to-trough decline | -70.08% | -72.59% | +2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.64% | 83.56% | -34.92% |
Volatility
GDXU vs. GDXD - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) have volatilities of 38.79% and 40.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXU | GDXD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 38.79% | 40.76% | -1.97% |
Volatility (6M)Calculated over the trailing 6-month period | 125.93% | 118.25% | +7.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 147.32% | 146.68% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 113.44% | 112.62% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.56% | 110.97% | +0.59% |
GDXU vs. GDXD - Expense Ratio Comparison
Both GDXU and GDXD have an expense ratio of 0.95%.
Dividends
GDXU vs. GDXD - Dividend Comparison
Neither GDXU nor GDXD has paid dividends to shareholders.
Frequently Asked Questions
GDXU and GDXD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (40.76%) compared to GDXU (38.79%). In terms of maximum drawdown, GDXU dropped -94.39% vs GDXD's -99.96%.
On 5-year performance, GDXU leads with -14.38% vs -73.29% for GDXD. Both ETFs have the same 0.95% expense ratio. On volatility, GDXU has been the lower-risk option at 38.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDXU has performed better with a -14.38% return vs -73.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXU and GDXD have the same expense ratio: 0.95% per year.
GDXU and GDXD have nearly identical dividend yields, around 0.00%.
GDXU is categorized as Leveraged Equities, while GDXD is Inverse Equities. Both ETFs track S-Network MicroSectors Gold Miners Index.
GDXU currently has the higher Sharpe Ratio (0.09 vs -0.63), 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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