GDXU vs. GDXJ

Last updated Jul 16, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and GDXJ (VanEck Junior Gold Miners ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 5 years, GDXU returned -12.43%/yr vs 18.43%/yr for GDXJ. With a 0.98 correlation, they move nearly in lockstep. GDXU charges 0.95%/yr vs 0.52%/yr for GDXJ.

Performance

GDXU vs. GDXJ - 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 VanEck Junior Gold Miners ETF (GDXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -67.81% return, which is significantly lower than GDXJ's -15.14% return.

GDXU

• 1D: -3.84%
• 1M: -38.94%
• 6M: -76.90%
• YTD: -67.81%
• 1Y: 11.64%
• 3Y*: 21.62%
• 5Y*: -12.43%
• 10Y*: —

GDXJ

• 1D: -1.85%
• 1M: -13.70%
• 6M: -23.78%
• YTD: -15.14%
• 1Y: 46.05%
• 3Y*: 38.56%
• 5Y*: 18.43%
• 10Y*: 8.76%

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

GDXU vs. GDXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-67.81%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.32%
GDXJ VanEck Junior Gold Miners ETF	-15.14%	172.28%	15.67%	7.12%	-14.53%	-21.25%	4.82%

Correlation

The correlation between GDXU and GDXJ is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.98

The correlation between GDXU and GDXJ has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

GDXU vs. GDXJ - Sectors Allocation Comparison

Sectors	GDXU	GDXJ
Basic Materials	100.0%	99.7%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDXU vs. GDXJ — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 17
GDXU Sharpe Ratio Rank: 11
GDXU Sortino Ratio Rank: 25
GDXU Omega Ratio Rank: 27
GDXU Calmar Ratio Rank: 11
GDXU Martin Ratio Rank: 11

GDXJ

GDXJ Risk / Return Rank: 29
GDXJ Sharpe Ratio Rank: 29
GDXJ Sortino Ratio Rank: 29
GDXJ Omega Ratio Rank: 31
GDXJ Calmar Ratio Rank: 29
GDXJ Martin Ratio Rank: 25

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. GDXJ - 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 Junior Gold Miners ETF (GDXJ). 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	GDXJ	Difference
Sharpe ratio: Return per unit of total volatility	0.08	0.87	-0.79
Sortino ratio: Return per unit of downside risk	1.15	1.35	-0.20
Omega ratio: Gain probability vs. loss probability	1.15	1.18	-0.03
Calmar ratio: Return relative to maximum drawdown	0.14	1.17	-1.04
Martin ratio: Return relative to average drawdown	0.26	2.63	-2.37

GDXU vs. GDXJ - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.08, which is lower than the GDXJ Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of GDXU and GDXJ, 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. GDXJ - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than GDXJ's maximum drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for GDXU and GDXJ.

Drawdown Indicators

	GDXU	GDXJ	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-88.66%	-5.73%
Max Drawdown (1Y) Largest decline over 1 year	-85.40%	-39.47%	-45.93%
Max Drawdown (3Y) Largest decline over 3 years	-85.40%	-39.47%	-45.93%
Max Drawdown (5Y) Largest decline over 5 years	-91.30%	-48.79%	-42.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.77%	—
Current Drawdown Current decline from peak	-85.06%	-38.18%	-46.88%
Average Drawdown Average peak-to-trough decline	-69.95%	-60.32%	-9.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.98%	17.56%	+27.42%

Volatility

GDXU vs. GDXJ - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 41.65% compared to VanEck Junior Gold Miners ETF (GDXJ) at 15.73%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	GDXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.65%	15.73%	+25.92%
Volatility (6M) Calculated over the trailing 6-month period	125.84%	44.49%	+81.35%
Volatility (1Y) Calculated over the trailing 1-year period	145.76%	53.19%	+92.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.99%	41.93%	+71.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	111.36%	44.26%	+67.10%

GDXU vs. GDXJ - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is higher than GDXJ's 0.52% expense ratio.

Dividends

GDXU vs. GDXJ - Dividend Comparison

GDXU has not paid dividends to shareholders, while GDXJ's dividend yield for the trailing twelve months is around 2.74%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXJ VanEck Junior Gold Miners ETF	2.74%	2.33%	2.61%	0.72%	0.51%	1.78%	1.58%	0.39%	0.45%	0.03%	4.78%	0.72%
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

Can I hold both GDXU and GDXJ in my portfolio?

With a correlation of 0.99, GDXU and GDXJ 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 GDXJ?

GDXU has higher volatility (41.65%) compared to GDXJ (15.73%). In terms of maximum drawdown, GDXU dropped -94.39% vs GDXJ's -88.66%.

Which ETF is better, GDXU or GDXJ?

On 5-year performance, GDXJ leads with 18.43% vs -12.43% for GDXU. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GDXJ has been the lower-risk option at 15.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or GDXJ?

Over the 5-year period, GDXJ has performed better with a 18.43% return vs -12.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or GDXJ?

GDXJ is cheaper with a 0.52% expense ratio, compared with 0.95% for GDXU.

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

GDXJ has the higher dividend yield at 2.74%, compared with 0.00% for GDXU.

What is the main difference between GDXU and GDXJ?

GDXU is categorized as Leveraged Equities, while GDXJ is Gold. GDXU tracks S-Network MicroSectors Gold Miners Index, while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: BMO and VanEck. Their fees differ too: 0.95% for GDXU and 0.52% for GDXJ.

Which has better risk-adjusted returns?

GDXJ currently has the higher Sharpe Ratio (0.87 vs 0.08), 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.