GDXU vs. IAUM

Last updated Jun 23, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and IAUM (iShares Gold Trust Micro) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while IAUM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, GDXU returned 45.15%/yr vs 29.63%/yr for IAUM. A 0.79 correlation means they provide meaningful diversification when combined. GDXU charges 0.95%/yr vs 0.09%/yr for IAUM.

Performance

GDXU vs. IAUM - 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 iShares Gold Trust Micro (IAUM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -54.87% return, which is significantly lower than IAUM's -2.86% return.

GDXU

• 1D: -3.77%
• 1M: -22.15%
• YTD: -54.87%
• 6M: -61.87%
• 1Y: 47.73%
• 3Y*: 45.15%
• 5Y*: -8.03%
• 10Y*: —

IAUM

• 1D: -0.62%
• 1M: -7.06%
• YTD: -2.86%
• 6M: -5.65%
• 1Y: 24.40%
• 3Y*: 29.63%
• 5Y*: —
• 10Y*: —

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

GDXU vs. IAUM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-54.87%	796.47%	-18.60%	-21.36%	-62.82%	-28.27%
IAUM iShares Gold Trust Micro	-2.86%	64.27%	27.04%	13.12%	-0.49%	3.87%

Correlation

The correlation between GDXU and IAUM is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021	0.79

The correlation between GDXU and IAUM has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

GDXU vs. IAUM — 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: 15
GDXU Martin Ratio Rank: 14

IAUM

IAUM Risk / Return Rank: 24
IAUM Sharpe Ratio Rank: 26
IAUM Sortino Ratio Rank: 23
IAUM Omega Ratio Rank: 28
IAUM Calmar Ratio Rank: 22
IAUM Martin Ratio Rank: 23

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. IAUM - 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 iShares Gold Trust Micro (IAUM). 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	IAUM	Difference
Sharpe ratio: Return per unit of total volatility	0.33	0.90	-0.57
Sortino ratio: Return per unit of downside risk	1.41	1.27	+0.14
Omega ratio: Gain probability vs. loss probability	1.19	1.19	+0.01
Calmar ratio: Return relative to maximum drawdown	0.57	1.01	-0.43
Martin ratio: Return relative to average drawdown	1.20	2.74	-1.53

GDXU vs. IAUM - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.33, which is lower than the IAUM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of GDXU and IAUM, 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. IAUM - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than IAUM's maximum drawdown of -24.37%. Use the drawdown chart below to compare losses from any high point for GDXU and IAUM.

Drawdown Indicators

	GDXU	IAUM	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-24.37%	-70.02%
Max Drawdown (1Y) Largest decline over 1 year	-83.97%	-24.37%	-59.60%
Max Drawdown (3Y) Largest decline over 3 years	-83.97%	-24.37%	-59.60%
Max Drawdown (5Y) Largest decline over 5 years	-91.30%	—	—
Current Drawdown Current decline from peak	-79.05%	-22.36%	-56.69%
Average Drawdown Average peak-to-trough decline	-69.79%	-5.45%	-64.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.79%	8.94%	+30.85%

Volatility

GDXU vs. IAUM - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 53.36% compared to iShares Gold Trust Micro (IAUM) at 7.99%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than IAUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	IAUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.36%	7.99%	+45.37%
Volatility (6M) Calculated over the trailing 6-month period	125.48%	24.04%	+101.44%
Volatility (1Y) Calculated over the trailing 1-year period	143.87%	27.25%	+116.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.23%	18.09%	+94.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	111.12%	18.09%	+93.03%

GDXU vs. IAUM - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is higher than IAUM's 0.09% expense ratio.

Dividends

GDXU vs. IAUM - Dividend Comparison

Neither GDXU nor IAUM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDXU and IAUM in my portfolio?

GDXU and IAUM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXU or IAUM?

GDXU has higher volatility (53.36%) compared to IAUM (7.99%). In terms of maximum drawdown, GDXU dropped -94.39% vs IAUM's -24.37%.

Which ETF is better, GDXU or IAUM?

On 3-year performance, GDXU leads with 45.15% vs 29.63% for IAUM. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or IAUM?

Over the 3-year period, GDXU has performed better with a 45.15% return vs 29.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or IAUM?

IAUM is cheaper with a 0.09% expense ratio, compared with 0.95% for GDXU.

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

GDXU and IAUM have nearly identical dividend yields, around 0.00%.

What is the main difference between GDXU and IAUM?

GDXU is categorized as Leveraged Equities, while IAUM is Gold. GDXU tracks S-Network MicroSectors Gold Miners Index, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: BMO and iShares. Their fees differ too: 0.95% for GDXU and 0.09% for IAUM.

Which has better risk-adjusted returns?

IAUM currently has the higher Sharpe Ratio (0.90 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.