GDXU vs. IFED

Last updated Jun 25, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and IFED (ETRACS IFED Invest with the Fed TR Index ETN) are both Leveraged Equities funds - GDXU tracks the S-Network MicroSectors Gold Miners Index while IFED tracks the IFED Large-Cap US Equity Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, GDXU returned 31.96%/yr vs 15.90%/yr for IFED. At a 0.26 correlation, their price movements are largely independent. GDXU charges 0.95%/yr vs 0.45%/yr for IFED.

Performance

GDXU vs. IFED - 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 ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -66.09% return, which is significantly lower than IFED's -4.64% return.

GDXU

• 1D: -12.30%
• 1M: -41.51%
• YTD: -66.09%
• 6M: -70.80%
• 1Y: 14.54%
• 3Y*: 31.96%
• 5Y*: -13.05%
• 10Y*: —

IFED

• 1D: -1.62%
• 1M: 0.81%
• YTD: -4.64%
• 6M: -5.76%
• 1Y: -0.20%
• 3Y*: 15.90%
• 5Y*: —
• 10Y*: —

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

GDXU vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-66.09%	796.47%	-18.60%	-21.36%	-62.82%	-7.00%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-4.64%	15.02%	23.04%	20.78%	-1.46%	8.46%

Correlation

The correlation between GDXU and IFED is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 15, 2021	0.26

Return for Risk

GDXU vs. IFED — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 16
GDXU Sharpe Ratio Rank: 10
GDXU Sortino Ratio Rank: 22
GDXU Omega Ratio Rank: 24
GDXU Calmar Ratio Rank: 11
GDXU Martin Ratio Rank: 10

IFED

IFED Risk / Return Rank: 9
IFED Sharpe Ratio Rank: 9
IFED Sortino Ratio Rank: 8
IFED Omega Ratio Rank: 8
IFED Calmar Ratio Rank: 9
IFED Martin Ratio Rank: 9

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. IFED - 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 ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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	IFED	Difference
Sharpe ratio: Return per unit of total volatility	0.10	-0.01	+0.11
Sortino ratio: Return per unit of downside risk	1.16	0.11	+1.06
Omega ratio: Gain probability vs. loss probability	1.16	1.01	+0.14
Calmar ratio: Return relative to maximum drawdown	0.17	-0.01	+0.19
Martin ratio: Return relative to average drawdown	0.36	-0.03	+0.39

GDXU vs. IFED - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.10, which is higher than the IFED Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of GDXU and IFED, 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. IFED - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for GDXU and IFED.

Drawdown Indicators

	GDXU	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-22.36%	-72.03%
Max Drawdown (1Y) Largest decline over 1 year	-84.26%	-14.65%	-69.61%
Max Drawdown (3Y) Largest decline over 3 years	-84.26%	-22.36%	-61.90%
Max Drawdown (5Y) Largest decline over 5 years	-91.30%	—	—
Current Drawdown Current decline from peak	-84.26%	-6.60%	-77.66%
Average Drawdown Average peak-to-trough decline	-69.81%	-5.83%	-63.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.46%	5.90%	+34.56%

Volatility

GDXU vs. IFED - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 56.27% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 6.86%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	56.27%	6.86%	+49.41%
Volatility (6M) Calculated over the trailing 6-month period	126.69%	13.89%	+112.80%
Volatility (1Y) Calculated over the trailing 1-year period	144.88%	16.90%	+127.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.55%	19.92%	+92.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	111.34%	19.92%	+91.42%

GDXU vs. IFED - Expense Ratio Comparison

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

Dividends

GDXU vs. IFED - Dividend Comparison

Neither GDXU nor IFED has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDXU and IFED in my portfolio?

GDXU and IFED have a correlation of 0.25, 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 IFED?

GDXU has higher volatility (56.27%) compared to IFED (6.86%). In terms of maximum drawdown, GDXU dropped -94.39% vs IFED's -22.36%.

Which ETF is better, GDXU or IFED?

On 3-year performance, GDXU leads with 31.96% vs 15.90% for IFED. On fees, IFED is cheaper at 0.45% per year. On volatility, IFED has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or IFED?

Over the 3-year period, GDXU has performed better with a 31.96% return vs 15.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or IFED?

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

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

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

What is the main difference between GDXU and IFED?

GDXU tracks S-Network MicroSectors Gold Miners Index, while IFED tracks IFED Large-Cap US Equity Index - Benchmark TR Gross. They also come from different issuers: BMO and UBS. Their fees differ too: 0.95% for GDXU and 0.45% for IFED.

Which has better risk-adjusted returns?

GDXU currently has the higher Sharpe Ratio (0.10 vs -0.01), 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.