GDXU vs. III.L

Last updated Jun 13, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) is Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while III.L (3I Group plc) is a stock. Over the past 5 years, GDXU returned -14.73%/yr vs 15.13%/yr for III.L. At a 0.24 correlation, their price movements are largely independent.

Performance

GDXU vs. III.L - 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 3I Group plc (III.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GDXU is traded in USD, while III.L is traded in GBp. To make them comparable, the III.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GDXU achieves a -56.00% return, which is significantly lower than III.L's -29.56% return.

GDXU

• 1D: 8.84%
• 1M: -50.11%
• YTD: -56.00%
• 6M: -55.92%
• 1Y: 30.95%
• 3Y*: 37.87%
• 5Y*: -14.73%
• 10Y*: —

III.L

• 1D: 3.61%
• 1M: -5.53%
• YTD: -29.56%
• 6M: -26.02%
• 1Y: -44.56%
• 3Y*: 9.18%
• 5Y*: 15.13%
• 10Y*: 19.21%

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

GDXU vs. III.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-56.00%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.32%
III.L 3I Group plc	-29.56%	0.62%	47.61%	95.24%	-13.78%	27.82%	8.90%

Correlation

The correlation between GDXU and III.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.24

Return for Risk

GDXU vs. III.L — 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: 14
GDXU Martin Ratio Rank: 14

III.L

III.L Risk / Return Rank: 7
III.L Sharpe Ratio Rank: 5
III.L Sortino Ratio Rank: 8
III.L Omega Ratio Rank: 6
III.L Calmar Ratio Rank: 11
III.L Martin Ratio Rank: 4

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. III.L - 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 3I Group plc (III.L). 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	III.L	Difference
Sharpe ratio: Return per unit of total volatility	0.22	-1.01	+1.23
Sortino ratio: Return per unit of downside risk	1.27	-1.35	+2.62
Omega ratio: Gain probability vs. loss probability	1.18	0.80	+0.37
Calmar ratio: Return relative to maximum drawdown	0.37	-0.85	+1.22
Martin ratio: Return relative to average drawdown	0.80	-1.67	+2.47

GDXU vs. III.L - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.22, which is higher than the III.L Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of GDXU and III.L, 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. III.L - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than III.L's maximum drawdown of -88.62%. Use the drawdown chart below to compare losses from any high point for GDXU and III.L.

Drawdown Indicators

	GDXU	III.L	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-88.62%	-5.77%
Max Drawdown (1Y) Largest decline over 1 year	-83.97%	-52.57%	-31.40%
Max Drawdown (3Y) Largest decline over 3 years	-83.97%	-52.57%	-31.40%
Max Drawdown (5Y) Largest decline over 5 years	-92.44%	-52.57%	-39.87%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.36%	—
Current Drawdown Current decline from peak	-79.58%	-47.55%	-32.03%
Average Drawdown Average peak-to-trough decline	-69.77%	-27.21%	-42.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.59%	26.69%	+11.90%

Volatility

GDXU vs. III.L - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 54.28% compared to 3I Group plc (III.L) at 19.15%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than III.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	III.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	54.28%	19.15%	+35.13%
Volatility (6M) Calculated over the trailing 6-month period	123.72%	37.86%	+85.86%
Volatility (1Y) Calculated over the trailing 1-year period	142.00%	43.99%	+98.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.92%	33.13%	+78.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.82%	33.07%	+77.75%

Dividends

GDXU vs. III.L - Dividend Comparison

GDXU has not paid dividends to shareholders, while III.L's dividend yield for the trailing twelve months is around 3.42%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
III.L 3I Group plc	3.42%	2.42%	1.82%	2.32%	3.76%	2.78%	3.02%	3.42%	4.78%	2.90%	3.41%	2.37%

Frequently Asked Questions

Can I hold both GDXU and III.L in my portfolio?

GDXU and III.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.