GDXU vs. ORCX

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Defiance Daily Target 2X Long ORCL ETF (ORCX).

GDXU and ORCX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDXU is a passively managed fund by BMO that tracks the performance of the S-Network MicroSectors Gold Miners Index. It was launched on Dec 2, 2020. ORCX is an actively managed fund by Defiance. It was launched on Feb 6, 2025.

Performance

GDXU vs. ORCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Defiance Daily Target 2X Long ORCL ETF (ORCX). The values are adjusted to include any dividend payments, if applicable.

GDXU vs. ORCX - Yearly Performance Comparison

	2026 (YTD)	2025
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-17.35%	441.47%
ORCX Defiance Daily Target 2X Long ORCL ETF	-48.37%	-16.20%

Returns By Period

In the year-to-date period, GDXU achieves a -17.35% return, which is significantly higher than ORCX's -48.37% return.

GDXU

• 1D: 21.36%
• 1M: -58.05%
• YTD: -17.35%
• 6M: -1.70%
• 1Y: 237.00%
• 3Y*: 56.52%
• 5Y*: 3.51%
• 10Y*: —

ORCX

• 1D: 11.91%
• 1M: -0.93%
• YTD: -48.37%
• 6M: -77.63%
• 1Y: -29.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDXU vs. ORCX - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is lower than ORCX's 1.29% expense ratio.

ORCX

Defiance Daily Target 2X Long ORCL ETF

GDXU

MicroSectors Gold Miners 3X Leveraged ETN

Return for Risk

GDXU vs. ORCX — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 87
GDXU Sharpe Ratio Rank: 86
GDXU Sortino Ratio Rank: 86
GDXU Omega Ratio Rank: 85
GDXU Calmar Ratio Rank: 93
GDXU Martin Ratio Rank: 85

ORCX

ORCX Risk / Return Rank: 11
ORCX Sharpe Ratio Rank: 7
ORCX Sortino Ratio Rank: 19
ORCX Omega Ratio Rank: 17
ORCX Calmar Ratio Rank: 6
ORCX Martin Ratio Rank: 7

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. ORCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Defiance Daily Target 2X Long ORCL ETF (ORCX). 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.

	GDXU	ORCX	Difference
Sharpe ratio Return per unit of total volatility	1.71	-0.24	+1.95
Sortino ratio Return per unit of downside risk	2.24	0.46	+1.78
Omega ratio Gain probability vs. loss probability	1.33	1.05	+0.27
Calmar ratio Return relative to maximum drawdown	3.32	-0.35	+3.68
Martin ratio Return relative to average drawdown	9.41	-0.63	+10.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDXU vs. ORCX - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 1.71, which is higher than the ORCX Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of GDXU and ORCX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GDXU	ORCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	-0.24	+1.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	-0.44	+0.41

Correlation

The correlation between GDXU and ORCX is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GDXU vs. ORCX - Dividend Comparison

Neither GDXU nor ORCX has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GDXU vs. ORCX - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than ORCX's maximum drawdown of -85.78%. Use the drawdown chart below to compare losses from any high point for GDXU and ORCX.

Drawdown Indicators

	GDXU	ORCX	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-85.78%	-8.61%
Max Drawdown (1Y) Largest decline over 1 year	-73.16%	-85.78%	+12.62%
Max Drawdown (5Y) Largest decline over 5 years	-93.34%	—	—
Current Drawdown Current decline from peak	-61.64%	-84.08%	+22.44%
Average Drawdown Average peak-to-trough decline	-69.98%	-39.46%	-30.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.85%	48.04%	-22.19%

Volatility

GDXU vs. ORCX - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a higher volatility of 57.72% compared to Defiance Daily Target 2X Long ORCL ETF (ORCX) at 28.23%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than ORCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	ORCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.72%	28.23%	+29.49%
Volatility (6M) Calculated over the trailing 6-month period	121.60%	73.80%	+47.80%
Volatility (1Y) Calculated over the trailing 1-year period	139.74%	122.50%	+17.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.93%	119.03%	-10.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.91%	119.03%	-10.12%