GDXU vs. SHLD

Last updated Jun 9, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and SHLD (Global X Defense Tech ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while SHLD is a Aerospace & Defense fund tracking the Global X Defense Tech Index. Both are passively managed. Over the past year, GDXU returned 38.54% vs 8.97% for SHLD. At a 0.32 correlation, their price movements are largely independent. GDXU charges 0.95%/yr vs 0.50%/yr for SHLD.

Performance

GDXU vs. SHLD - 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 Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -57.47% return, which is significantly lower than SHLD's -2.65% return.

GDXU

• 1D: -0.54%
• 1M: -49.20%
• YTD: -57.47%
• 6M: -46.20%
• 1Y: 38.54%
• 3Y*: 35.00%
• 5Y*: -14.72%
• 10Y*: —

SHLD

• 1D: 0.03%
• 1M: -3.34%
• YTD: -2.65%
• 6M: -0.77%
• 1Y: 8.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDXU vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-57.47%	796.47%	-18.60%	13.96%
SHLD Global X Defense Tech ETF	-2.65%	74.16%	35.03%	12.89%

Correlation

The correlation between GDXU and SHLD is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.32

GDXU vs. SHLD - Sectors Allocation Comparison

Sectors	GDXU	SHLD
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	88.2%
Real Estate	-	-
Technology	-	11.8%
Utilities	-	-

Return for Risk

GDXU vs. SHLD — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 20
GDXU Sharpe Ratio Rank: 14
GDXU Sortino Ratio Rank: 26
GDXU Omega Ratio Rank: 30
GDXU Calmar Ratio Rank: 16
GDXU Martin Ratio Rank: 14

SHLD

SHLD Risk / Return Rank: 15
SHLD Sharpe Ratio Rank: 15
SHLD Sortino Ratio Rank: 16
SHLD Omega Ratio Rank: 15
SHLD Calmar Ratio Rank: 15
SHLD Martin Ratio Rank: 15

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. SHLD - 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 Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	0.28	0.37	-0.10
Sortino ratio: Return per unit of downside risk	1.32	0.70	+0.62
Omega ratio: Gain probability vs. loss probability	1.18	1.08	+0.10
Calmar ratio: Return relative to maximum drawdown	0.48	0.45	+0.03
Martin ratio: Return relative to average drawdown	1.04	1.16	-0.12
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. SHLD - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.28, which is comparable to the SHLD Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of GDXU and SHLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDXU	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	0.37	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	1.98	-2.11

Drawdowns

GDXU vs. SHLD - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for GDXU and SHLD.

Drawdown Indicators

	GDXU	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-20.10%	-74.29%
Max Drawdown (1Y) Largest decline over 1 year	-80.26%	-20.10%	-60.16%
Max Drawdown (3Y) Largest decline over 3 years	-80.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.93%	—	—
Current Drawdown Current decline from peak	-80.26%	-19.16%	-61.10%
Average Drawdown Average peak-to-trough decline	-69.78%	-3.26%	-66.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.20%	7.78%	+29.42%

Volatility

GDXU vs. SHLD - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 50.50% compared to Global X Defense Tech ETF (SHLD) at 7.64%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	50.50%	7.64%	+42.86%
Volatility (6M) Calculated over the trailing 6-month period	122.03%	19.39%	+102.64%
Volatility (1Y) Calculated over the trailing 1-year period	140.25%	24.20%	+116.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.49%	21.14%	+90.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.52%	21.14%	+89.38%

GDXU vs. SHLD - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is higher than SHLD's 0.50% expense ratio.

Dividends

GDXU vs. SHLD - Dividend Comparison

GDXU has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.56%.

Position	TTM	2025	2024	2023
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	0.00%	0.00%	0.00%	0.00%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both GDXU and SHLD in my portfolio?

GDXU and SHLD have a correlation of 0.37, 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 SHLD?

GDXU has higher volatility (50.50%) compared to SHLD (7.64%). In terms of maximum drawdown, GDXU dropped -94.39% vs SHLD's -20.10%.

Which ETF is better, GDXU or SHLD?

On 1-year performance, GDXU leads with 38.54% vs 8.97% for SHLD. On fees, SHLD is cheaper at 0.50% per year. On volatility, SHLD has been the lower-risk option at 7.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or SHLD?

Over the 1-year period, GDXU has performed better with a 38.54% return vs 8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or SHLD?

SHLD is cheaper with a 0.50% expense ratio, compared with 0.95% for GDXU.

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

SHLD has the higher dividend yield at 0.56%, compared with 0.00% for GDXU.

What is the main difference between GDXU and SHLD?

GDXU is categorized as Leveraged Equities, while SHLD is Aerospace & Defense. GDXU tracks S-Network MicroSectors Gold Miners Index, while SHLD tracks Global X Defense Tech Index. They also come from different issuers: BMO and Global X. Their fees differ too: 0.95% for GDXU and 0.50% for SHLD.

Which has better risk-adjusted returns?

SHLD currently has the higher Sharpe Ratio (0.37 vs 0.28), 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.