GDXU vs. SHNY

Last updated Aug 2, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while SHNY is a Leveraged Commodities fund tracking the SPDR Gold Shares ETF (GLD). Both are passively managed. Over the past 3 years, GDXU returned 27.81%/yr vs 44.79%/yr for SHNY. Their correlation of 0.80 means they have usually moved in the same direction. Both charge a 0.95% expense ratio.

Performance

GDXU vs. SHNY - 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 MicroSectors Gold 3X Leveraged ETN (SHNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -69.22% return, which is significantly lower than SHNY's -39.40% return.

GDXU

• 1D: -10.43%
• 1M: -21.69%
• 6M: -73.59%
• YTD: -69.22%
• 1Y: 8.47%
• 3Y*: 27.81%
• 5Y*: -14.38%
• 10Y*: —
• ALL TIME*: -18.76%

SHNY

• 1D: -4.58%
• 1M: -7.48%
• 6M: -54.00%
• YTD: -39.40%
• 1Y: 10.61%
• 3Y*: 44.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 40.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	$99.61M	$115.40M	$172.82M
SHNY MicroSectors Gold 3X Leveraged ETN	$5.61M	$4.51M	$6.08M

GDXU vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-69.22%	796.47%	-18.60%	-8.45%
SHNY MicroSectors Gold 3X Leveraged ETN	-39.40%	214.54%	50.30%	10.98%

Correlation

The correlation between GDXU and SHNY is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.81
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	0.80

The correlation between GDXU and SHNY has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

GDXU vs. SHNY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GDXU

GDXU Risk / Return Rank: 20
GDXU Sharpe Ratio Rank: 12
GDXU Sortino Ratio Rank: 31
GDXU Omega Ratio Rank: 33
GDXU Calmar Ratio Rank: 13
GDXU Martin Ratio Rank: 13

SHNY

SHNY Risk / Return Rank: 18
SHNY Sharpe Ratio Rank: 15
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 25
SHNY Calmar Ratio Rank: 15
SHNY Martin Ratio Rank: 14

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GDXU vs. SHNY - 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 MicroSectors Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	0.09	0.21	-0.12
Sortino ratio: Return per unit of downside risk	1.17	0.83	+0.34
Omega ratio: Gain probability vs. loss probability	1.15	1.12	+0.04
Calmar ratio: Return relative to maximum drawdown	0.15	0.25	-0.10
Martin ratio: Return relative to average drawdown	0.27	0.47	-0.21

GDXU vs. SHNY - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.09, which is lower than the SHNY Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of GDXU and SHNY, 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. SHNY - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than SHNY's maximum drawdown of -69.36%. Use the drawdown chart below to compare losses from any high point for GDXU and SHNY.

Drawdown Indicators

	GDXU	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-69.36%	-25.03%
Max Drawdown (1Y) Largest decline over 1 year	-87.14%	-69.36%	-17.78%
Max Drawdown (3Y) Largest decline over 3 years	-87.14%	-69.36%	-17.78%
Max Drawdown (5Y) Largest decline over 5 years	-91.30%	—	—
Current Drawdown Current decline from peak	-85.71%	-68.12%	-17.59%
Average Drawdown Average peak-to-trough decline	-70.08%	-17.26%	-52.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.64%	36.30%	+12.34%

Volatility

GDXU vs. SHNY - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 38.79% compared to MicroSectors Gold 3X Leveraged ETN (SHNY) at 19.06%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.79%	19.06%	+19.73%
Volatility (6M) Calculated over the trailing 6-month period	125.93%	71.92%	+54.01%
Volatility (1Y) Calculated over the trailing 1-year period	147.32%	83.26%	+64.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.44%	59.47%	+53.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	111.56%	59.47%	+52.09%

GDXU vs. SHNY - Expense Ratio Comparison

Both GDXU and SHNY have an expense ratio of 0.95%.

Dividends

GDXU vs. SHNY - Dividend Comparison

Neither GDXU nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDXU and SHNY in my portfolio?

GDXU and SHNY have a correlation of 0.82, 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 SHNY?

GDXU has higher volatility (38.79%) compared to SHNY (19.06%). In terms of maximum drawdown, GDXU dropped -94.39% vs SHNY's -69.36%.

Which ETF is better, GDXU or SHNY?

On 3-year performance, SHNY leads with 44.79% vs 27.81% for GDXU. Both ETFs have the same 0.95% expense ratio. On volatility, SHNY has been the lower-risk option at 19.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or SHNY?

Over the 3-year period, SHNY has performed better with a 44.79% return vs 27.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or SHNY?

GDXU and SHNY have the same expense ratio: 0.95% per year.

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

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

What is the main difference between GDXU and SHNY?

GDXU is categorized as Leveraged Equities, while SHNY is Leveraged Commodities. GDXU tracks S-Network MicroSectors Gold Miners Index, while SHNY tracks SPDR Gold Shares ETF (GLD).

Which has better risk-adjusted returns?

SHNY currently has the higher Sharpe Ratio (0.21 vs 0.09), 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.