GDXU vs. TERG

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Leverage Shares 2X Long TER Daily ETF (TERG).

GDXU and TERG 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. TERG is an actively managed fund by Leverage Shares. It was launched on Nov 17, 2025.

Performance

GDXU vs. TERG - Performance Comparison

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

GDXU vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-17.35%	46.99%
TERG Leverage Shares 2X Long TER Daily ETF	102.79%	28.17%

Returns By Period

In the year-to-date period, GDXU achieves a -17.35% return, which is significantly lower than TERG's 102.79% return.

GDXU

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

TERG

• 1D: 14.40%
• 1M: -19.76%
• YTD: 102.79%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDXU vs. TERG - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is higher than TERG's 0.75% expense ratio.

GDXU

MicroSectors Gold Miners 3X Leveraged ETN

TERG

Leverage Shares 2X Long TER Daily ETF

Return for Risk

GDXU vs. TERG — 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

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio Return per unit of total volatility	1.71	—	—
Sortino ratio Return per unit of downside risk	2.24	—	—
Omega ratio Gain probability vs. loss probability	1.33	—	—
Calmar ratio Return relative to maximum drawdown	3.32	—	—
Martin ratio Return relative to average drawdown	9.41	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GDXU	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	—	—
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	10.56	-10.59

Correlation

The correlation between GDXU and TERG is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GDXU vs. TERG - Dividend Comparison

Neither GDXU nor TERG has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GDXU vs. TERG - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than TERG's maximum drawdown of -39.32%. Use the drawdown chart below to compare losses from any high point for GDXU and TERG.

Drawdown Indicators

	GDXU	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-39.32%	-55.07%
Max Drawdown (1Y) Largest decline over 1 year	-73.16%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-93.34%	—	—
Current Drawdown Current decline from peak	-61.64%	-30.58%	-31.06%
Average Drawdown Average peak-to-trough decline	-69.98%	-9.77%	-60.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.85%	—	—

Volatility

Volatility by Period

	GDXU	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	121.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	139.74%	124.59%	+15.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.93%	124.59%	-15.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.91%	124.59%	-15.68%