GDXU vs. UTSL

Last updated Jun 13, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and UTSL (Direxion Daily Utilities Bull 3X Shares) are both Leveraged Equities funds - GDXU tracks the S-Network MicroSectors Gold Miners Index while UTSL tracks the Utilities Select Sector Index (300%). Both are passively managed. Over the past 5 years, GDXU returned -14.73%/yr vs 8.66%/yr for UTSL. At a 0.28 correlation, their price movements are largely independent. GDXU charges 0.95%/yr vs 0.99%/yr for UTSL.

Performance

GDXU vs. UTSL - 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 Direxion Daily Utilities Bull 3X Shares (UTSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -56.00% return, which is significantly lower than UTSL's 6.35% return.

GDXU

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

UTSL

• 1D: 3.20%
• 1M: -2.77%
• YTD: 6.35%
• 6M: 6.90%
• 1Y: 18.04%
• 3Y*: 20.77%
• 5Y*: 8.66%
• 10Y*: —

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

GDXU vs. UTSL - 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%
UTSL Direxion Daily Utilities Bull 3X Shares	6.35%	29.03%	54.24%	-35.55%	-14.06%	48.16%	-2.88%

Correlation

The correlation between GDXU and UTSL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.28

GDXU vs. UTSL - Sectors Allocation Comparison

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

Return for Risk

GDXU vs. UTSL — 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

UTSL

UTSL Risk / Return Rank: 17
UTSL Sharpe Ratio Rank: 17
UTSL Sortino Ratio Rank: 18
UTSL Omega Ratio Rank: 18
UTSL Calmar Ratio Rank: 18
UTSL Martin Ratio Rank: 16

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. UTSL - 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 Direxion Daily Utilities Bull 3X Shares (UTSL). 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	UTSL	Difference
Sharpe ratio: Return per unit of total volatility	0.22	0.42	-0.20
Sortino ratio: Return per unit of downside risk	1.27	0.83	+0.44
Omega ratio: Gain probability vs. loss probability	1.18	1.10	+0.07
Calmar ratio: Return relative to maximum drawdown	0.37	0.64	-0.27
Martin ratio: Return relative to average drawdown	0.80	1.30	-0.50

GDXU vs. UTSL - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.22, which is lower than the UTSL Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of GDXU and UTSL, 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. UTSL - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than UTSL's maximum drawdown of -79.55%. Use the drawdown chart below to compare losses from any high point for GDXU and UTSL.

Drawdown Indicators

	GDXU	UTSL	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-79.55%	-14.84%
Max Drawdown (1Y) Largest decline over 1 year	-83.97%	-28.45%	-55.52%
Max Drawdown (3Y) Largest decline over 3 years	-83.97%	-46.22%	-37.75%
Max Drawdown (5Y) Largest decline over 5 years	-92.44%	-68.01%	-24.43%
Current Drawdown Current decline from peak	-79.58%	-21.69%	-57.89%
Average Drawdown Average peak-to-trough decline	-69.77%	-33.19%	-36.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.59%	13.87%	+24.72%

Volatility

GDXU vs. UTSL - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 54.28% compared to Direxion Daily Utilities Bull 3X Shares (UTSL) at 17.03%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than UTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	UTSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	54.28%	17.03%	+37.25%
Volatility (6M) Calculated over the trailing 6-month period	123.72%	35.33%	+88.39%
Volatility (1Y) Calculated over the trailing 1-year period	142.00%	43.73%	+98.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.92%	52.08%	+59.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.82%	59.23%	+51.59%

GDXU vs. UTSL - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is lower than UTSL's 0.99% expense ratio.

Dividends

GDXU vs. UTSL - Dividend Comparison

GDXU has not paid dividends to shareholders, while UTSL's dividend yield for the trailing twelve months is around 1.71%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UTSL Direxion Daily Utilities Bull 3X Shares	1.71%	1.69%	1.61%	3.61%	1.15%	1.19%	1.40%	5.01%	1.46%	0.57%

Frequently Asked Questions

Can I hold both GDXU and UTSL in my portfolio?

GDXU and UTSL have a correlation of 0.24, 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 UTSL?

GDXU has higher volatility (54.28%) compared to UTSL (17.03%). In terms of maximum drawdown, GDXU dropped -94.39% vs UTSL's -79.55%.

Which ETF is better, GDXU or UTSL?

On 5-year performance, UTSL leads with 8.66% vs -14.73% for GDXU. On fees, GDXU is cheaper at 0.95% per year. On volatility, UTSL has been the lower-risk option at 17.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or UTSL?

Over the 5-year period, UTSL has performed better with a 8.66% return vs -14.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or UTSL?

GDXU is cheaper with a 0.95% expense ratio, compared with 0.99% for UTSL.

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

UTSL has the higher dividend yield at 1.71%, compared with 0.00% for GDXU.

What is the main difference between GDXU and UTSL?

GDXU tracks S-Network MicroSectors Gold Miners Index, while UTSL tracks Utilities Select Sector Index (300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for GDXU and 0.99% for UTSL.

Which has better risk-adjusted returns?

UTSL currently has the higher Sharpe Ratio (0.42 vs 0.22), 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.