GDXU vs. WNTR

Last updated Jul 12, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while WNTR is a Derivative Income fund actively managed by YieldMax. GDXU is passively managed, while WNTR is actively managed. Over the past year, GDXU returned 13.74% vs 116.49% for WNTR. At a correlation of -0.19, they often move in opposite directions. GDXU charges 0.95%/yr vs 1.01%/yr for WNTR.

Performance

GDXU vs. WNTR - 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 YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -65.52% return, which is significantly lower than WNTR's 8.06% return.

GDXU

• 1D: -1.15%
• 1M: -21.64%
• 6M: -71.92%
• YTD: -65.52%
• 1Y: 13.74%
• 3Y*: 31.30%
• 5Y*: -12.37%
• 10Y*: —

WNTR

• 1D: -0.43%
• 1M: 15.85%
• 6M: 10.45%
• YTD: 8.06%
• 1Y: 116.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDXU vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-65.52%	339.66%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between GDXU and WNTR is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.26
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.19

Return for Risk

GDXU vs. WNTR — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 18
GDXU Sharpe Ratio Rank: 12
GDXU Sortino Ratio Rank: 26
GDXU Omega Ratio Rank: 28
GDXU Calmar Ratio Rank: 12
GDXU Martin Ratio Rank: 12

WNTR

WNTR Risk / Return Rank: 65
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 63
WNTR Omega Ratio Rank: 67
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 49

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. WNTR - 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 YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.12	2.06	-1.94
Sortino ratio: Return per unit of downside risk	1.20	2.34	-1.14
Omega ratio: Gain probability vs. loss probability	1.16	1.32	-0.16
Calmar ratio: Return relative to maximum drawdown	0.21	2.60	-2.39
Martin ratio: Return relative to average drawdown	0.41	6.69	-6.27

GDXU vs. WNTR - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.12, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of GDXU and WNTR, 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. WNTR - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for GDXU and WNTR.

Drawdown Indicators

	GDXU	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-42.65%	-51.74%
Max Drawdown (1Y) Largest decline over 1 year	-85.21%	-42.65%	-42.56%
Max Drawdown (3Y) Largest decline over 3 years	-85.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.30%	—	—
Current Drawdown Current decline from peak	-84.00%	-11.84%	-72.16%
Average Drawdown Average peak-to-trough decline	-69.92%	-20.57%	-49.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.02%	16.58%	+27.44%

Volatility

GDXU vs. WNTR - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 47.20% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 18.80%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.20%	18.80%	+28.40%
Volatility (6M) Calculated over the trailing 6-month period	125.90%	47.57%	+78.33%
Volatility (1Y) Calculated over the trailing 1-year period	145.32%	53.81%	+91.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.87%	53.62%	+59.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	111.37%	53.62%	+57.75%

GDXU vs. WNTR - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

GDXU vs. WNTR - Dividend Comparison

GDXU has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 104.11%.

Position	TTM	2025
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%

Frequently Asked Questions

Can I hold both GDXU and WNTR in my portfolio?

GDXU and WNTR have a correlation of -0.26, 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 WNTR?

GDXU has higher volatility (47.20%) compared to WNTR (18.80%). In terms of maximum drawdown, GDXU dropped -94.39% vs WNTR's -42.65%.

Which ETF is better, GDXU or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 13.74% for GDXU. On fees, GDXU is cheaper at 0.95% per year. On volatility, WNTR has been the lower-risk option at 18.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXU or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 13.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXU or WNTR?

GDXU is cheaper with a 0.95% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 0.00% for GDXU.

What is the main difference between GDXU and WNTR?

GDXU is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: BMO and YieldMax. Their fees differ too: 0.95% for GDXU and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 0.12), 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.