GDXU vs. XAUUSD=X

Last updated Jun 6, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETN) is Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while XAUUSD=X (Gold Spot Price US Dollar) is a currency. Over the past 5 years, GDXU returned -15.65%/yr vs 18.01%/yr for XAUUSD=X. A 0.76 correlation means they provide meaningful diversification when combined.

Performance

GDXU vs. XAUUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Gold Spot Price US Dollar (XAUUSD=X). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDXU achieves a -57.24% return, which is significantly lower than XAUUSD=X's 0.12% return.

GDXU

• 1D: -26.76%
• 1M: -45.48%
• YTD: -57.24%
• 6M: -49.69%
• 1Y: 27.82%
• 3Y*: 32.66%
• 5Y*: -15.65%
• 10Y*: —

XAUUSD=X

• 1D: -3.29%
• 1M: -7.74%
• YTD: 0.12%
• 6M: 3.08%
• 1Y: 29.08%
• 3Y*: 30.14%
• 5Y*: 18.01%
• 10Y*: 13.28%

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

GDXU vs. XAUUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-57.24%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.66%
XAUUSD=X Gold Spot Price US Dollar	0.12%	64.75%	27.24%	13.14%	-0.25%	-3.50%	2.87%

Correlation

The correlation between GDXU and XAUUSD=X is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Dec 4, 2020	0.76

The correlation between GDXU and XAUUSD=X has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

Return for Risk

GDXU vs. XAUUSD=X — 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: 23
GDXU Omega Ratio Rank: 26
GDXU Calmar Ratio Rank: 13
GDXU Martin Ratio Rank: 13

XAUUSD=X

XAUUSD=X Risk / Return Rank: 78
XAUUSD=X Sharpe Ratio Rank: 81
XAUUSD=X Sortino Ratio Rank: 77
XAUUSD=X Omega Ratio Rank: 82
XAUUSD=X Calmar Ratio Rank: 75
XAUUSD=X Martin Ratio Rank: 74

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. XAUUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Gold Spot Price US Dollar (XAUUSD=X). 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	XAUUSD=X	Difference
Sharpe ratio: Return per unit of total volatility	0.20	1.00	-0.80
Sortino ratio: Return per unit of downside risk	1.24	1.37	-0.13
Omega ratio: Gain probability vs. loss probability	1.17	1.21	-0.03
Calmar ratio: Return relative to maximum drawdown	0.35	1.14	-0.79
Martin ratio: Return relative to average drawdown	0.76	2.87	-2.12
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. XAUUSD=X - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.20, which is lower than the XAUUSD=X Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of GDXU and XAUUSD=X, 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	XAUUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	1.00	-0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.97	-1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	0.58	-0.71

Drawdowns

GDXU vs. XAUUSD=X - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than XAUUSD=X's maximum drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for GDXU and XAUUSD=X.

Drawdown Indicators

	GDXU	XAUUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-44.69%	-49.70%
Max Drawdown (1Y) Largest decline over 1 year	-80.15%	-20.13%	-60.02%
Max Drawdown (3Y) Largest decline over 3 years	-80.15%	-20.13%	-60.02%
Max Drawdown (5Y) Largest decline over 5 years	-92.93%	-20.81%	-72.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.35%	—
Current Drawdown Current decline from peak	-80.15%	-20.13%	-60.02%
Average Drawdown Average peak-to-trough decline	-69.78%	-16.42%	-53.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.86%	8.77%	+28.09%

Volatility

GDXU vs. XAUUSD=X - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a higher volatility of 50.45% compared to Gold Spot Price US Dollar (XAUUSD=X) at 5.61%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than XAUUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	XAUUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	50.45%	5.61%	+44.84%
Volatility (6M) Calculated over the trailing 6-month period	122.04%	21.67%	+100.37%
Volatility (1Y) Calculated over the trailing 1-year period	140.24%	22.90%	+117.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	111.46%	16.58%	+94.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.56%	15.11%	+95.45%

Frequently Asked Questions

Can I hold both GDXU and XAUUSD=X in my portfolio?

GDXU and XAUUSD=X have a correlation of 0.72, 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 XAUUSD=X?

GDXU has higher volatility (50.45%) compared to XAUUSD=X (5.61%). In terms of maximum drawdown, GDXU dropped -94.39% vs XAUUSD=X's -44.69%.

Which has better risk-adjusted returns?

XAUUSD=X currently has the higher Sharpe Ratio (1.00 vs 0.20), 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.