GDXU vs. XAUUSD=X

Last updated Apr 3, 2026

Compare and contrast key facts about MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Gold Spot Price US Dollar (XAUUSD=X).

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.

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.

GDXU vs. XAUUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-10.52%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.66%
XAUUSD=X Gold Spot Price US Dollar	8.19%	64.75%	27.24%	13.14%	-0.25%	-3.50%	2.87%

Returns By Period

In the year-to-date period, GDXU achieves a -10.52% return, which is significantly lower than XAUUSD=X's 8.19% return.

GDXU

• 1D: -4.72%
• 1M: -37.51%
• YTD: -10.52%
• 6M: 4.32%
• 1Y: 270.85%
• 3Y*: 57.76%
• 5Y*: 5.16%
• 10Y*: —

XAUUSD=X

• 1D: -1.71%
• 1M: -8.10%
• YTD: 8.19%
• 6M: 21.27%
• 1Y: 49.22%
• 3Y*: 33.08%
• 5Y*: 21.93%
• 10Y*: 14.43%

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

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: 85
GDXU Sharpe Ratio Rank: 88
GDXU Sortino Ratio Rank: 84
GDXU Omega Ratio Rank: 82
GDXU Calmar Ratio Rank: 92
GDXU Martin Ratio Rank: 82

XAUUSD=X

XAUUSD=X Risk / Return Rank: 89
XAUUSD=X Sharpe Ratio Rank: 93
XAUUSD=X Sortino Ratio Rank: 91
XAUUSD=X Omega Ratio Rank: 91
XAUUSD=X Calmar Ratio Rank: 84
XAUUSD=X Martin Ratio Rank: 87

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	1.94	1.61	+0.33
Sortino ratio Return per unit of downside risk	2.34	2.08	+0.26
Omega ratio Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio Return relative to maximum drawdown	3.68	1.93	+1.75
Martin ratio Return relative to average drawdown	10.23	6.72	+3.51
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 1.94, which is comparable to the XAUUSD=X Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of GDXU and XAUUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GDXU	XAUUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.61	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	1.20	-1.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.59	-0.61

Correlation

The correlation between GDXU and XAUUSD=X is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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	-73.16%	-19.70%	-53.46%
Max Drawdown (5Y) Largest decline over 5 years	-93.34%	-20.81%	-72.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.35%	—
Current Drawdown Current decline from peak	-58.47%	-13.69%	-44.78%
Average Drawdown Average peak-to-trough decline	-69.96%	-16.32%	-53.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.33%	5.67%	+20.66%

Volatility

GDXU vs. XAUUSD=X - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a higher volatility of 53.03% compared to Gold Spot Price US Dollar (XAUUSD=X) at 9.69%. 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	53.03%	9.69%	+43.34%
Volatility (6M) Calculated over the trailing 6-month period	122.31%	21.25%	+101.06%
Volatility (1Y) Calculated over the trailing 1-year period	140.41%	23.73%	+116.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	109.00%	16.36%	+92.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	109.00%	15.04%	+93.96%