GDXU vs. XAUUSD=X
GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) 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 -12.43%/yr vs 17.44%/yr for XAUUSD=X. A 0.76 correlation means they provide meaningful diversification when combined.
Performance
GDXU vs. XAUUSD=X - Performance Comparison
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Returns By Period
In the year-to-date period, GDXU achieves a -67.81% return, which is significantly lower than XAUUSD=X's -6.37% return.
GDXU
- 1D
- -3.84%
- 1M
- -38.94%
- 6M
- -76.90%
- YTD
- -67.81%
- 1Y
- 11.64%
- 3Y*
- 21.62%
- 5Y*
- -12.43%
- 10Y*
- —
XAUUSD=X
- 1D
- -0.14%
- 1M
- -6.08%
- 6M
- -12.53%
- YTD
- -6.37%
- 1Y
- 21.74%
- 3Y*
- 27.45%
- 5Y*
- 17.44%
- 10Y*
- 11.71%
GDXU vs. XAUUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -67.81% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
XAUUSD=X Gold Spot Price US Dollar | -6.37% | 64.75% | 27.24% | 13.14% | -0.25% | -3.50% | 3.44% |
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 | 0.75 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 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.
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Return for Risk
GDXU vs. XAUUSD=X — Risk / Return Rank
GDXU
XAUUSD=X
GDXU vs. XAUUSD=X - 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 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.
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 | XAUUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.15 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 0.66 | -0.52 |
| Martin ratioReturn relative to average drawdown | 0.26 | 1.55 | -1.29 |
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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.
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Drawdown Indicators
| GDXU | XAUUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.39% | -44.69% | -49.70% |
Max Drawdown (1Y)Largest decline over 1 year | -85.40% | -26.19% | -59.21% |
Max Drawdown (3Y)Largest decline over 3 years | -85.40% | -26.19% | -59.21% |
Max Drawdown (5Y)Largest decline over 5 years | -91.30% | -26.19% | -65.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.19% | — |
Current DrawdownCurrent decline from peak | -85.06% | -25.31% | -59.75% |
Average DrawdownAverage peak-to-trough decline | -69.95% | -16.56% | -53.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.98% | 12.32% | +32.66% |
Volatility
GDXU vs. XAUUSD=X - Volatility Comparison
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 41.65% compared to Gold Spot Price US Dollar (XAUUSD=X) at 5.85%. 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.
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Volatility by Period
| GDXU | XAUUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 41.65% | 5.85% | +35.80% |
Volatility (6M)Calculated over the trailing 6-month period | 125.84% | 17.21% | +108.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 145.76% | 23.97% | +121.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.99% | 16.89% | +96.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 111.36% | 15.21% | +96.15% |
Frequently Asked Questions
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.
GDXU has higher volatility (41.65%) compared to XAUUSD=X (5.85%). In terms of maximum drawdown, GDXU dropped -94.39% vs XAUUSD=X's -44.69%.
XAUUSD=X currently has the higher Sharpe Ratio (0.72 vs 0.08), 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.
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