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GDXU vs. XGD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GDXU vs. XGD.TO

Last updated Jun 13, 2026

GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) and XGD.TO (iShares S&P/TSX Global Gold Index ETF) are both exchange-traded funds - GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index, while XGD.TO is a Precious Metals fund tracking the S&P/TSX Global Gold Index. Both are passively managed. Over the past 5 years, GDXU returned -14.73%/yr vs 17.61%/yr for XGD.TO. Their correlation of 0.91 suggests significant overlap in exposure. GDXU charges 0.95%/yr vs 0.61%/yr for XGD.TO.

Performance

GDXU vs. XGD.TO - 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 iShares S&P/TSX Global Gold Index ETF (XGD.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GDXU is traded in USD, while XGD.TO is traded in CAD. To make them comparable, the XGD.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GDXU achieves a -56.00% return, which is significantly lower than XGD.TO's -4.25% return.

GDXU

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

XGD.TO

1D
2.69%
1M
-16.52%
YTD
-4.25%
6M
-3.04%
1Y
55.75%
3Y*
39.72%
5Y*
17.61%
10Y*
13.23%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GDXU vs. XGD.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
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%
XGD.TO
iShares S&P/TSX Global Gold Index ETF		-4.25%156.14%10.29%6.44%-8.90%-5.76%-0.58%

Correlation

The correlation between GDXU and XGD.TO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.92

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

Correlation (5Y)
Calculated over the trailing 5-year period

0.91

Correlation (All Time)
Calculated using the full available price history since Dec 3, 2020

0.91

The correlation between GDXU and XGD.TO has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

GDXU vs. XGD.TO - Sectors Allocation Comparison

Sectors
GDXU
XGD.TO

Basic Materials

100.0%
100.0%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

GDXU
100.0%
XGD.TO
100.0%

Communication Services

GDXU

-

XGD.TO

-

Consumer Cyclical

GDXU

-

XGD.TO

-

Consumer Defensive

GDXU

-

XGD.TO

-

Energy

GDXU

-

XGD.TO

-

Financial Services

GDXU

-

XGD.TO

-

Healthcare

GDXU

-

XGD.TO

-

Industrials

GDXU

-

XGD.TO

-

Real Estate

GDXU

-

XGD.TO

-

Technology

GDXU

-

XGD.TO

-

Utilities

GDXU

-

XGD.TO

-

Compare stocks, funds, or ETFs

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MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040

iShares S&P/TSX Global Gold Index ETF

Often compared with GDXU:
GDXU vs. GDXGDXU vs. NUGTGDXU vs. GDXDGDXU vs. SHNYGDXU vs. XAUUSD=XGDXU vs. IAUMGDXU vs. DUST
Often compared with XGD.TO:
XGD.TO vs. CGL.TOXGD.TO vs. GLDXGD.TO vs. ZGD.TOXGD.TO vs. MNT.TOXGD.TO vs. BRK-BXGD.TO vs. ZGLD.TOXGD.TO vs. ZGLD.SW

Return for Risk

GDXU vs. XGD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GDXU
GDXU Risk / Return Rank: 1919
Overall Rank
GDXU Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
GDXU Sortino Ratio Rank: 2626
Sortino Ratio Rank
GDXU Omega Ratio Rank: 2929
Omega Ratio Rank
GDXU Calmar Ratio Rank: 1414
Calmar Ratio Rank
GDXU Martin Ratio Rank: 1414
Martin Ratio Rank
XGD.TO
XGD.TO Risk / Return Rank: 4040
Overall Rank
XGD.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
XGD.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
XGD.TO Omega Ratio Rank: 4343
Omega Ratio Rank
XGD.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XGD.TO Martin Ratio Rank: 3636
Martin Ratio Rank
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. XGD.TO - 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 iShares S&P/TSX Global Gold Index ETF (XGD.TO). 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.

GDXUXGD.TODifference
Sharpe ratioReturn per unit of total volatility
0.22
1.26

-1.04

Sortino ratioReturn per unit of downside risk
1.27
1.67

-0.40

Omega ratioGain probability vs. loss probability

1.18

1.24

-0.06

Calmar ratioReturn relative to maximum drawdown

0.37

1.63

-1.26

Martin ratioReturn relative to average drawdown

0.80

4.60

-3.80

GDXU vs. XGD.TO - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 0.22, which is lower than the XGD.TO Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of GDXU and XGD.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GDXU vs. XGD.TO - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than XGD.TO's maximum drawdown of -80.30%. Use the drawdown chart below to compare losses from any high point for GDXU and XGD.TO.

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Drawdown Indicators

GDXUXGD.TODifference

Max Drawdown

Largest peak-to-trough decline

-94.39%

-80.30%

-14.09%

Max Drawdown (1Y)

Largest decline over 1 year

-83.97%

-34.40%

-49.57%

Max Drawdown (3Y)

Largest decline over 3 years

-83.97%

-34.40%

-49.57%

Max Drawdown (5Y)

Largest decline over 5 years

-92.44%

-44.90%

-47.54%

Max Drawdown (10Y)

Largest decline over 10 years

—

-47.12%

—

Current Drawdown

Current decline from peak

-79.58%

-29.21%

-50.37%

Average Drawdown

Average peak-to-trough decline

-69.77%

-40.83%

-28.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

38.59%

12.14%

+26.45%

Volatility

GDXU vs. XGD.TO - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a higher volatility of 54.28% compared to iShares S&P/TSX Global Gold Index ETF (XGD.TO) at 16.16%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than XGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GDXUXGD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

54.28%

16.16%

+38.12%

Volatility (6M)

Calculated over the trailing 6-month period

123.72%

36.18%

+87.54%

Volatility (1Y)

Calculated over the trailing 1-year period

142.00%

44.61%

+97.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

111.92%

33.65%

+78.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

110.82%

34.19%

+76.63%

GDXU vs. XGD.TO - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is higher than XGD.TO's 0.61% expense ratio.

Dividends

GDXU vs. XGD.TO - Dividend Comparison

GDXU has not paid dividends to shareholders, while XGD.TO's dividend yield for the trailing twelve months is around 0.64%.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
XGD.TO
iShares S&P/TSX Global Gold Index ETF		0.64%0.62%0.93%1.49%1.77%1.38%0.35%0.54%0.25%0.14%0.10%0.57%

Frequently Asked Questions

With a correlation of 0.92, GDXU and XGD.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, XGD.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XGD.TO is cheaper with a 0.61% expense ratio, compared with 0.95% for GDXU.

GDXU is categorized as Leveraged Equities, while XGD.TO is Precious Metals. GDXU tracks S-Network MicroSectors Gold Miners Index, while XGD.TO tracks S&P/TSX Global Gold Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.95% for GDXU and 0.61% for XGD.TO.

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