GDXU vs. ZGD.TO

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and BMO Equal Weight Global Gold Index ETF (ZGD.TO).

GDXU and ZGD.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. ZGD.TO is a passively managed fund by BMO that tracks the performance of the Solactive Equal Weight Global Gold Index. It was launched on Nov 14, 2012. Both GDXU and ZGD.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GDXU vs. ZGD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and BMO Equal Weight Global Gold Index ETF (ZGD.TO). The values are adjusted to include any dividend payments, if applicable.

GDXU vs. ZGD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-17.35%	796.47%	-18.60%	-21.36%	-62.82%	-54.93%	4.66%
ZGD.TO BMO Equal Weight Global Gold Index ETF	10.30%	183.60%	26.62%	12.68%	-8.84%	-11.93%	4.60%

Different Trading Currencies

GDXU is traded in USD, while ZGD.TO is traded in CAD. To make them comparable, the ZGD.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 -17.35% return, which is significantly lower than ZGD.TO's 10.30% return.

GDXU

• 1D: 21.36%
• 1M: -58.05%
• YTD: -17.35%
• 6M: -1.70%
• 1Y: 237.00%
• 3Y*: 56.52%
• 5Y*: 3.51%
• 10Y*: —

ZGD.TO

• 1D: 7.99%
• 1M: -20.21%
• YTD: 10.30%
• 6M: 31.88%
• 1Y: 131.73%
• 3Y*: 55.85%
• 5Y*: 32.25%
• 10Y*: 20.76%

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

GDXU vs. ZGD.TO - Expense Ratio Comparison

GDXU has a 0.95% expense ratio, which is higher than ZGD.TO's 0.60% expense ratio.

GDXU

MicroSectors Gold Miners 3X Leveraged ETN

ZGD.TO

BMO Equal Weight Global Gold Index ETF

Return for Risk

GDXU vs. ZGD.TO — Risk / Return Rank

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

GDXU

GDXU Risk / Return Rank: 87
GDXU Sharpe Ratio Rank: 86
GDXU Sortino Ratio Rank: 86
GDXU Omega Ratio Rank: 85
GDXU Calmar Ratio Rank: 93
GDXU Martin Ratio Rank: 85

ZGD.TO

ZGD.TO Risk / Return Rank: 95
ZGD.TO Sharpe Ratio Rank: 97
ZGD.TO Sortino Ratio Rank: 94
ZGD.TO Omega Ratio Rank: 94
ZGD.TO Calmar Ratio Rank: 96
ZGD.TO Martin Ratio Rank: 95

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. ZGD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and BMO Equal Weight Global Gold Index ETF (ZGD.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.

	GDXU	ZGD.TO	Difference
Sharpe ratio Return per unit of total volatility	1.71	2.80	-1.10
Sortino ratio Return per unit of downside risk	2.24	2.88	-0.64
Omega ratio Gain probability vs. loss probability	1.33	1.43	-0.11
Calmar ratio Return relative to maximum drawdown	3.32	4.34	-1.02
Martin ratio Return relative to average drawdown	9.41	15.69	-6.29
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. ZGD.TO - Sharpe Ratio Comparison

The current GDXU Sharpe Ratio is 1.71, which is lower than the ZGD.TO Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of GDXU and ZGD.TO, 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	ZGD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.71	2.80	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.85	-0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.53	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.22	-0.25

Correlation

The correlation between GDXU and ZGD.TO is 0.86, 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.

Dividends

GDXU vs. ZGD.TO - Dividend Comparison

GDXU has not paid dividends to shareholders, while ZGD.TO's dividend yield for the trailing twelve months is around 0.20%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDXU MicroSectors Gold Miners 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZGD.TO BMO Equal Weight Global Gold Index ETF	0.20%	0.22%	0.59%	0.76%	0.77%	0.38%	0.16%	1.20%	0.00%	0.00%	0.32%	0.46%

Drawdowns

GDXU vs. ZGD.TO - Drawdown Comparison

The maximum GDXU drawdown since its inception was -94.39%, which is greater than ZGD.TO's maximum drawdown of -71.35%. Use the drawdown chart below to compare losses from any high point for GDXU and ZGD.TO.

Drawdown Indicators

	GDXU	ZGD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-94.39%	-60.12%	-34.27%
Max Drawdown (1Y) Largest decline over 1 year	-73.16%	-30.15%	-43.01%
Max Drawdown (5Y) Largest decline over 5 years	-93.34%	-42.75%	-50.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-51.72%	—
Current Drawdown Current decline from peak	-61.64%	-18.77%	-42.87%
Average Drawdown Average peak-to-trough decline	-69.98%	-28.47%	-41.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.85%	8.30%	+17.55%

Volatility

GDXU vs. ZGD.TO - Volatility Comparison

MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a higher volatility of 57.72% compared to BMO Equal Weight Global Gold Index ETF (ZGD.TO) at 18.65%. This indicates that GDXU's price experiences larger fluctuations and is considered to be riskier than ZGD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDXU	ZGD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	57.72%	18.65%	+39.07%
Volatility (6M) Calculated over the trailing 6-month period	121.60%	38.66%	+82.94%
Volatility (1Y) Calculated over the trailing 1-year period	139.74%	47.25%	+92.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	108.93%	38.35%	+70.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.91%	39.66%	+69.25%