GLDI vs. GNT

Last updated Jun 4, 2026

GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) is Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index, while GNT (GAMCO Natural Resources, Gold & Income Trust) is a stock. Over the past 10 years, GLDI returned 8.99%/yr vs 9.75%/yr for GNT. At a 0.44 correlation, their price movements are largely independent.

Performance

GLDI vs. GNT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) and GAMCO Natural Resources, Gold & Income Trust (GNT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDI achieves a 2.06% return, which is significantly lower than GNT's 13.06% return. Over the past 10 years, GLDI has underperformed GNT with an annualized return of 8.99%, while GNT has yielded a comparatively higher 9.75% annualized return.

GLDI

• 1D: -0.81%
• 1M: 0.90%
• YTD: 2.06%
• 6M: 4.42%
• 1Y: 21.23%
• 3Y*: 19.54%
• 5Y*: 11.15%
• 10Y*: 8.99%

GNT

• 1D: -0.12%
• 1M: -0.26%
• YTD: 13.06%
• 6M: 16.47%
• 1Y: 38.72%
• 3Y*: 28.13%
• 5Y*: 14.82%
• 10Y*: 9.75%

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

GLDI vs. GNT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN	2.06%	34.25%	17.76%	8.93%	-1.11%	-3.42%	23.50%	14.40%	-0.54%	8.94%
GNT GAMCO Natural Resources, Gold & Income Trust	13.06%	52.39%	10.47%	7.79%	2.84%	12.01%	-5.47%	33.76%	-18.54%	9.73%

Correlation

The correlation between GLDI and GNT is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jan 30, 2013	0.44

The correlation between GLDI and GNT shifts across timeframes, from 0.43 (10 years) to 0.55 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLDI vs. GNT — Risk / Return Rank

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

GLDI

GLDI Risk / Return Rank: 38
GLDI Sharpe Ratio Rank: 40
GLDI Sortino Ratio Rank: 35
GLDI Omega Ratio Rank: 47
GLDI Calmar Ratio Rank: 31
GLDI Martin Ratio Rank: 38

GNT

GNT Risk / Return Rank: 81
GNT Sharpe Ratio Rank: 85
GNT Sortino Ratio Rank: 78
GNT Omega Ratio Rank: 81
GNT Calmar Ratio Rank: 78
GNT Martin Ratio Rank: 84

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.

GLDI vs. GNT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) and GAMCO Natural Resources, Gold & Income Trust (GNT). 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.

	GLDI	GNT	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.73	-0.27
Sortino ratio: Return per unit of downside risk	1.90	2.18	-0.29
Omega ratio: Gain probability vs. loss probability	1.30	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	1.55	2.47	-0.92
Martin ratio: Return relative to average drawdown	6.07	8.28	-2.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDI vs. GNT - Sharpe Ratio Comparison

The current GLDI Sharpe Ratio is 1.46, which is comparable to the GNT Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of GLDI and GNT, 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

	GLDI	GNT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.73	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.75	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.40	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.14	+0.22

Drawdowns

GLDI vs. GNT - Drawdown Comparison

The maximum GLDI drawdown since its inception was -32.26%, smaller than the maximum GNT drawdown of -68.55%. Use the drawdown chart below to compare losses from any high point for GLDI and GNT.

Drawdown Indicators

	GLDI	GNT	Difference
Max Drawdown Largest peak-to-trough decline	-32.26%	-68.55%	+36.29%
Max Drawdown (1Y) Largest decline over 1 year	-13.73%	-15.74%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.73%	-15.74%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-14.07%	-26.74%	+12.67%
Max Drawdown (10Y) Largest decline over 10 years	-14.94%	-58.63%	+43.69%
Current Drawdown Current decline from peak	-7.37%	-10.41%	+3.04%
Average Drawdown Average peak-to-trough decline	-14.00%	-25.57%	+11.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	4.69%	-1.19%

Volatility

GLDI vs. GNT - Volatility Comparison

The current volatility for Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) is 3.88%, while GAMCO Natural Resources, Gold & Income Trust (GNT) has a volatility of 5.58%. This indicates that GLDI experiences smaller price fluctuations and is considered to be less risky than GNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDI	GNT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.88%	5.58%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	12.87%	18.74%	-5.87%
Volatility (1Y) Calculated over the trailing 1-year period	14.57%	22.48%	-7.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.31%	19.78%	-8.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.35%	24.65%	-13.30%

Dividends

GLDI vs. GNT - Dividend Comparison

GLDI's dividend yield for the trailing twelve months is around 22.37%, more than GNT's 7.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN	22.37%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%
GNT GAMCO Natural Resources, Gold & Income Trust	7.50%	6.85%	7.37%	7.00%	7.03%	6.73%	9.39%	10.07%	12.12%	8.94%	12.59%	14.66%

Frequently Asked Questions

Can I hold both GLDI and GNT in my portfolio?

GLDI and GNT have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDI or GNT?

GNT has higher volatility (5.58%) compared to GLDI (3.88%). In terms of maximum drawdown, GLDI dropped -32.26% vs GNT's -68.55%.

Which has better risk-adjusted returns?

GNT currently has the higher Sharpe Ratio (1.73 vs 1.46), 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.