IAUM vs. GDXU
IAUM (iShares Gold Trust Micro) and GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, while GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index. Both are passively managed. Over the past 5 years, IAUM returned 16.97%/yr vs -14.43%/yr for GDXU. A 0.80 correlation means they provide meaningful diversification when combined. IAUM charges 0.09%/yr vs 0.95%/yr for GDXU.
Performance
IAUM vs. GDXU - Performance Comparison
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Returns By Period
In the year-to-date period, IAUM achieves a -7.79% return, which is significantly higher than GDXU's -71.32% return.
IAUM
- 1D
- -1.91%
- 1M
- -8.20%
- 6M
- -13.64%
- YTD
- -7.79%
- 1Y
- 18.79%
- 3Y*
- 26.61%
- 5Y*
- 16.97%
- 10Y*
- —
GDXU
- 1D
- -10.90%
- 1M
- -49.20%
- 6M
- -79.56%
- YTD
- -71.32%
- 1Y
- -1.06%
- 3Y*
- 16.90%
- 5Y*
- -14.43%
- 10Y*
- —
IAUM vs. GDXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IAUM iShares Gold Trust Micro | -7.79% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -71.32% | 796.47% | -18.60% | -21.36% | -62.82% | -28.27% |
Correlation
The correlation between IAUM and GDXU is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021 | 0.80 |
The correlation between IAUM and GDXU has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.
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Return for Risk
IAUM vs. GDXU — Risk / Return Rank
IAUM
GDXU
IAUM vs. GDXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust Micro (IAUM) and MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU). 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.
| IAUM | GDXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | -0.01 | +0.73 |
| Martin ratioReturn relative to average drawdown | 1.71 | -0.02 | +1.74 |
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Drawdowns
IAUM vs. GDXU - Drawdown Comparison
The maximum IAUM drawdown since its inception was -26.31%, smaller than the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for IAUM and GDXU.
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Drawdown Indicators
| IAUM | GDXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.31% | -94.39% | +68.08% |
Max Drawdown (1Y)Largest decline over 1 year | -26.31% | -86.69% | +60.38% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -86.69% | +60.38% |
Max Drawdown (5Y)Largest decline over 5 years | -26.31% | -91.30% | +64.99% |
Current DrawdownCurrent decline from peak | -26.31% | -86.69% | +60.38% |
Average DrawdownAverage peak-to-trough decline | -5.70% | -69.96% | +64.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.00% | 45.31% | -34.31% |
Volatility
IAUM vs. GDXU - Volatility Comparison
The current volatility for iShares Gold Trust Micro (IAUM) is 6.52%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 37.34%. This indicates that IAUM experiences smaller price fluctuations and is considered to be less risky than GDXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IAUM | GDXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.52% | 37.34% | -30.82% |
Volatility (6M)Calculated over the trailing 6-month period | 23.92% | 126.24% | -102.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.68% | 146.12% | -118.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.25% | 113.02% | -94.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.18% | 111.42% | -93.24% |
IAUM vs. GDXU - Expense Ratio Comparison
IAUM has a 0.09% expense ratio, which is lower than GDXU's 0.95% expense ratio.
Dividends
IAUM vs. GDXU - Dividend Comparison
Neither IAUM nor GDXU has paid dividends to shareholders.
Frequently Asked Questions
IAUM and GDXU have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (37.34%) compared to IAUM (6.52%). In terms of maximum drawdown, IAUM dropped -26.31% vs GDXU's -94.39%.
On 5-year performance, IAUM leads with 16.97% vs -14.43% for GDXU. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IAUM has performed better with a 16.97% return vs -14.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.95% for GDXU.
IAUM and GDXU have nearly identical dividend yields, around 0.00%.
IAUM is categorized as Gold, while GDXU is Leveraged Equities. IAUM tracks LBMA Gold Price PM, while GDXU tracks S-Network MicroSectors Gold Miners Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.09% for IAUM and 0.95% for GDXU.
IAUM currently has the higher Sharpe Ratio (0.68 vs -0.01), 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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