III.L vs. GDXU

Last updated Jun 13, 2026

III.L (3I Group plc) is a stock, while GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) is Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index. Over the past 5 years, III.L returned 16.34%/yr vs -13.84%/yr for GDXU. At a 0.12 correlation, their price movements are largely independent.

Performance

III.L vs. GDXU - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in 3I Group plc (III.L) and MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

III.L is traded in GBp, while GDXU is traded in USD. To make them comparable, the GDXU values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, III.L achieves a -29.24% return, which is significantly higher than GDXU's -55.78% return.

III.L

• 1D: 3.78%
• 1M: -4.63%
• YTD: -29.24%
• 6M: -26.18%
• 1Y: -43.66%
• 3Y*: 7.01%
• 5Y*: 16.34%
• 10Y*: 19.84%

GDXU

• 1D: 8.94%
• 1M: -49.67%
• YTD: -55.78%
• 6M: -56.03%
• 1Y: 33.03%
• 3Y*: 35.09%
• 5Y*: -13.84%
• 10Y*: —

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

III.L vs. GDXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
III.L 3I Group plc	-29.24%	-6.44%	50.11%	85.46%	-3.46%	28.99%	6.53%
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040	-55.78%	732.60%	-17.18%	-25.29%	-58.40%	-54.51%	2.70%

Correlation

The correlation between III.L and GDXU is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.12

Return for Risk

III.L vs. GDXU — Risk / Return Rank

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

III.L

III.L Risk / Return Rank: 7
III.L Sharpe Ratio Rank: 5
III.L Sortino Ratio Rank: 8
III.L Omega Ratio Rank: 6
III.L Calmar Ratio Rank: 11
III.L Martin Ratio Rank: 4

GDXU

GDXU Risk / Return Rank: 19
GDXU Sharpe Ratio Rank: 13
GDXU Sortino Ratio Rank: 26
GDXU Omega Ratio Rank: 29
GDXU Calmar Ratio Rank: 14
GDXU Martin Ratio Rank: 14

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.

III.L vs. GDXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 3I Group plc (III.L) 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.

	III.L	GDXU	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	0.24	-1.24
Sortino ratio: Return per unit of downside risk	-1.34	1.28	-2.61
Omega ratio: Gain probability vs. loss probability	0.80	1.18	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.82	0.40	-1.22
Martin ratio: Return relative to average drawdown	-1.63	0.87	-2.50

III.L vs. GDXU - Sharpe Ratio Comparison

The current III.L Sharpe Ratio is -1.00, which is lower than the GDXU Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of III.L and GDXU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

III.L vs. GDXU - Drawdown Comparison

The maximum III.L drawdown since its inception was -84.90%, smaller than the maximum GDXU drawdown of -93.96%. Use the drawdown chart below to compare losses from any high point for III.L and GDXU.

Drawdown Indicators

	III.L	GDXU	Difference
Max Drawdown Largest peak-to-trough decline	-84.90%	-93.96%	+9.06%
Max Drawdown (1Y) Largest decline over 1 year	-52.78%	-83.45%	+30.67%
Max Drawdown (3Y) Largest decline over 3 years	-52.78%	-83.45%	+30.67%
Max Drawdown (5Y) Largest decline over 5 years	-52.78%	-91.58%	+38.80%
Max Drawdown (10Y) Largest decline over 10 years	-52.78%	—	—
Current Drawdown Current decline from peak	-47.63%	-78.97%	+31.34%
Average Drawdown Average peak-to-trough decline	-23.08%	-68.97%	+45.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.82%	37.88%	-11.06%

Volatility

III.L vs. GDXU - Volatility Comparison

The current volatility for 3I Group plc (III.L) is 19.01%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 53.28%. This indicates that III.L 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.

Volatility by Period

	III.L	GDXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.01%	53.28%	-34.27%
Volatility (6M) Calculated over the trailing 6-month period	37.16%	121.48%	-84.32%
Volatility (1Y) Calculated over the trailing 1-year period	43.35%	139.86%	-96.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.78%	108.32%	-77.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.35%	107.33%	-76.98%

Dividends

III.L vs. GDXU - Dividend Comparison

III.L's dividend yield for the trailing twelve months is around 3.42%, while GDXU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
III.L 3I Group plc	3.42%	2.42%	1.82%	2.32%	3.76%	2.78%	3.02%	3.42%	4.78%	2.90%	3.41%	2.37%

Frequently Asked Questions

Can I hold both III.L and GDXU in my portfolio?

III.L and GDXU have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.