NIOBW vs. GDXU

Last updated Jun 4, 2026

NIOBW (NioCorp Developments Ltd. Warrant) is a stock, while GDXU (MicroSectors Gold Miners 3X Leveraged ETN) is Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index. Over the past 3 years, NIOBW returned 34.72%/yr vs 46.61%/yr for GDXU. At a 0.07 correlation, their price movements are largely independent.

Performance

NIOBW vs. GDXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NioCorp Developments Ltd. Warrant (NIOBW) and MicroSectors Gold Miners 3X Leveraged ETN (GDXU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NIOBW achieves a -6.99% return, which is significantly higher than GDXU's -43.81% return.

NIOBW

• 1D: -10.37%
• 1M: -8.95%
• YTD: -6.99%
• 6M: -19.16%
• 1Y: 302.33%
• 3Y*: 34.72%
• 5Y*: —
• 10Y*: —

GDXU

• 1D: -10.63%
• 1M: -11.26%
• YTD: -43.81%
• 6M: -33.96%
• 1Y: 72.31%
• 3Y*: 46.61%
• 5Y*: -10.91%
• 10Y*: —

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

NIOBW vs. GDXU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NIOBW NioCorp Developments Ltd. Warrant	-6.99%	1,900.00%	-82.45%	-28.85%
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-43.81%	796.47%	-18.60%	-19.52%

Correlation

The correlation between NIOBW and GDXU is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023	0.07

The correlation between NIOBW and GDXU shifts across timeframes, from 0.07 (3 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NIOBW vs. GDXU — Risk / Return Rank

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

NIOBW

NIOBW Risk / Return Rank: 85
NIOBW Sharpe Ratio Rank: 89
NIOBW Sortino Ratio Rank: 86
NIOBW Omega Ratio Rank: 83
NIOBW Calmar Ratio Rank: 89
NIOBW Martin Ratio Rank: 79

GDXU

GDXU Risk / Return Rank: 23
GDXU Sharpe Ratio Rank: 17
GDXU Sortino Ratio Rank: 28
GDXU Omega Ratio Rank: 31
GDXU Calmar Ratio Rank: 22
GDXU Martin Ratio Rank: 18

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.

NIOBW vs. GDXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NioCorp Developments Ltd. Warrant (NIOBW) and MicroSectors Gold Miners 3X Leveraged ETN (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.

	NIOBW	GDXU	Difference
Sharpe ratio Return per unit of total volatility	2.10	0.53	+1.57
Sortino ratio Return per unit of downside risk	2.77	1.53	+1.24
Omega ratio Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio Return relative to maximum drawdown	4.22	0.98	+3.24
Martin ratio Return relative to average drawdown	6.36	2.00	+4.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NIOBW vs. GDXU - Sharpe Ratio Comparison

The current NIOBW Sharpe Ratio is 2.10, which is higher than the GDXU Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of NIOBW 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.

Sharpe Ratios by Period

	NIOBW	GDXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.10	0.53	+1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	-0.09	+0.25

Drawdowns

NIOBW vs. GDXU - Drawdown Comparison

The maximum NIOBW drawdown since its inception was -90.00%, roughly equal to the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for NIOBW and GDXU.

Drawdown Indicators

	NIOBW	GDXU	Difference
Max Drawdown Largest peak-to-trough decline	-90.00%	-94.39%	+4.39%
Max Drawdown (1Y) Largest decline over 1 year	-72.12%	-73.99%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-89.30%	-73.99%	-15.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-92.93%	—
Current Drawdown Current decline from peak	-66.73%	-73.92%	+7.19%
Average Drawdown Average peak-to-trough decline	-50.11%	-69.77%	+19.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.79%	36.23%	+11.56%

Volatility

NIOBW vs. GDXU - Volatility Comparison

The current volatility for NioCorp Developments Ltd. Warrant (NIOBW) is 36.63%, while MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a volatility of 46.45%. This indicates that NIOBW 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

	NIOBW	GDXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.63%	46.45%	-9.82%
Volatility (6M) Calculated over the trailing 6-month period	83.52%	118.07%	-34.55%
Volatility (1Y) Calculated over the trailing 1-year period	145.26%	137.57%	+7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	191.87%	110.85%	+81.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.87%	110.02%	+81.85%

Dividends

NIOBW vs. GDXU - Dividend Comparison

Neither NIOBW nor GDXU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NIOBW and GDXU in my portfolio?

NIOBW and GDXU have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NIOBW or GDXU?

GDXU has higher volatility (46.45%) compared to NIOBW (36.63%). In terms of maximum drawdown, NIOBW dropped -90.00% vs GDXU's -94.39%.

Which has better risk-adjusted returns?

NIOBW currently has the higher Sharpe Ratio (2.10 vs 0.53), 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.