NRGD vs. GDXU

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) and MicroSectors Gold Miners 3X Leveraged ETN (GDXU).

NRGD and GDXU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NRGD is a passively managed fund by BMO that tracks the performance of the Solactive MicroSectors U.S. Big Oil Index (-300%). It was launched on Apr 9, 2019. 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. Both NRGD and GDXU 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

NRGD vs. GDXU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) and MicroSectors Gold Miners 3X Leveraged ETN (GDXU). The values are adjusted to include any dividend payments, if applicable.

NRGD vs. GDXU - Yearly Performance Comparison

	2026 (YTD)	2025
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-69.03%	-32.37%
GDXU MicroSectors Gold Miners 3X Leveraged ETN	-17.35%	399.00%

Returns By Period

In the year-to-date period, NRGD achieves a -69.03% return, which is significantly lower than GDXU's -17.35% return.

NRGD

• 1D: 5.43%
• 1M: -38.99%
• YTD: -69.03%
• 6M: -68.32%
• 1Y: -79.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GDXU

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

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

NRGD vs. GDXU - Expense Ratio Comparison

Both NRGD and GDXU have an expense ratio of 0.95%.

NRGD

MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN

GDXU

MicroSectors Gold Miners 3X Leveraged ETN

Return for Risk

NRGD vs. GDXU — Risk / Return Rank

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

NRGD

NRGD Risk / Return Rank: 1
NRGD Sharpe Ratio Rank: 1
NRGD Sortino Ratio Rank: 0
NRGD Omega Ratio Rank: 0
NRGD Calmar Ratio Rank: 0
NRGD Martin Ratio Rank: 2

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

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.

NRGD vs. GDXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) 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.

	NRGD	GDXU	Difference
Sharpe ratio Return per unit of total volatility	-0.89	1.71	-2.60
Sortino ratio Return per unit of downside risk	-1.86	2.24	-4.10
Omega ratio Gain probability vs. loss probability	0.79	1.33	-0.54
Calmar ratio Return relative to maximum drawdown	-0.89	3.32	-4.22
Martin ratio Return relative to average drawdown	-1.30	9.41	-10.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRGD vs. GDXU - Sharpe Ratio Comparison

The current NRGD Sharpe Ratio is -0.89, which is lower than the GDXU Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of NRGD and GDXU, 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

	NRGD	GDXU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	1.71	-2.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	-0.03	-0.84

Correlation

The correlation between NRGD and GDXU is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NRGD vs. GDXU - Dividend Comparison

Neither NRGD nor GDXU has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

NRGD vs. GDXU - Drawdown Comparison

The maximum NRGD drawdown since its inception was -89.38%, smaller than the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for NRGD and GDXU.

Drawdown Indicators

	NRGD	GDXU	Difference
Max Drawdown Largest peak-to-trough decline	-89.38%	-94.39%	+5.01%
Max Drawdown (1Y) Largest decline over 1 year	-89.38%	-73.16%	-16.22%
Max Drawdown (5Y) Largest decline over 5 years	—	-93.34%	—
Current Drawdown Current decline from peak	-88.63%	-61.64%	-26.99%
Average Drawdown Average peak-to-trough decline	-54.41%	-69.98%	+15.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.18%	25.85%	+35.33%

Volatility

NRGD vs. GDXU - Volatility Comparison

The current volatility for MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) is 19.52%, while MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a volatility of 57.72%. This indicates that NRGD 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

	NRGD	GDXU	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.52%	57.72%	-38.20%
Volatility (6M) Calculated over the trailing 6-month period	50.19%	121.60%	-71.41%
Volatility (1Y) Calculated over the trailing 1-year period	88.75%	139.74%	-50.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.55%	108.93%	-21.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.55%	108.91%	-21.36%