SHNY vs. GDXD

Last updated Jun 25, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). Over the past 3 years, SHNY returned 44.67%/yr vs -83.73%/yr for GDXD. At a correlation of -0.80, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

SHNY vs. GDXD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHNY achieves a -40.16% return, which is significantly lower than GDXD's -37.38% return.

SHNY

• 1D: -9.07%
• 1M: -33.67%
• YTD: -40.16%
• 6M: -47.42%
• 1Y: 9.04%
• 3Y*: 44.67%
• 5Y*: —
• 10Y*: —

GDXD

• 1D: 12.00%
• 1M: 24.15%
• YTD: -37.38%
• 6M: -30.04%
• 1Y: -91.62%
• 3Y*: -83.73%
• 5Y*: -73.13%
• 10Y*: —

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

SHNY vs. GDXD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-40.16%	214.54%	50.30%	10.98%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-37.38%	-97.53%	-57.78%	-52.68%

Correlation

The correlation between SHNY and GDXD is -0.81, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.81
Correlation (3Y) Calculated over the trailing 3-year period	-0.80
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	-0.80

The correlation between SHNY and GDXD has been stable across timeframes, ranging from -0.81 to -0.80 - a consistent structural relationship.

Return for Risk

SHNY vs. GDXD — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 12
SHNY Sharpe Ratio Rank: 10
SHNY Sortino Ratio Rank: 15
SHNY Omega Ratio Rank: 16
SHNY Calmar Ratio Rank: 10
SHNY Martin Ratio Rank: 10

GDXD

GDXD Risk / Return Rank: 2
GDXD Sharpe Ratio Rank: 4
GDXD Sortino Ratio Rank: 1
GDXD Omega Ratio Rank: 2
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 4

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.

SHNY vs. GDXD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). 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.

	SHNY	GDXD	Difference
Sharpe ratio: Return per unit of total volatility	0.11	-0.64	+0.75
Sortino ratio: Return per unit of downside risk	0.71	-1.51	+2.22
Omega ratio: Gain probability vs. loss probability	1.10	0.84	+0.26
Calmar ratio: Return relative to maximum drawdown	0.13	-0.95	+1.08
Martin ratio: Return relative to average drawdown	0.31	-1.16	+1.47

SHNY vs. GDXD - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.11, which is higher than the GDXD Sharpe Ratio of -0.64. The chart below compares the historical Sharpe Ratios of SHNY and GDXD, 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

SHNY vs. GDXD - Drawdown Comparison

The maximum SHNY drawdown since its inception was -68.52%, smaller than the maximum GDXD drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for SHNY and GDXD.

Drawdown Indicators

	SHNY	GDXD	Difference
Max Drawdown Largest peak-to-trough decline	-68.52%	-99.96%	+31.44%
Max Drawdown (1Y) Largest decline over 1 year	-68.52%	-96.33%	+27.81%
Max Drawdown (3Y) Largest decline over 3 years	-68.52%	-99.86%	+31.34%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.96%	—
Current Drawdown Current decline from peak	-68.52%	-99.91%	+31.39%
Average Drawdown Average peak-to-trough decline	-15.71%	-72.08%	+56.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.27%	79.01%	-49.74%

Volatility

SHNY vs. GDXD - Volatility Comparison

The current volatility for MicroSectors Gold 3X Leveraged ETN (SHNY) is 25.74%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a volatility of 54.34%. This indicates that SHNY experiences smaller price fluctuations and is considered to be less risky than GDXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHNY	GDXD	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.74%	54.34%	-28.60%
Volatility (6M) Calculated over the trailing 6-month period	75.00%	118.05%	-43.05%
Volatility (1Y) Calculated over the trailing 1-year period	82.14%	143.79%	-61.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.43%	111.67%	-52.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.43%	110.70%	-51.27%

SHNY vs. GDXD - Expense Ratio Comparison

Both SHNY and GDXD have an expense ratio of 0.95%.

Dividends

SHNY vs. GDXD - Dividend Comparison

Neither SHNY nor GDXD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHNY and GDXD in my portfolio?

SHNY and GDXD 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.

Which is riskier, SHNY or GDXD?

GDXD has higher volatility (54.34%) compared to SHNY (25.74%). In terms of maximum drawdown, SHNY dropped -68.52% vs GDXD's -99.96%.

Which ETF is better, SHNY or GDXD?

On 3-year performance, SHNY leads with 44.67% vs -83.73% for GDXD. Both ETFs have the same 0.95% expense ratio. On volatility, SHNY has been the lower-risk option at 25.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or GDXD?

Over the 3-year period, SHNY has performed better with a 44.67% return vs -83.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or GDXD?

SHNY and GDXD have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, SHNY or GDXD?

SHNY and GDXD have nearly identical dividend yields, around 0.00%.

What is the main difference between SHNY and GDXD?

SHNY is categorized as Leveraged Commodities, while GDXD is Inverse Equities.

Which has better risk-adjusted returns?

SHNY currently has the higher Sharpe Ratio (0.11 vs -0.64), 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.