USML vs. GLDI
USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both exchange-traded funds - USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index, while GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 5 years, USML returned 7.28%/yr vs 11.32%/yr for GLDI. At a 0.17 correlation, their price movements are largely independent. USML charges 0.95%/yr vs 0.65%/yr for GLDI.
Performance
USML vs. GLDI - Performance Comparison
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Returns By Period
In the year-to-date period, USML achieves a -1.13% return, which is significantly higher than GLDI's -2.88% return.
USML
- 1D
- -0.13%
- 1M
- -4.97%
- YTD
- -1.13%
- 6M
- -2.30%
- 1Y
- 2.54%
- 3Y*
- 14.24%
- 5Y*
- 7.28%
- 10Y*
- —
GLDI
- 1D
- -0.50%
- 1M
- -5.67%
- YTD
- -2.88%
- 6M
- -3.64%
- 1Y
- 14.20%
- 3Y*
- 18.11%
- 5Y*
- 11.32%
- 10Y*
- 8.00%
USML vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | -1.13% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -2.88% | 34.25% | 17.76% | 8.93% | -1.11% | 1.38% |
Correlation
The correlation between USML and GLDI is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021 | 0.17 |
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Return for Risk
USML vs. GLDI — Risk / Return Rank
USML
GLDI
USML vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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.
| USML | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.19 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 1.01 | -0.81 |
| Martin ratioReturn relative to average drawdown | 0.57 | 3.38 | -2.81 |
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Drawdowns
USML vs. GLDI - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for USML and GLDI.
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Drawdown Indicators
| USML | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -32.26% | -3.08% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -14.14% | +1.05% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -14.14% | -5.00% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | -14.14% | -21.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.94% | — |
Current DrawdownCurrent decline from peak | -7.52% | -11.85% | +4.33% |
Average DrawdownAverage peak-to-trough decline | -10.36% | -13.99% | +3.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.47% | 4.21% | +0.26% |
Volatility
USML vs. GLDI - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 4.75%, while UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) has a volatility of 7.07%. This indicates that USML experiences smaller price fluctuations and is considered to be less risky than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USML | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.75% | 7.07% | -2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 11.78% | 14.49% | -2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.55% | 15.94% | +0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.48% | 11.55% | +12.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.23% | 11.53% | +12.70% |
USML vs. GLDI - Expense Ratio Comparison
USML has a 0.95% expense ratio, which is higher than GLDI's 0.65% expense ratio.
Dividends
USML vs. GLDI - Dividend Comparison
USML has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 26.24%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.24% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USML and GLDI have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDI has higher volatility (7.07%) compared to USML (4.75%). In terms of maximum drawdown, USML dropped -35.34% vs GLDI's -32.26%.
On 5-year performance, GLDI leads with 11.32% vs 7.28% for USML. On fees, GLDI is cheaper at 0.65% per year. On volatility, USML has been the lower-risk option at 4.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDI has performed better with a 11.32% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI is cheaper with a 0.65% expense ratio, compared with 0.95% for USML.
GLDI has the higher dividend yield at 26.24%, compared with 0.00% for USML.
USML is categorized as Leveraged Equities, while GLDI is Gold. USML tracks MSCI USA Minimum Volatility Index, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. Their fees differ too: 0.95% for USML and 0.65% for GLDI.
GLDI currently has the higher Sharpe Ratio (0.90 vs 0.15), 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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