XAUUSD=X vs. GDXU
XAUUSD=X (Gold Spot Price US Dollar) is a currency, 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, XAUUSD=X returned 17.70%/yr vs -12.23%/yr for GDXU. A 0.76 correlation means they provide meaningful diversification when combined.
Performance
XAUUSD=X vs. GDXU - Performance Comparison
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Returns By Period
In the year-to-date period, XAUUSD=X achieves a -6.92% return, which is significantly higher than GDXU's -64.44% return.
XAUUSD=X
- 1D
- 0.60%
- 1M
- -10.74%
- YTD
- -6.92%
- 6M
- -10.77%
- 1Y
- 20.75%
- 3Y*
- 27.90%
- 5Y*
- 17.70%
- 10Y*
- 11.77%
GDXU
- 1D
- 4.85%
- 1M
- -45.28%
- YTD
- -64.44%
- 6M
- -69.38%
- 1Y
- 19.80%
- 3Y*
- 32.85%
- 5Y*
- -12.23%
- 10Y*
- —
XAUUSD=X vs. GDXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XAUUSD=X Gold Spot Price US Dollar | -6.92% | 64.75% | 27.24% | 13.14% | -0.25% | -3.50% | 3.44% |
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -64.44% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
Correlation
The correlation between XAUUSD=X and GDXU is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.76 |
The correlation between XAUUSD=X and GDXU has been stable across timeframes, ranging from 0.71 to 0.76 - a consistent structural relationship.
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Return for Risk
XAUUSD=X vs. GDXU — Risk / Return Rank
XAUUSD=X
GDXU
XAUUSD=X vs. GDXU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gold Spot Price US Dollar (XAUUSD=X) 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.
| XAUUSD=X | GDXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.16 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.24 | +0.39 |
| Martin ratioReturn relative to average drawdown | 1.73 | 0.49 | +1.25 |
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Drawdowns
XAUUSD=X vs. GDXU - Drawdown Comparison
The maximum XAUUSD=X drawdown since its inception was -44.69%, smaller than the maximum GDXU drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for XAUUSD=X and GDXU.
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Drawdown Indicators
| XAUUSD=X | GDXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.69% | -94.39% | +49.70% |
Max Drawdown (1Y)Largest decline over 1 year | -26.19% | -84.26% | +58.07% |
Max Drawdown (3Y)Largest decline over 3 years | -26.19% | -84.26% | +58.07% |
Max Drawdown (5Y)Largest decline over 5 years | -26.19% | -91.30% | +65.11% |
Max Drawdown (10Y)Largest decline over 10 years | -26.19% | — | — |
Current DrawdownCurrent decline from peak | -25.74% | -83.50% | +57.76% |
Average DrawdownAverage peak-to-trough decline | -16.49% | -69.82% | +53.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.53% | 40.80% | -30.27% |
Volatility
XAUUSD=X vs. GDXU - Volatility Comparison
The current volatility for Gold Spot Price US Dollar (XAUUSD=X) is 8.40%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 54.90%. This indicates that XAUUSD=X 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.
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Volatility by Period
| XAUUSD=X | GDXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 54.90% | -46.50% |
Volatility (6M)Calculated over the trailing 6-month period | 21.67% | 126.32% | -104.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.76% | 144.77% | -121.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.81% | 112.57% | -95.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.18% | 111.32% | -96.14% |
Frequently Asked Questions
XAUUSD=X and GDXU have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (54.90%) compared to XAUUSD=X (8.40%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs GDXU's -94.39%.
XAUUSD=X currently has the higher Sharpe Ratio (0.69 vs 0.14), 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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