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 17.76%/yr vs -10.60%/yr for GDXU. Their 0.76 correlation means they have sometimes moved together and sometimes differently.
Performance
XAUUSD=X vs. GDXU - Performance Comparison
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Returns By Period
In the year-to-date period, XAUUSD=X achieves a -5.50% return, which is significantly higher than GDXU's -64.09% return.
XAUUSD=X
- 1D
- 0.73%
- 1M
- -1.88%
- 6M
- -17.43%
- YTD
- -5.50%
- 1Y
- 21.08%
- 3Y*
- 28.12%
- 5Y*
- 17.76%
- 10Y*
- 11.82%
- ALL TIME*
- 9.93%
GDXU
- 1D
- 7.92%
- 1M
- -8.65%
- 6M
- -72.51%
- YTD
- -64.09%
- 1Y
- 11.75%
- 3Y*
- 37.83%
- 5Y*
- -10.60%
- 10Y*
- —
- ALL TIME*
- -16.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $105.89M | $107.55M | $168.52M | |
XAUUSD=X Gold Spot Price US Dollar | $2.28B | $2.48B | $2.72B |
XAUUSD=X vs. GDXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XAUUSD=X Gold Spot Price US Dollar | -5.50% | 64.75% | 27.24% | 13.14% | -0.25% | -3.50% | 3.44% |
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -64.09% | 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 have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.71 |
Correlation (3Y) Balances recent behavior with more history. | 0.74 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.76 |
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 | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.15 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.14 | +0.49 |
| Martin ratioReturn relative to average drawdown | 1.33 | 0.24 | +1.09 |
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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 | -26.61% | -87.14% | +60.53% |
Max Drawdown (3Y)Largest decline over 3 years | -26.61% | -87.14% | +60.53% |
Max Drawdown (5Y)Largest decline over 5 years | -26.61% | -91.30% | +64.69% |
Max Drawdown (10Y)Largest decline over 10 years | -26.61% | — | — |
Current DrawdownCurrent decline from peak | -24.61% | -83.33% | +58.72% |
Average DrawdownAverage peak-to-trough decline | -16.65% | -70.10% | +53.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.95% | 49.21% | -35.26% |
Volatility
XAUUSD=X vs. GDXU - Volatility Comparison
The current volatility for Gold Spot Price US Dollar (XAUUSD=X) is 5.31%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 38.36%. 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 | 5.31% | 38.36% | -33.05% |
Volatility (6M)Calculated over the trailing 6-month period | 16.32% | 117.20% | -100.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.07% | 147.65% | -123.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.96% | 113.58% | -96.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.24% | 111.57% | -96.33% |
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 (38.36%) compared to XAUUSD=X (5.31%). 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 0.08), 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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