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XGD.TO vs. GDXU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XGD.TO vs. GDXU

Last updated Jun 13, 2026

XGD.TO (iShares S&P/TSX Global Gold Index ETF) and GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) are both exchange-traded funds - XGD.TO is a Precious Metals fund tracking the S&P/TSX Global Gold Index, while GDXU is a Leveraged Equities fund tracking the S-Network MicroSectors Gold Miners Index. Both are passively managed. Over the past 5 years, XGD.TO returned 21.08%/yr vs -12.21%/yr for GDXU. Their correlation of 0.93 suggests significant overlap in exposure. XGD.TO charges 0.61%/yr vs 0.95%/yr for GDXU.

Performance

XGD.TO vs. GDXU - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Global Gold Index ETF (XGD.TO) and MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XGD.TO is traded in CAD, while GDXU is traded in USD. To make them comparable, the GDXU values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XGD.TO achieves a -2.21% return, which is significantly higher than GDXU's -55.06% return.

XGD.TO

1D
2.99%
1M
-14.75%
YTD
-2.21%
6M
-1.55%
1Y
59.41%
3Y*
41.86%
5Y*
21.08%
10Y*
14.21%

GDXU

1D
9.16%
1M
-49.06%
YTD
-55.06%
6M
-55.24%
1Y
34.03%
3Y*
39.98%
5Y*
-12.21%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XGD.TO vs. GDXU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
XGD.TO
iShares S&P/TSX Global Gold Index ETF		-2.21%144.45%19.63%3.91%-3.13%-5.81%-1.98%
GDXU
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040		-55.06%755.54%-11.71%-23.23%-60.46%-54.96%2.98%

Correlation

The correlation between XGD.TO and GDXU is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Dec 3, 2020

0.93

The correlation between XGD.TO and GDXU has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

XGD.TO vs. GDXU - Sectors Allocation Comparison

Sectors
XGD.TO
GDXU

Basic Materials

100.0%
100.0%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

XGD.TO
100.0%
GDXU
100.0%

Communication Services

XGD.TO

-

GDXU

-

Consumer Cyclical

XGD.TO

-

GDXU

-

Consumer Defensive

XGD.TO

-

GDXU

-

Energy

XGD.TO

-

GDXU

-

Financial Services

XGD.TO

-

GDXU

-

Healthcare

XGD.TO

-

GDXU

-

Industrials

XGD.TO

-

GDXU

-

Real Estate

XGD.TO

-

GDXU

-

Technology

XGD.TO

-

GDXU

-

Utilities

XGD.TO

-

GDXU

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX Global Gold Index ETF

MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040

Often compared with XGD.TO:
XGD.TO vs. CGL.TOXGD.TO vs. GLDXGD.TO vs. ZGD.TOXGD.TO vs. MNT.TOXGD.TO vs. BRK-BXGD.TO vs. ZGLD.TOXGD.TO vs. ZGLD.SW
Often compared with GDXU:
GDXU vs. GDXGDXU vs. NUGTGDXU vs. GDXDGDXU vs. SHNYGDXU vs. XAUUSD=XGDXU vs. IAUMGDXU vs. DUST

Return for Risk

XGD.TO vs. GDXU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XGD.TO
XGD.TO Risk / Return Rank: 4040
Overall Rank
XGD.TO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
XGD.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
XGD.TO Omega Ratio Rank: 4343
Omega Ratio Rank
XGD.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XGD.TO Martin Ratio Rank: 3636
Martin Ratio Rank
GDXU
GDXU Risk / Return Rank: 1919
Overall Rank
GDXU Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
GDXU Sortino Ratio Rank: 2626
Sortino Ratio Rank
GDXU Omega Ratio Rank: 2929
Omega Ratio Rank
GDXU Calmar Ratio Rank: 1414
Calmar Ratio Rank
GDXU Martin Ratio Rank: 1414
Martin Ratio Rank
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.

XGD.TO vs. GDXU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Gold Index ETF (XGD.TO) 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.

XGD.TOGDXUDifference
Sharpe ratioReturn per unit of total volatility
1.35
0.24

+1.11

Sortino ratioReturn per unit of downside risk
1.75
1.30

+0.46

Omega ratioGain probability vs. loss probability

1.25

1.18

+0.07

Calmar ratioReturn relative to maximum drawdown

1.81

0.41

+1.40

Martin ratioReturn relative to average drawdown

5.00

0.89

+4.11

XGD.TO vs. GDXU - Sharpe Ratio Comparison

The current XGD.TO Sharpe Ratio is 1.35, which is higher than the GDXU Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of XGD.TO and GDXU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XGD.TO vs. GDXU - Drawdown Comparison

The maximum XGD.TO drawdown since its inception was -72.56%, smaller than the maximum GDXU drawdown of -94.06%. Use the drawdown chart below to compare losses from any high point for XGD.TO and GDXU.

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Drawdown Indicators

XGD.TOGDXUDifference

Max Drawdown

Largest peak-to-trough decline

-72.56%

-94.06%

+21.50%

Max Drawdown (1Y)

Largest decline over 1 year

-33.06%

-83.54%

+50.48%

Max Drawdown (3Y)

Largest decline over 3 years

-33.06%

-83.54%

+50.48%

Max Drawdown (5Y)

Largest decline over 5 years

-40.82%

-91.59%

+50.77%

Max Drawdown (10Y)

Largest decline over 10 years

-46.96%

—

—

Current Drawdown

Current decline from peak

-27.60%

-78.98%

+51.38%

Average Drawdown

Average peak-to-trough decline

-31.89%

-69.08%

+37.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.91%

38.39%

-26.48%

Volatility

XGD.TO vs. GDXU - Volatility Comparison

The current volatility for iShares S&P/TSX Global Gold Index ETF (XGD.TO) is 16.16%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 54.36%. This indicates that XGD.TO 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

XGD.TOGDXUDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.16%

54.36%

-38.20%

Volatility (6M)

Calculated over the trailing 6-month period

36.04%

123.73%

-87.69%

Volatility (1Y)

Calculated over the trailing 1-year period

44.26%

141.91%

-97.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.95%

111.94%

-78.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.55%

110.86%

-77.31%

XGD.TO vs. GDXU - Expense Ratio Comparison

XGD.TO has a 0.61% expense ratio, which is lower than GDXU's 0.95% expense ratio.

Dividends

XGD.TO vs. GDXU - Dividend Comparison

XGD.TO's dividend yield for the trailing twelve months is around 0.64%, while GDXU has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GDXU
MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XGD.TO
iShares S&P/TSX Global Gold Index ETF		0.64%0.62%0.93%1.49%1.77%1.38%0.35%0.54%0.25%0.14%0.10%0.57%

Frequently Asked Questions

With a correlation of 0.93, XGD.TO and GDXU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, XGD.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XGD.TO is cheaper with a 0.61% expense ratio, compared with 0.95% for GDXU.

XGD.TO is categorized as Precious Metals, while GDXU is Leveraged Equities. XGD.TO tracks S&P/TSX Global Gold Index, while GDXU tracks S-Network MicroSectors Gold Miners Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.61% for XGD.TO and 0.95% for GDXU.

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