MicroSectors Gold Miners 3X Leveraged ETNs (GDXU) Performance
GDXU total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −69.5% since Dec 31, 2025
- 1 year
- −55.7% total return
- 5 years
- −10.4% a year
- Since first price
- −18.2% a year since 2020
GDXU trailing returns vs SPY, QQQ, AGG
| Period | GDXU total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −43.4% | −43.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −6.7% | −6.7% | +3.2% | +1.9% | −0.4% |
| 6 months | −62.4% | −62.4% | +7.8% | +8.4% | −1.5% |
| YTD | −69.5% | −69.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −55.7% | −55.7% | +14.4% | +15.9% | −1.1% |
| 3 years | +157.1%+37.0%/yr | +157.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −42.2%−10.4%/yr | −42.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionDec 3, 2020 | −69.3%−18.2%/yr | −69.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GDXU vs SPY
From Dec 3, 2020: GDXU grew to $3,066, SPY to $22,471.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GDXU returns by calendar year
1 of 5 full years positive. Best 2025 (+796.5%), worst 2022 (−62.8%). 2026 is year to date.
GDXU annual returns table
| Year | GDXU | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −69.5% | −87.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +796.5% | −52.5% | +17.7% | +20.8% | +7.2% |
| 2024 | −18.6% | −57.7% | +24.9% | +25.6% | +1.3% |
| 2023 | −21.4% | −70.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −62.8% | −89.0% | −18.2% | −32.6% | −13.0% |
| 2021 | −54.9% | −72.5% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GDXU largest drawdowns
Now 85.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 5, 2021 | −94.4% | Feb 28, 2024 | Jan 12, 2026 | 3.1 years | 5.0 years |
| Jan 28, 2026 | −87.1% | Jul 20, 2026 | not yet | 6 months | 9 months so far |
| Dec 7, 2020 | −18.2% | Dec 14, 2020 | Dec 17, 2020 | 7 days | 10 days |
| Dec 17, 2020 | −14.9% | Dec 22, 2020 | Jan 4, 2021 | 5 days | 18 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GDXU risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | +65.0% | +3.2% | −14.0% |
| Volatility (annualized) | 131.8% | 120.6% | 118.0% |
| Sharpe ratio | 0.92 | 0.53 | 0.37 |
| Sortino ratio | 2.00 | 1.02 | 0.68 |
| Best month | +114.9% | +114.9% | +114.9% |
| Worst month | −58.0% | −58.0% | −58.0% |
| Best 12 months | +1,114.4% | +1,114.4% | +1,114.4% |
| Worst 12 months | −48.1% | −75.8% | −75.8% |
| Positive months | 58% | 50% | 49% |
| Beta vs S&P 500 | 0.76 | 2.04 | — |
| Correlation with S&P 500 | 0.07 | 0.27 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GDXU rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 59 | −75.8% | −8.9% | +1,114.4% | 46% |
| 3-year (a year) | 35 | −51.9% | −6.3% | +141.0% | 49% |
| 5-year (a year) | 11 | −14.4% | −0.7% | +26.8% | 45% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
GDXU performance overview
MicroSectors Gold Miners 3X Leveraged ETNs (GDXU) returned −55.7% over the past year and −10.4% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned −18.2% a year, turning $10,000 into about $3,066. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −94.4%, from Jan 5, 2021 to Feb 28, 2024, and it took 1.9 years to get back to the old high. GDXU finished 1 of its 5 full calendar years with a gain; the best year was 2025 (+796.5%) and the worst 2022 (−62.8%). Volatility has been 118.0% a year.
Related: GDXU chart. See the GDXU overview for the latest quote and fund facts.
GDXU performance FAQ
What is the GDXU return over the past year?
GDXU returned −55.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 55.7%.
What is the average annual return of GDXU?
GDXU has returned −10.4% a year over 5 years, −18.2% a year since December 3, 2020 (total return, distributions reinvested).
How much would $10,000 invested in GDXU be worth?
$10,000 invested in GDXU at its first recorded close on December 3, 2020 would be worth about $3,066 on October 23, 2026 with distributions reinvested.
What was the worst year for GDXU?
The worst calendar year was 2022, with a total return of −62.8%. The best was 2025 at +796.5%.
What is the biggest drawdown of GDXU?
The largest peak-to-trough decline was −94.4% between January 5, 2021 and February 28, 2024. It recovered to the old high on January 12, 2026, 1.9 years after the bottom.
How volatile is GDXU?
Over the past 3 years GDXU had an annualized volatility of 131.8% and a Sharpe ratio of 0.92 (excess return over 1–3 month T-bills per unit of risk).