Data as of .
GDXD vs NUGT: which held to its multiple?
Over three months against its own daily promise, GDXD finished 0.1 points over and NUGT 2.2 points short.
ETFIQ Decay Resistance Score: NUGT scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| GDXD | NUGT | GDXD | NUGT | GDXD | NUGT | |
| 1 month | −27.8% | +11.0% | −20.3% | +13.5% | −7.5 pts | −2.5 pts |
| 3 months | −61.8% | +36.7% | −64.0% | +42.7% | +2.2 pts | −5.9 pts |
| 6 months | −60.4% | −8.4% | −12.4% | +8.2% | −48.1 pts | −16.6 pts |
| 1 year | −92.7% | +41.4% | −120.5% | +80.3% | +27.8 pts | −38.9 pts |
| 3 years | −99.9% | +513.3% | not meaningful | not meaningful | not meaningful | not meaningful |
| Since launch | −100.0% | −99.7% | not meaningful | +169.7% | not meaningful | −269.5 pts |
| GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs Aims to return three times the opposite of the daily move of gold miners (GDX) | NUGT Direxion Daily Gold Miners Index Bull 2X ETF Aims to return twice the daily move of gold miners (GDX) | |
|---|---|---|
| Issuer | MicroSectors | Direxion |
| Sets out to return | -3x | +2x |
| On | GDX | GDX |
| Segment | index | metal |
| Fund returned, 3 months | −61.8% | +36.7% |
| Underlying returned, 3 months | +21.3% | +21.3% |
| What the stated multiple implies, 3 months | −64.0% | +42.7% |
| Difference from stated, 3 months | +2.2 pts | −5.9 pts |
| Fund returned, 1 year or since launch | −92.7% | +41.4% |
| Difference from stated, over that window | +27.8 pts | −38.9 pts |
| Underlying volatility | 50% | 50% |
| Expense ratio | not published | 1.13% |
| Launched | Dec 3, 2020 | Dec 8, 2010 |
GDXD in plain words
Three months to Sep 11, 2026: GDXD returned −61.8% where its own daily promise gave −61.9%, 0.1 points over. Read the multiple against the whole window instead and −3 times GDX's 21.3% implies −64.0%, which makes GDXD look 2.2 points over. 2.1 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. GDXD aims to return -3 times GDX's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. GDX moved at 50% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
NUGT in plain words
Three months to Sep 11, 2026: NUGT returned +36.7% where its own daily promise gave +38.9%, 2.2 points short. Read the multiple against the whole window instead and +2 times GDX's 21.3% implies +42.7%, which makes NUGT look 5.9 points short. 3.8 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. NUGT aims to return +2 times GDX's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, GDXD or NUGT?
- Over the window to Sep 11, 2026, GDXD finished 2.2 points from what its multiple implies and NUGT finished 5.9 points from its own, so GDXD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are GDXD and NUGT levered on the same thing?
- Yes. Both are levered on gold miners, GDXD at -3 times and NUGT at +2 times the daily move.
- Which one decays faster, GDXD or NUGT?
- Decay follows how much the underlying moves about. Over this window GDXD’s moved at 50% annualized and NUGT’s at 50%, so GDXD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold GDXD or NUGT for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, GDXD against NUGT, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/GDXD-NUGT Free to use with attribution; the underlying files are at Open data.