- ISIN
- US0636795181
- Issuer
- REX
- Inception Date
- Feb 21, 2023
- Region
- Global (Broad)
- Category
- Inverse Commodities
- Leveraged
- -3x
- Index Tracked
- LBMA Gold Price PM ($/ozt) (-300%)
- Domicile
- United States
- Distribution Policy
- Accumulating
- Asset Class
- Commodity
- Assets Under Management
- $15M
Highlights
- Avg. Volume (1M)
- 11K
- Avg. Volume Value (1M)
- $839.62K
Share Price Chart
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Performance
DULL Performance Chart
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) is down 12.2% since the beginning of the year. DULL is currently trading at $74 per share.
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Returns By Period
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has returned -12.16% so far this year and -61.47% over the past 12 months.
MicroSectors Gold -3X Inverse Leveraged ETN
- 1D
- 4.27%
- 1M
- 3.77%
- 6M
- 35.38%
- YTD
- -12.16%
- 1Y
- -61.47%
- 3Y*
- -58.74%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -56.20%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.36%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
DULL Monthly Returns History
Based on dividend-adjusted daily data since Feb 22, 2023, DULL's average daily return is -0.26%, while the average monthly return is -5.46%.
Historically, 31% of months were positive and 69% were negative. The best month was Jun 2026 with a return of +39.5%, while the worst month was Jan 2026 at -35.1%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 9 months.
On a daily basis, DULL closed higher 45% of trading days. The best single day was Jan 30, 2026 with a return of +30.5%, while the worst single day was Feb 3, 2026 at -19.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -35.12% | -28.11% | 32.59% | 2.98% | 3.34% | 39.49% | -4.33% | -12.16% | |||||
| 2025 | -17.92% | -5.53% | -23.85% | -17.61% | -2.61% | -2.20% | 1.75% | -13.73% | -28.69% | -14.34% | -15.81% | -7.18% | -80.59% |
| 2024 | 5.07% | -0.64% | -21.93% | -9.45% | -4.65% | -0.25% | -14.73% | -6.16% | -13.79% | -11.90% | 8.64% | 4.26% | -51.68% |
| 2023 | 0.74% | -21.37% | -2.64% | 4.15% | 7.37% | -6.11% | 4.65% | 16.51% | -19.42% | -6.73% | -4.09% | -28.84% |
Benchmark Metrics
MicroSectors Gold -3X Inverse Leveraged ETN has an annualized alpha of -41.79%, beta of -0.58, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since February 22, 2023.
- This ETF participated in 153.98% of S&P 500 Index downside but only -120.27% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -0.58 may look defensive, but with R2 of 0.02 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.02 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -41.79%
- Beta
- -0.58
- R²
- 0.02
- Upside Capture
- -120.27%
- Downside Capture
- 153.98%
Expense Ratio
DULL has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DULL ranks 3 for risk / return — above 3% of ETFs peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and compare them to S&P 500 Index.
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.
| DULL | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.19 | ||
| Sortino ratioReturn per unit of downside risk | -3.21 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.25 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 2.00 | -2.79 |
| Martin ratioReturn relative to average drawdown | -1.06 | 8.49 | -9.55 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the MicroSectors Gold -3X Inverse Leveraged ETN. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the MicroSectors Gold -3X Inverse Leveraged ETN was 97.12%, occurring on Mar 2, 2026. The portfolio has not yet recovered.
The current MicroSectors Gold -3X Inverse Leveraged ETN drawdown is 94.33%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-97.12%Mar 2026 | 2y 4mo | — | 2y 10moOct 2023 - now | — |
-31.84%May 2023 | 2mo 6d | 5mo 4d | 7mo 10dFeb 2023 - Oct 2023 | — |
Drawdown Indicators
| DULL | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.12% | -56.78% | -40.34% |
Max Drawdown (1Y)Largest decline over 1 year | -81.20% | -9.10% | -72.10% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -18.90% | -78.22% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -94.33% | -1.58% | -92.75% |
Average DrawdownAverage peak-to-trough decline | -60.87% | -10.70% | -50.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.14% | 2.14% | +59.00% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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