BMNU vs. DULL

Last updated Jun 23, 2026

BMNU (T-REX 2X Long BMNR Daily Target ETF) and DULL (MicroSectors Gold -3X Inverse Leveraged ETN) are both exchange-traded funds - BMNU is a Leveraged Equities fund actively managed by REX, while DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%). BMNU is actively managed, while DULL is passively managed. At a correlation of -0.29, they often move in opposite directions. BMNU charges 1.50%/yr vs 0.95%/yr for DULL.

Performance

BMNU vs. DULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Long BMNR Daily Target ETF (BMNU) and MicroSectors Gold -3X Inverse Leveraged ETN (DULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMNU achieves a -79.92% return, which is significantly lower than DULL's -18.55% return.

BMNU

• 1D: -4.00%
• 1M: -34.02%
• YTD: -79.92%
• 6M: -84.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DULL

• 1D: 2.07%
• 1M: 20.62%
• YTD: -18.55%
• 6M: -12.28%
• 1Y: -64.27%
• 3Y*: -60.20%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BMNU vs. DULL - Yearly Performance Comparison

	2026 (YTD)	2025
BMNU T-REX 2X Long BMNR Daily Target ETF	-79.92%	-80.88%
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-18.55%	-39.13%

Correlation

The correlation between BMNU and DULL is -0.29, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	-0.29

Return for Risk

BMNU vs. DULL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BMNU

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DULL

DULL Risk / Return Rank: 3
DULL Sharpe Ratio Rank: 3
DULL Sortino Ratio Rank: 2
DULL Omega Ratio Rank: 2
DULL Calmar Ratio Rank: 2
DULL Martin Ratio Rank: 4

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.

BMNU vs. DULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Long BMNR Daily Target ETF (BMNU) and MicroSectors Gold -3X Inverse Leveraged ETN (DULL). 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.

	BMNU	DULL	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.80	—
Sortino ratio: Return per unit of downside risk	—	-1.31	—
Omega ratio: Gain probability vs. loss probability	—	0.85	—
Calmar ratio: Return relative to maximum drawdown	—	-0.79	—
Martin ratio: Return relative to average drawdown	—	-1.11	—

Drawdowns

BMNU vs. DULL - Drawdown Comparison

The maximum BMNU drawdown since its inception was -97.58%, roughly equal to the maximum DULL drawdown of -97.12%. Use the drawdown chart below to compare losses from any high point for BMNU and DULL.

Drawdown Indicators

	BMNU	DULL	Difference
Max Drawdown Largest peak-to-trough decline	-97.58%	-97.12%	-0.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-81.97%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-97.12%	—
Current Drawdown Current decline from peak	-97.55%	-94.75%	-2.80%
Average Drawdown Average peak-to-trough decline	-80.41%	-59.75%	-20.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	57.96%	—

Volatility

Volatility by Period

	BMNU	DULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	23.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	70.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	185.51%	81.04%	+104.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	185.51%	58.84%	+126.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	185.51%	58.84%	+126.67%

BMNU vs. DULL - Expense Ratio Comparison

BMNU has a 1.50% expense ratio, which is higher than DULL's 0.95% expense ratio.

Dividends

BMNU vs. DULL - Dividend Comparison

Neither BMNU nor DULL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BMNU and DULL in my portfolio?

BMNU and DULL have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMNU or DULL?

On fees, DULL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMNU or DULL?

DULL is cheaper with a 0.95% expense ratio, compared with 1.50% for BMNU.

Which ETF pays a higher dividend yield, BMNU or DULL?

BMNU and DULL have nearly identical dividend yields, around 0.00%.

What is the main difference between BMNU and DULL?

BMNU is categorized as Leveraged Equities, while DULL is Inverse Commodities. Their fees differ too: 1.50% for BMNU and 0.95% for DULL.