DULL vs. AIPI

Last updated Aug 4, 2026

DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and AIPI (REX AI Equity Premium Income ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while AIPI is a Derivative Income fund actively managed by REX. DULL is passively managed, while AIPI is actively managed. Over the past year, DULL returned -61.47% vs 16.36% for AIPI. Their -0.12 correlation means they have often moved in opposite directions in the past. DULL charges 0.95%/yr vs 0.65%/yr for AIPI.

Performance

DULL vs. AIPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and REX AI Equity Premium Income ETF (AIPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DULL achieves a -12.17% return, which is significantly lower than AIPI's 5.87% return.

DULL

• 1D: -0.01%
• 1M: 3.76%
• 6M: 20.95%
• YTD: -12.17%
• 1Y: -61.47%
• 3Y*: -58.83%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -56.11%

AIPI

• 1D: 1.67%
• 1M: -0.59%
• 6M: 8.81%
• YTD: 5.87%
• 1Y: 16.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIPI REX AI Equity Premium Income ETF	$5.16M	$5.58M	$6.87M
DULL MicroSectors Gold -3X Inverse Leveraged ETN	$408.60K	$774.21K	$681.81K

DULL vs. AIPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-12.17%	-80.59%	-29.59%
AIPI REX AI Equity Premium Income ETF	5.87%	16.38%	15.79%

Correlation

The correlation between DULL and AIPI is -0.20, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.20
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	-0.12

Return for Risk

DULL vs. AIPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DULL

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

AIPI

AIPI Risk / Return Rank: 35
AIPI Sharpe Ratio Rank: 36
AIPI Sortino Ratio Rank: 35
AIPI Omega Ratio Rank: 35
AIPI Calmar Ratio Rank: 34
AIPI Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DULL vs. AIPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and REX AI Equity Premium Income ETF (AIPI). 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.

	DULL	AIPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	0.91	-1.66
Sortino ratio: Return per unit of downside risk	-1.13	1.32	-2.45
Omega ratio: Gain probability vs. loss probability	0.87	1.17	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.76	1.14	-1.90
Martin ratio: Return relative to average drawdown	-1.02	3.22	-4.24

DULL vs. AIPI - Sharpe Ratio Comparison

The current DULL Sharpe Ratio is -0.75, which is lower than the AIPI Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of DULL and AIPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DULL vs. AIPI - Drawdown Comparison

The maximum DULL drawdown since its inception was -97.12%, which is greater than AIPI's maximum drawdown of -25.25%. Use the drawdown chart below to compare losses from any high point for DULL and AIPI.

Drawdown Indicators

	DULL	AIPI	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-25.25%	-71.87%
Max Drawdown (1Y) Largest decline over 1 year	-81.20%	-14.40%	-66.80%
Max Drawdown (3Y) Largest decline over 3 years	-97.12%	—	—
Current Drawdown Current decline from peak	-94.33%	-5.12%	-89.21%
Average Drawdown Average peak-to-trough decline	-60.91%	-4.68%	-56.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.53%	5.09%	+55.44%

Volatility

DULL vs. AIPI - Volatility Comparison

MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 17.41% compared to REX AI Equity Premium Income ETF (AIPI) at 6.50%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than AIPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DULL	AIPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.41%	6.50%	+10.91%
Volatility (6M) Calculated over the trailing 6-month period	62.40%	14.84%	+47.56%
Volatility (1Y) Calculated over the trailing 1-year period	82.72%	18.00%	+64.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.09%	21.48%	+37.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.09%	21.48%	+37.61%

DULL vs. AIPI - Expense Ratio Comparison

DULL has a 0.95% expense ratio, which is higher than AIPI's 0.65% expense ratio.

Dividends

DULL vs. AIPI - Dividend Comparison

DULL has not paid dividends to shareholders, while AIPI's dividend yield for the trailing twelve months is around 36.73%.

Position	TTM	2025	2024
AIPI REX AI Equity Premium Income ETF	36.73%	37.84%	18.13%
DULL MicroSectors Gold -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DULL and AIPI in my portfolio?

DULL and AIPI have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DULL or AIPI?

DULL has higher volatility (17.41%) compared to AIPI (6.50%). In terms of maximum drawdown, DULL dropped -97.12% vs AIPI's -25.25%.

Which ETF is better, DULL or AIPI?

On 1-year performance, AIPI leads with 16.36% vs -61.47% for DULL. On fees, AIPI is cheaper at 0.65% per year. On volatility, AIPI has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DULL or AIPI?

Over the 1-year period, AIPI has performed better with a 16.36% return vs -61.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DULL or AIPI?

AIPI is cheaper with a 0.65% expense ratio, compared with 0.95% for DULL.

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

AIPI has the higher dividend yield at 36.73%, compared with 0.00% for DULL.

What is the main difference between DULL and AIPI?

DULL is categorized as Inverse Commodities, while AIPI is Derivative Income. Their fees differ too: 0.95% for DULL and 0.65% for AIPI.

Which has better risk-adjusted returns?

AIPI currently has the higher Sharpe Ratio (0.91 vs -0.75), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.