DULL vs. AIPI

Last updated Jun 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 -69.39% vs 29.63% for AIPI. At a correlation of -0.09, they often move in opposite directions. 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 -29.67% return, which is significantly lower than AIPI's 10.68% return.

DULL

• 1D: 2.86%
• 1M: 3.73%
• YTD: -29.67%
• 6M: -35.43%
• 1Y: -69.39%
• 3Y*: -61.47%
• 5Y*: —
• 10Y*: —

AIPI

• 1D: -0.81%
• 1M: 8.89%
• YTD: 10.68%
• 6M: 10.16%
• 1Y: 29.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DULL vs. AIPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-29.67%	-80.59%	-31.32%
AIPI REX AI Equity Premium Income ETF	10.68%	16.38%	15.36%

Correlation

The correlation between DULL and AIPI is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jun 5, 2024	-0.09

Return for Risk

DULL vs. AIPI — Risk / Return Rank

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

DULL

DULL Risk / Return Rank: 2
DULL Sharpe Ratio Rank: 2
DULL Sortino Ratio Rank: 1
DULL Omega Ratio Rank: 1
DULL Calmar Ratio Rank: 2
DULL Martin Ratio Rank: 3

AIPI

AIPI Risk / Return Rank: 47
AIPI Sharpe Ratio Rank: 53
AIPI Sortino Ratio Rank: 49
AIPI Omega Ratio Rank: 54
AIPI Calmar Ratio Rank: 41
AIPI Martin Ratio Rank: 40

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.

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.

	DULL	AIPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.87	-2.76
Sortino ratio: Return per unit of downside risk	-1.67	2.45	-4.12
Omega ratio: Gain probability vs. loss probability	0.81	1.34	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.85	2.07	-2.92
Martin ratio: Return relative to average drawdown	-1.24	6.42	-7.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DULL vs. AIPI - Sharpe Ratio Comparison

The current DULL Sharpe Ratio is -0.89, which is lower than the AIPI Sharpe Ratio of 1.87. 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.

Sharpe Ratios by Period

	DULL	AIPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	1.87	-2.76
Sharpe Ratio (All Time) Calculated using the full available price history	-1.05	1.03	-2.09

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	-81.97%	-14.40%	-67.57%
Max Drawdown (3Y) Largest decline over 3 years	-97.12%	—	—
Current Drawdown Current decline from peak	-95.46%	-0.81%	-94.65%
Average Drawdown Average peak-to-trough decline	-59.30%	-4.66%	-54.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.01%	4.63%	+51.38%

Volatility

DULL vs. AIPI - Volatility Comparison

MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 16.82% compared to REX AI Equity Premium Income ETF (AIPI) at 2.89%. 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	16.82%	2.89%	+13.93%
Volatility (6M) Calculated over the trailing 6-month period	66.66%	12.96%	+53.70%
Volatility (1Y) Calculated over the trailing 1-year period	78.11%	15.94%	+62.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.97%	21.39%	+36.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.97%	21.39%	+36.58%

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 34.81%.

Position	TTM	2025	2024
AIPI REX AI Equity Premium Income ETF	34.81%	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 -0.08, 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 (16.82%) compared to AIPI (2.89%). 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 29.63% vs -69.39% for DULL. On fees, AIPI is cheaper at 0.65% per year. On volatility, AIPI has been the lower-risk option at 2.89%. 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 29.63% return vs -69.39%. 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 34.81%, 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 (1.87 vs -0.89), 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.