DULL vs. ARP

Last updated Jul 14, 2026

DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and ARP (Pmv Adaptive Risk Parity ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while ARP is a Tactical Allocation fund actively managed by PMV. DULL is passively managed, while ARP is actively managed. Over the past 3 years, DULL returned -57.82%/yr vs 13.20%/yr for ARP. At a correlation of -0.58, they often move in opposite directions. DULL charges 0.95%/yr vs 1.42%/yr for ARP.

Performance

DULL vs. ARP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and Pmv Adaptive Risk Parity ETF (ARP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DULL achieves a -7.80% return, which is significantly lower than ARP's 7.88% return.

DULL

• 1D: 7.78%
• 1M: 14.10%
• 6M: 11.44%
• YTD: -7.80%
• 1Y: -59.77%
• 3Y*: -57.82%
• 5Y*: —
• 10Y*: —

ARP

• 1D: -0.69%
• 1M: 0.03%
• 6M: 4.15%
• YTD: 7.88%
• 1Y: 21.19%
• 3Y*: 13.20%
• 5Y*: —
• 10Y*: —

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

DULL vs. ARP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-7.80%	-80.59%	-51.68%	-28.84%
ARP Pmv Adaptive Risk Parity ETF	7.88%	18.33%	13.79%	4.03%

Correlation

The correlation between DULL and ARP is -0.69, 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 (1Y) Calculated over the trailing 1-year period	-0.69
Correlation (3Y) Calculated over the trailing 3-year period	-0.59
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	-0.58

The correlation between DULL and ARP shifts across timeframes, from -0.69 (1 year) to -0.58 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DULL vs. ARP — Risk / Return Rank

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

DULL

DULL Risk / Return Rank: 4
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

ARP

ARP Risk / Return Rank: 52
ARP Sharpe Ratio Rank: 53
ARP Sortino Ratio Rank: 46
ARP Omega Ratio Rank: 57
ARP Calmar Ratio Rank: 53
ARP Martin Ratio Rank: 53

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. ARP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and Pmv Adaptive Risk Parity ETF (ARP). 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	ARP	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	1.43	-2.16
Sortino ratio: Return per unit of downside risk	-1.06	1.85	-2.91
Omega ratio: Gain probability vs. loss probability	0.88	1.28	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.73	2.10	-2.83
Martin ratio: Return relative to average drawdown	-1.00	7.16	-8.16

DULL vs. ARP - Sharpe Ratio Comparison

The current DULL Sharpe Ratio is -0.73, which is lower than the ARP Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of DULL and ARP, 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. ARP - Drawdown Comparison

The maximum DULL drawdown since its inception was -97.12%, which is greater than ARP's maximum drawdown of -10.13%. Use the drawdown chart below to compare losses from any high point for DULL and ARP.

Drawdown Indicators

	DULL	ARP	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-10.13%	-86.99%
Max Drawdown (1Y) Largest decline over 1 year	-81.92%	-10.13%	-71.79%
Max Drawdown (3Y) Largest decline over 3 years	-97.12%	-10.13%	-86.99%
Current Drawdown Current decline from peak	-94.05%	-3.61%	-90.44%
Average Drawdown Average peak-to-trough decline	-60.32%	-1.88%	-58.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.81%	2.97%	+56.84%

Volatility

DULL vs. ARP - Volatility Comparison

MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 22.82% compared to Pmv Adaptive Risk Parity ETF (ARP) at 5.03%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than ARP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DULL	ARP	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.82%	5.03%	+17.79%
Volatility (6M) Calculated over the trailing 6-month period	69.93%	12.98%	+56.95%
Volatility (1Y) Calculated over the trailing 1-year period	82.31%	14.90%	+67.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.12%	10.47%	+48.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.12%	10.47%	+48.65%

DULL vs. ARP - Expense Ratio Comparison

DULL has a 0.95% expense ratio, which is lower than ARP's 1.42% expense ratio.

Dividends

DULL vs. ARP - Dividend Comparison

DULL has not paid dividends to shareholders, while ARP's dividend yield for the trailing twelve months is around 6.06%.

Position	TTM	2025	2024	2023	2022
ARP Pmv Adaptive Risk Parity ETF	6.06%	6.54%	5.29%	2.67%	0.06%
DULL MicroSectors Gold -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DULL and ARP in my portfolio?

DULL and ARP have a correlation of -0.69, 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 ARP?

DULL has higher volatility (22.82%) compared to ARP (5.03%). In terms of maximum drawdown, DULL dropped -97.12% vs ARP's -10.13%.

Which ETF is better, DULL or ARP?

On 3-year performance, ARP leads with 13.20% vs -57.82% for DULL. On fees, DULL is cheaper at 0.95% per year. On volatility, ARP has been the lower-risk option at 5.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DULL or ARP?

Over the 3-year period, ARP has performed better with a 13.20% return vs -57.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DULL or ARP?

DULL is cheaper with a 0.95% expense ratio, compared with 1.42% for ARP.

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

ARP has the higher dividend yield at 6.06%, compared with 0.00% for DULL.

What is the main difference between DULL and ARP?

DULL is categorized as Inverse Commodities, while ARP is Tactical Allocation. They also come from different issuers: REX and PMV. Their fees differ too: 0.95% for DULL and 1.42% for ARP.

Which has better risk-adjusted returns?

ARP currently has the higher Sharpe Ratio (1.43 vs -0.73), 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.