DULL vs. ARP
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 -58.83%/yr vs 13.88%/yr for ARP. Their -0.58 correlation means they have often moved in opposite directions in the past. DULL charges 0.95%/yr vs 1.42%/yr for ARP.
Performance
DULL vs. ARP - Performance Comparison
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Returns By Period
In the year-to-date period, DULL achieves a -12.17% return, which is significantly lower than ARP's 8.52% 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%
ARP
- 1D
- 0.26%
- 1M
- 1.92%
- 6M
- 3.75%
- YTD
- 8.52%
- 1Y
- 22.92%
- 3Y*
- 13.88%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $356.49K | $235.24K | $216.45K | |
| $408.60K | $774.21K | $681.81K |
DULL vs. ARP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -12.17% | -80.59% | -51.68% | -28.84% |
ARP PMV Adaptive Risk Parity ETF | 8.52% | 18.33% | 13.79% | 4.03% |
Correlation
The correlation between DULL and ARP is -0.70, 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. | -0.70 |
Correlation (3Y) Balances recent behavior with more history. | -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 -0.70 (1 year) to -0.58 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DULL vs. ARP — Risk / Return Rank
DULL
ARP
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 ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.30 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.27 | -3.03 |
| Martin ratioReturn relative to average drawdown | -1.02 | 7.51 | -8.53 |
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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.
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Drawdown Indicators
| DULL | ARP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.12% | -10.13% | -86.99% |
Max Drawdown (1Y)Largest decline over 1 year | -81.20% | -10.13% | -71.07% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -10.13% | -86.99% |
Current DrawdownCurrent decline from peak | -94.33% | -3.04% | -91.29% |
Average DrawdownAverage peak-to-trough decline | -60.91% | -1.90% | -59.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 60.53% | 3.06% | +57.47% |
Volatility
DULL vs. ARP - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 17.41% compared to PMV Adaptive Risk Parity ETF (ARP) at 3.86%. 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.
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Volatility by Period
| DULL | ARP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.41% | 3.86% | +13.55% |
Volatility (6M)Calculated over the trailing 6-month period | 62.40% | 12.09% | +50.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.72% | 15.09% | +67.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.09% | 10.50% | +48.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.09% | 10.50% | +48.59% |
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 6.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ARP PMV Adaptive Risk Parity ETF | 6.02% | 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
DULL and ARP have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DULL has higher volatility (17.41%) compared to ARP (3.86%). In terms of maximum drawdown, DULL dropped -97.12% vs ARP's -10.13%.
On 3-year performance, ARP leads with 13.88% vs -58.83% for DULL. On fees, DULL is cheaper at 0.95% per year. On volatility, ARP has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ARP has performed better with a 13.88% return vs -58.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DULL is cheaper with a 0.95% expense ratio, compared with 1.42% for ARP.
ARP has the higher dividend yield at 6.02%, compared with 0.00% for DULL.
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.
ARP currently has the higher Sharpe Ratio (1.53 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.
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