DULL vs. BMNU

Last updated Jun 4, 2026

DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and BMNU (T-REX 2X Long BMNR Daily Target ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while BMNU is a Leveraged Equities fund actively managed by REX. DULL is passively managed, while BMNU is actively managed. At a correlation of -0.26, they often move in opposite directions. DULL charges 0.95%/yr vs 1.50%/yr for BMNU.

Performance

DULL vs. BMNU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and T-REX 2X Long BMNR Daily Target ETF (BMNU). 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 higher than BMNU's -75.84% return.

DULL

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

BMNU

• 1D: -11.49%
• 1M: -47.97%
• YTD: -75.84%
• 6M: -85.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DULL vs. BMNU - Yearly Performance Comparison

	2026 (YTD)	2025
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-29.67%	-37.78%
BMNU T-REX 2X Long BMNR Daily Target ETF	-75.84%	-81.57%

Correlation

The correlation between DULL and BMNU is -0.26, 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 29, 2025	-0.26

Return for Risk

DULL vs. BMNU — 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

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. BMNU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and T-REX 2X Long BMNR Daily Target ETF (BMNU). 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	BMNU	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	—	—
Sortino ratio: Return per unit of downside risk	-1.67	—	—
Omega ratio: Gain probability vs. loss probability	0.81	—	—
Calmar ratio: Return relative to maximum drawdown	-0.85	—	—
Martin ratio: Return relative to average drawdown	-1.24	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DULL	BMNU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.05	-0.53	-0.52

Drawdowns

DULL vs. BMNU - Drawdown Comparison

The maximum DULL drawdown since its inception was -97.12%, roughly equal to the maximum BMNU drawdown of -97.05%. Use the drawdown chart below to compare losses from any high point for DULL and BMNU.

Drawdown Indicators

	DULL	BMNU	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-97.05%	-0.07%
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	-95.46%	-97.05%	+1.59%
Average Drawdown Average peak-to-trough decline	-59.30%	-79.69%	+20.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.01%	—	—

Volatility

Volatility by Period

	DULL	BMNU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	66.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	78.11%	187.60%	-109.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.97%	187.60%	-129.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.97%	187.60%	-129.63%

DULL vs. BMNU - Expense Ratio Comparison

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

Dividends

DULL vs. BMNU - Dividend Comparison

Neither DULL nor BMNU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DULL and BMNU in my portfolio?

DULL and BMNU have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DULL or BMNU?

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, DULL or BMNU?

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

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

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

What is the main difference between DULL and BMNU?

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