DULL vs. FARX

Last updated Jun 23, 2026

DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and FARX (Frontier Asset Absolute Return ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while FARX is a Multistrategy fund actively managed by Frontier. DULL is passively managed, while FARX is actively managed. Over the past year, DULL returned -64.27% vs 17.80% for FARX. At a correlation of -0.60, they often move in opposite directions. DULL charges 0.95%/yr vs 1.00%/yr for FARX.

Performance

DULL vs. FARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and Frontier Asset Absolute Return ETF (FARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DULL achieves a -18.55% return, which is significantly lower than FARX's 8.23% return.

DULL

• 1D: 2.07%
• 1M: 20.62%
• YTD: -18.55%
• 6M: -12.28%
• 1Y: -64.27%
• 3Y*: -60.20%
• 5Y*: —
• 10Y*: —

FARX

• 1D: 0.17%
• 1M: -0.78%
• YTD: 8.23%
• 6M: 7.88%
• 1Y: 17.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DULL vs. FARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-18.55%	-80.59%	-2.92%
FARX Frontier Asset Absolute Return ETF	8.23%	10.61%	0.04%

Correlation

The correlation between DULL and FARX is -0.64, 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	-0.64
Correlation (All Time) Calculated using the full available price history since Dec 20, 2024	-0.60

The correlation between DULL and FARX has been stable across timeframes, ranging from -0.64 to -0.60 - a consistent structural relationship.

Return for Risk

DULL vs. FARX — Risk / Return Rank

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

DULL

DULL Risk / Return Rank: 3
DULL Sharpe Ratio Rank: 3
DULL Sortino Ratio Rank: 2
DULL Omega Ratio Rank: 2
DULL Calmar Ratio Rank: 2
DULL Martin Ratio Rank: 4

FARX

FARX Risk / Return Rank: 85
FARX Sharpe Ratio Rank: 80
FARX Sortino Ratio Rank: 79
FARX Omega Ratio Rank: 83
FARX Calmar Ratio Rank: 93
FARX Martin Ratio Rank: 90

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. FARX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and Frontier Asset Absolute Return ETF (FARX). 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	FARX	Difference
Sharpe ratio: Return per unit of total volatility	-0.80	2.47	-3.27
Sortino ratio: Return per unit of downside risk	-1.31	3.33	-4.64
Omega ratio: Gain probability vs. loss probability	0.85	1.48	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.79	6.39	-7.18
Martin ratio: Return relative to average drawdown	-1.11	19.67	-20.78

DULL vs. FARX - Sharpe Ratio Comparison

The current DULL Sharpe Ratio is -0.80, which is lower than the FARX Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of DULL and FARX, 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. FARX - Drawdown Comparison

The maximum DULL drawdown since its inception was -97.12%, which is greater than FARX's maximum drawdown of -5.83%. Use the drawdown chart below to compare losses from any high point for DULL and FARX.

Drawdown Indicators

	DULL	FARX	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-5.83%	-91.29%
Max Drawdown (1Y) Largest decline over 1 year	-81.97%	-2.80%	-79.17%
Max Drawdown (3Y) Largest decline over 3 years	-97.12%	—	—
Current Drawdown Current decline from peak	-94.75%	-1.56%	-93.19%
Average Drawdown Average peak-to-trough decline	-59.75%	-1.05%	-58.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.96%	0.91%	+57.05%

Volatility

DULL vs. FARX - Volatility Comparison

MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 23.50% compared to Frontier Asset Absolute Return ETF (FARX) at 2.22%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than FARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DULL	FARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.50%	2.22%	+21.28%
Volatility (6M) Calculated over the trailing 6-month period	70.05%	5.79%	+64.26%
Volatility (1Y) Calculated over the trailing 1-year period	81.04%	7.25%	+73.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.84%	7.02%	+51.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.84%	7.02%	+51.82%

DULL vs. FARX - Expense Ratio Comparison

DULL has a 0.95% expense ratio, which is lower than FARX's 1.00% expense ratio.

Dividends

DULL vs. FARX - Dividend Comparison

DULL has not paid dividends to shareholders, while FARX's dividend yield for the trailing twelve months is around 2.93%.

Position	TTM	2025	2024
DULL MicroSectors Gold -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%
FARX Frontier Asset Absolute Return ETF	2.93%	3.25%	0.19%

Frequently Asked Questions

Can I hold both DULL and FARX in my portfolio?

DULL and FARX have a correlation of -0.64, 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 FARX?

DULL has higher volatility (23.50%) compared to FARX (2.22%). In terms of maximum drawdown, DULL dropped -97.12% vs FARX's -5.83%.

Which ETF is better, DULL or FARX?

On 1-year performance, FARX leads with 17.80% vs -64.27% for DULL. On fees, DULL is cheaper at 0.95% per year. On volatility, FARX has been the lower-risk option at 2.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DULL or FARX?

Over the 1-year period, FARX has performed better with a 17.80% return vs -64.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DULL or FARX?

DULL is cheaper with a 0.95% expense ratio, compared with 1.00% for FARX.

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

FARX has the higher dividend yield at 2.93%, compared with 0.00% for DULL.

What is the main difference between DULL and FARX?

DULL is categorized as Inverse Commodities, while FARX is Multistrategy. They also come from different issuers: REX and Frontier. Their fees differ too: 0.95% for DULL and 1.00% for FARX.

Which has better risk-adjusted returns?

FARX currently has the higher Sharpe Ratio (2.47 vs -0.80), 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.