DULL vs. GDX
DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 3 years, DULL returned -61.47%/yr vs 41.00%/yr for GDX. At a correlation of -0.80, they often move in opposite directions. DULL charges 0.95%/yr vs 0.51%/yr for GDX.
Performance
DULL vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, DULL achieves a -29.67% return, which is significantly lower than GDX's -0.90% return.
DULL
- 1D
- 2.86%
- 1M
- 3.73%
- YTD
- -29.67%
- 6M
- -35.43%
- 1Y
- -69.39%
- 3Y*
- -61.47%
- 5Y*
- —
- 10Y*
- —
GDX
- 1D
- -3.46%
- 1M
- -0.76%
- YTD
- -0.90%
- 6M
- 5.62%
- 1Y
- 61.27%
- 3Y*
- 41.00%
- 5Y*
- 18.69%
- 10Y*
- 13.98%
DULL vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -29.67% | -80.59% | -51.68% | -29.56% |
GDX VanEck Gold Miners ETF | -0.90% | 154.77% | 10.63% | 14.82% |
Correlation
The correlation between DULL and GDX is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023 | -0.80 |
The correlation between DULL and GDX has been stable across timeframes, ranging from -0.80 to -0.79 - a consistent structural relationship.
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Return for Risk
DULL vs. GDX — Risk / Return Rank
DULL
GDX
DULL vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.43 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.25 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 2.00 | -2.85 |
| Martin ratioReturn relative to average drawdown | -1.24 | 5.13 | -6.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DULL | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | 1.35 | -2.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.52 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.05 | 0.13 | -1.18 |
Drawdowns
DULL vs. GDX - Drawdown Comparison
The maximum DULL drawdown since its inception was -97.12%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for DULL and GDX.
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Drawdown Indicators
| DULL | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.12% | -80.34% | -16.78% |
Max Drawdown (1Y)Largest decline over 1 year | -81.97% | -30.84% | -51.13% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -30.84% | -66.28% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.51% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.79% | — |
Current DrawdownCurrent decline from peak | -95.46% | -26.62% | -68.84% |
Average DrawdownAverage peak-to-trough decline | -59.30% | -40.43% | -18.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.01% | 11.99% | +44.02% |
Volatility
DULL vs. GDX - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 16.82% compared to VanEck Gold Miners ETF (GDX) at 15.40%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DULL | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.82% | 15.40% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 66.66% | 37.50% | +29.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.11% | 45.49% | +32.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.97% | 36.39% | +21.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.97% | 37.18% | +20.79% |
DULL vs. GDX - Expense Ratio Comparison
DULL has a 0.95% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
DULL vs. GDX - Dividend Comparison
DULL has not paid dividends to shareholders, while GDX's dividend yield for the trailing twelve months is around 0.74%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.74% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Frequently Asked Questions
DULL and GDX have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DULL has higher volatility (16.82%) compared to GDX (15.40%). In terms of maximum drawdown, DULL dropped -97.12% vs GDX's -80.34%.
On 3-year performance, GDX leads with 41.00% vs -61.47% for DULL. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 15.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDX has performed better with a 41.00% return vs -61.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 0.95% for DULL.
GDX has the higher dividend yield at 0.74%, compared with 0.00% for DULL.
DULL is categorized as Inverse Commodities, while GDX is Gold. DULL tracks LBMA Gold Price PM ($/ozt) (-300%), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: REX and VanEck. Their fees differ too: 0.95% for DULL and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.35 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.
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