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 -58.83%/yr vs 38.64%/yr for GDX. Their -0.80 correlation means they have often moved in opposite directions in the past. 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 -12.17% return, which is significantly lower than GDX's -11.33% 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%
GDX
- 1D
- 2.63%
- 1M
- -3.03%
- 6M
- -19.26%
- YTD
- -11.33%
- 1Y
- 46.05%
- 3Y*
- 38.64%
- 5Y*
- 18.57%
- 10Y*
- 10.74%
- ALL TIME*
- 4.69%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $408.60K | $774.21K | $681.81K | |
| $1.27B | $1.28B | $1.79B |
DULL vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -12.17% | -80.59% | -51.68% | -28.84% |
GDX VanEck Gold Miners ETF | -11.33% | 154.77% | 10.63% | 12.13% |
Correlation
The correlation between DULL and GDX is -0.81, 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. | -0.81 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | -0.80 |
The correlation between DULL and GDX has been stable across timeframes, ranging from -0.81 to -0.80 - 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.
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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.54 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.19 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 1.19 | -1.95 |
| Martin ratioReturn relative to average drawdown | -1.02 | 2.55 | -3.57 |
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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 | -81.20% | -38.93% | -42.27% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -38.93% | -58.19% |
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 | -94.33% | -34.35% | -59.98% |
Average DrawdownAverage peak-to-trough decline | -60.91% | -40.37% | -20.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 60.53% | 18.10% | +42.43% |
Volatility
DULL vs. GDX - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 17.41% compared to VanEck Gold Miners ETF (GDX) at 12.19%. 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 | 17.41% | 12.19% | +5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 62.40% | 37.71% | +24.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.72% | 48.63% | +34.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.09% | 37.26% | +21.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.09% | 37.36% | +21.73% |
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 0.83%.
| 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 | 0.83% | 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 -0.81, 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 GDX (12.19%). In terms of maximum drawdown, DULL dropped -97.12% vs GDX's -80.34%.
On 3-year performance, GDX leads with 38.64% vs -58.83% for DULL. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 12.19%. 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 38.64% return vs -58.83%. 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 0.83%, 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 (0.95 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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