DULL vs. GLDI
DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while GLDI is a Gold fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 3 years, DULL returned -59.48%/yr vs 17.47%/yr for GLDI. At a correlation of -0.84, they often move in opposite directions. DULL charges 0.95%/yr vs 0.65%/yr for GLDI.
Performance
DULL vs. GLDI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DULL achieves a -14.10% return, which is significantly lower than GLDI's -4.45% return.
DULL
- 1D
- 5.46%
- 1M
- 27.21%
- YTD
- -14.10%
- 6M
- -3.79%
- 1Y
- -61.92%
- 3Y*
- -59.48%
- 5Y*
- —
- 10Y*
- —
GLDI
- 1D
- -1.62%
- 1M
- -7.19%
- YTD
- -4.45%
- 6M
- -5.42%
- 1Y
- 11.67%
- 3Y*
- 17.47%
- 5Y*
- 10.96%
- 10Y*
- 7.83%
DULL vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -14.10% | -80.59% | -51.68% | -28.84% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -4.45% | 34.25% | 17.76% | 9.33% |
Correlation
The correlation between DULL and GLDI is -0.85, 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 | -0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | -0.84 |
The correlation between DULL and GLDI has been stable across timeframes, ranging from -0.85 to -0.84 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DULL vs. GLDI — Risk / Return Rank
DULL
GLDI
DULL vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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 | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.16 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 0.83 | -1.59 |
| Martin ratioReturn relative to average drawdown | -1.07 | 2.73 | -3.79 |
Loading charts...
Drawdowns
DULL vs. GLDI - Drawdown Comparison
The maximum DULL drawdown since its inception was -97.12%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for DULL and GLDI.
Loading charts...
Drawdown Indicators
| DULL | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.12% | -32.26% | -64.86% |
Max Drawdown (1Y)Largest decline over 1 year | -81.97% | -14.14% | -67.83% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -14.14% | -82.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.14% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.94% | — |
Current DrawdownCurrent decline from peak | -94.46% | -13.28% | -81.18% |
Average DrawdownAverage peak-to-trough decline | -59.79% | -13.99% | -45.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 58.11% | 4.30% | +53.81% |
Volatility
DULL vs. GLDI - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 23.88% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.18%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DULL | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.88% | 7.18% | +16.70% |
Volatility (6M)Calculated over the trailing 6-month period | 70.26% | 14.58% | +55.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 81.08% | 15.99% | +65.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.89% | 11.58% | +47.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.89% | 11.52% | +47.37% |
DULL vs. GLDI - Expense Ratio Comparison
DULL has a 0.95% expense ratio, which is higher than GLDI's 0.65% expense ratio.
Dividends
DULL vs. GLDI - Dividend Comparison
DULL has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 26.67%.
| 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% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.67% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
Frequently Asked Questions
DULL and GLDI have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DULL has higher volatility (23.88%) compared to GLDI (7.18%). In terms of maximum drawdown, DULL dropped -97.12% vs GLDI's -32.26%.
On 3-year performance, GLDI leads with 17.47% vs -59.48% for DULL. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 7.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GLDI has performed better with a 17.47% return vs -59.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI is cheaper with a 0.65% expense ratio, compared with 0.95% for DULL.
GLDI has the higher dividend yield at 26.67%, compared with 0.00% for DULL.
DULL is categorized as Inverse Commodities, while GLDI is Gold. DULL tracks LBMA Gold Price PM ($/ozt) (-300%), while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: REX and UBS. Their fees differ too: 0.95% for DULL and 0.65% for GLDI.
GLDI currently has the higher Sharpe Ratio (0.73 vs -0.77), 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.
Find the right allocation for DULL and GLDI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer