DULL vs. GLDI
DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while GLDI is a Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 3 years, DULL returned -61.47%/yr vs 19.54%/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
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Returns By Period
In the year-to-date period, DULL achieves a -29.67% return, which is significantly lower than GLDI's 2.06% return.
DULL
- 1D
- 2.86%
- 1M
- 3.73%
- YTD
- -29.67%
- 6M
- -35.43%
- 1Y
- -69.39%
- 3Y*
- -61.47%
- 5Y*
- —
- 10Y*
- —
GLDI
- 1D
- -0.81%
- 1M
- 0.90%
- YTD
- 2.06%
- 6M
- 4.42%
- 1Y
- 21.23%
- 3Y*
- 19.54%
- 5Y*
- 11.15%
- 10Y*
- 8.99%
DULL vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -29.67% | -80.59% | -51.68% | -29.56% |
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 2.06% | 34.25% | 17.76% | 10.09% |
Correlation
The correlation between DULL and GLDI is -0.84, 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 | -0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023 | -0.84 |
The correlation between DULL and GLDI has been stable across timeframes, ranging from -0.84 to -0.84 - a consistent structural relationship.
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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 Credit Suisse X-Links Gold Shares Covered Call ETN (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.
| DULL | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.30 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 1.55 | -2.40 |
| Martin ratioReturn relative to average drawdown | -1.24 | 6.07 | -7.31 |
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 | GLDI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | 1.46 | -2.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.99 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.05 | 0.37 | -1.42 |
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.
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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% | -13.73% | -68.24% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -13.73% | -83.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.07% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.94% | — |
Current DrawdownCurrent decline from peak | -95.46% | -7.37% | -88.09% |
Average DrawdownAverage peak-to-trough decline | -59.30% | -14.00% | -45.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.01% | 3.50% | +52.51% |
Volatility
DULL vs. GLDI - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 16.82% compared to Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) at 3.88%. 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.
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Volatility by Period
| DULL | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.82% | 3.88% | +12.94% |
Volatility (6M)Calculated over the trailing 6-month period | 66.66% | 12.87% | +53.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.11% | 14.57% | +63.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.97% | 11.31% | +46.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.97% | 11.35% | +46.62% |
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 22.37%.
| 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 Credit Suisse X-Links Gold Shares Covered Call ETN | 22.37% | 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 -0.84, 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 GLDI (3.88%). In terms of maximum drawdown, DULL dropped -97.12% vs GLDI's -32.26%.
On 3-year performance, GLDI leads with 19.54% vs -61.47% for DULL. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 3.88%. 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 19.54% return vs -61.47%. 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 22.37%, compared with 0.00% for DULL.
DULL is categorized as Inverse Commodities, while GLDI is Precious Metals. 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 Credit Suisse. Their fees differ too: 0.95% for DULL and 0.65% for GLDI.
GLDI currently has the higher Sharpe Ratio (1.46 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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