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 -58.74%/yr vs 16.64%/yr for GLDI. Their -0.85 correlation means they have often moved in opposite directions in the past. 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 -12.16% return, which is significantly lower than GLDI's -4.83% return.
DULL
- 1D
- 4.27%
- 1M
- 3.77%
- 6M
- 35.38%
- YTD
- -12.16%
- 1Y
- -61.47%
- 3Y*
- -58.74%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -56.20%
GLDI
- 1D
- -0.09%
- 1M
- -0.17%
- 6M
- -7.59%
- YTD
- -4.83%
- 1Y
- 10.98%
- 3Y*
- 16.64%
- 5Y*
- 10.32%
- 10Y*
- 7.72%
- ALL TIME*
- 3.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $435.85K | $839.62K | $687.64K | |
| $9.73M | $8.39M | $7.79M |
DULL vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -12.16% | -80.59% | -51.68% | -28.84% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -4.83% | 34.25% | 17.76% | 9.33% |
Correlation
The correlation between DULL and GLDI is -0.86, 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. | -0.86 |
Correlation (3Y) Balances recent behavior with more history. | -0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | -0.85 |
The correlation between DULL and GLDI has been stable across timeframes, ranging from -0.86 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 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 | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.14 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 0.70 | -1.48 |
| Martin ratioReturn relative to average drawdown | -1.06 | 1.74 | -2.80 |
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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 | -81.20% | -15.81% | -65.39% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -15.81% | -81.31% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.81% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.81% | — |
Current DrawdownCurrent decline from peak | -94.33% | -13.62% | -80.71% |
Average DrawdownAverage peak-to-trough decline | -60.87% | -13.99% | -46.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.14% | 6.32% | +54.82% |
Volatility
DULL vs. GLDI - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 18.63% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 5.10%. 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 | 18.63% | 5.10% | +13.53% |
Volatility (6M)Calculated over the trailing 6-month period | 67.73% | 15.54% | +52.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.78% | 16.75% | +66.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.13% | 11.86% | +47.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.13% | 11.65% | +47.48% |
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 26.16%.
| 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 | 26.16% | 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 -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DULL has higher volatility (18.63%) compared to GLDI (5.10%). In terms of maximum drawdown, DULL dropped -97.12% vs GLDI's -32.26%.
On 3-year performance, GLDI leads with 16.64% vs -58.74% for DULL. On fees, GLDI is cheaper at 0.65% per year. On volatility, GLDI has been the lower-risk option at 5.10%. 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 16.64% return vs -58.74%. 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 26.16%, 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 (0.66 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.
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