DULL vs. GMOM
DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and GMOM (Cambria Global Momentum ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while GMOM is a Momentum fund actively managed by Cambria. DULL is passively managed, while GMOM is actively managed. Over the past 3 years, DULL returned -57.82%/yr vs 11.10%/yr for GMOM. At a correlation of -0.46, they often move in opposite directions. DULL charges 0.95%/yr vs 0.96%/yr for GMOM.
Performance
DULL vs. GMOM - Performance Comparison
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Returns By Period
In the year-to-date period, DULL achieves a -7.80% return, which is significantly lower than GMOM's 7.75% return.
DULL
- 1D
- 7.78%
- 1M
- 14.10%
- 6M
- 11.44%
- YTD
- -7.80%
- 1Y
- -59.77%
- 3Y*
- -57.82%
- 5Y*
- —
- 10Y*
- —
GMOM
- 1D
- -0.19%
- 1M
- -1.70%
- 6M
- 3.06%
- YTD
- 7.75%
- 1Y
- 21.83%
- 3Y*
- 11.10%
- 5Y*
- 7.07%
- 10Y*
- 6.89%
DULL vs. GMOM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -7.80% | -80.59% | -51.68% | -28.84% |
GMOM Cambria Global Momentum ETF | 7.75% | 20.63% | 6.75% | 1.66% |
Correlation
The correlation between DULL and GMOM is -0.66, 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 | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | -0.46 |
The correlation between DULL and GMOM shifts across timeframes, from -0.66 (1 year) to -0.46 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DULL vs. GMOM — Risk / Return Rank
DULL
GMOM
DULL vs. GMOM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and Cambria Global Momentum ETF (GMOM). 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 | GMOM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.09 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.27 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 2.29 | -3.02 |
| Martin ratioReturn relative to average drawdown | -1.00 | 7.25 | -8.25 |
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Drawdowns
DULL vs. GMOM - Drawdown Comparison
The maximum DULL drawdown since its inception was -97.12%, which is greater than GMOM's maximum drawdown of -25.03%. Use the drawdown chart below to compare losses from any high point for DULL and GMOM.
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Drawdown Indicators
| DULL | GMOM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.12% | -25.03% | -72.09% |
Max Drawdown (1Y)Largest decline over 1 year | -81.92% | -9.57% | -72.35% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -13.73% | -83.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.16% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.03% | — |
Current DrawdownCurrent decline from peak | -94.05% | -5.42% | -88.63% |
Average DrawdownAverage peak-to-trough decline | -60.32% | -7.79% | -52.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.81% | 3.02% | +56.79% |
Volatility
DULL vs. GMOM - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 22.82% compared to Cambria Global Momentum ETF (GMOM) at 4.48%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than GMOM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DULL | GMOM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.82% | 4.48% | +18.34% |
Volatility (6M)Calculated over the trailing 6-month period | 69.93% | 12.04% | +57.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.31% | 14.63% | +67.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.12% | 14.45% | +44.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.12% | 12.92% | +46.20% |
DULL vs. GMOM - Expense Ratio Comparison
DULL has a 0.95% expense ratio, which is lower than GMOM's 0.96% expense ratio.
Dividends
DULL vs. GMOM - Dividend Comparison
DULL has not paid dividends to shareholders, while GMOM's dividend yield for the trailing twelve months is around 1.51%.
| 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% |
GMOM Cambria Global Momentum ETF | 1.51% | 3.01% | 2.16% | 3.63% | 2.52% | 3.42% | 1.24% | 2.60% | 1.90% | 2.05% | 1.77% | 1.88% |
Frequently Asked Questions
DULL and GMOM have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DULL has higher volatility (22.82%) compared to GMOM (4.48%). In terms of maximum drawdown, DULL dropped -97.12% vs GMOM's -25.03%.
On 3-year performance, GMOM leads with 11.10% vs -57.82% for DULL. On fees, DULL is cheaper at 0.95% per year. On volatility, GMOM has been the lower-risk option at 4.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GMOM has performed better with a 11.10% return vs -57.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DULL is cheaper with a 0.95% expense ratio, compared with 0.96% for GMOM.
GMOM has the higher dividend yield at 1.51%, compared with 0.00% for DULL.
DULL is categorized as Inverse Commodities, while GMOM is Momentum. They also come from different issuers: REX and Cambria. Their fees differ too: 0.95% for DULL and 0.96% for GMOM.
GMOM currently has the higher Sharpe Ratio (1.50 vs -0.73), 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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