DULL vs. GOEX
DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and GOEX (Global X Gold Explorers ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while GOEX is a Gold fund tracking the Solactive Global Gold Explorers & Developers Total Return. Both are passively managed. Over the past 3 years, DULL returned -58.83%/yr vs 44.03%/yr for GOEX. Their -0.79 correlation means they have often moved in opposite directions in the past. DULL charges 0.95%/yr vs 0.65%/yr for GOEX.
Performance
DULL vs. GOEX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with DULL having a -12.17% return and GOEX slightly lower at -12.64%.
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%
GOEX
- 1D
- 2.59%
- 1M
- -2.72%
- 6M
- -18.57%
- YTD
- -12.64%
- 1Y
- 65.16%
- 3Y*
- 44.03%
- 5Y*
- 19.71%
- 10Y*
- 10.35%
- ALL TIME*
- 0.40%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $408.60K | $774.21K | $681.81K | |
| $284.88K | $369.56K | $618.57K |
DULL vs. GOEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -12.17% | -80.59% | -51.68% | -28.84% |
GOEX Global X Gold Explorers ETF | -12.64% | 179.50% | 19.38% | 4.30% |
Correlation
The correlation between DULL and GOEX 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. | -0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | -0.79 |
The correlation between DULL and GOEX has been stable across timeframes, ranging from -0.81 to -0.79 - a consistent structural relationship.
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Return for Risk
DULL vs. GOEX — Risk / Return Rank
DULL
GOEX
DULL vs. GOEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and Global X Gold Explorers ETF (GOEX). 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 | GOEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.22 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 1.64 | -2.40 |
| Martin ratioReturn relative to average drawdown | -1.02 | 3.41 | -4.43 |
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Drawdowns
DULL vs. GOEX - Drawdown Comparison
The maximum DULL drawdown since its inception was -97.12%, which is greater than GOEX's maximum drawdown of -88.83%. Use the drawdown chart below to compare losses from any high point for DULL and GOEX.
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Drawdown Indicators
| DULL | GOEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.12% | -88.83% | -8.29% |
Max Drawdown (1Y)Largest decline over 1 year | -81.20% | -39.87% | -41.33% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -39.87% | -57.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -47.16% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -53.66% | — |
Current DrawdownCurrent decline from peak | -94.33% | -35.53% | -58.80% |
Average DrawdownAverage peak-to-trough decline | -60.91% | -63.28% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 60.53% | 19.15% | +41.38% |
Volatility
DULL vs. GOEX - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 17.41% compared to Global X Gold Explorers ETF (GOEX) at 14.73%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than GOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DULL | GOEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.41% | 14.73% | +2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 62.40% | 40.14% | +22.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.72% | 53.05% | +29.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.09% | 40.06% | +19.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.09% | 40.16% | +18.93% |
DULL vs. GOEX - Expense Ratio Comparison
DULL has a 0.95% expense ratio, which is higher than GOEX's 0.65% expense ratio.
Dividends
DULL vs. GOEX - Dividend Comparison
DULL has not paid dividends to shareholders, while GOEX's dividend yield for the trailing twelve months is around 2.51%.
| 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% |
GOEX Global X Gold Explorers ETF | 2.51% | 2.08% | 2.46% | 0.05% | 1.04% | 2.35% | 2.62% | 1.60% | 0.00% | 0.00% | 38.91% | 11.70% |
Frequently Asked Questions
DULL and GOEX 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 GOEX (14.73%). In terms of maximum drawdown, DULL dropped -97.12% vs GOEX's -88.83%.
On 3-year performance, GOEX leads with 44.03% vs -58.83% for DULL. On fees, GOEX is cheaper at 0.65% per year. On volatility, GOEX has been the lower-risk option at 14.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GOEX has performed better with a 44.03% return vs -58.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOEX is cheaper with a 0.65% expense ratio, compared with 0.95% for DULL.
GOEX has the higher dividend yield at 2.51%, compared with 0.00% for DULL.
DULL is categorized as Inverse Commodities, while GOEX is Gold. DULL tracks LBMA Gold Price PM ($/ozt) (-300%), while GOEX tracks Solactive Global Gold Explorers & Developers Total Return. They also come from different issuers: REX and Global X. Their fees differ too: 0.95% for DULL and 0.65% for GOEX.
GOEX currently has the higher Sharpe Ratio (1.24 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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