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 Materials fund tracking the Solactive Global Gold Explorers & Developers Total Return. Both are passively managed. Over the past 3 years, DULL returned -61.47%/yr vs 46.31%/yr for GOEX. At a correlation of -0.78, they often move in opposite directions. DULL charges 0.95%/yr vs 0.65%/yr for GOEX.
Performance
DULL vs. GOEX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DULL achieves a -29.67% return, which is significantly lower than GOEX's -5.02% return.
DULL
- 1D
- 2.86%
- 1M
- 3.73%
- YTD
- -29.67%
- 6M
- -35.43%
- 1Y
- -69.39%
- 3Y*
- -61.47%
- 5Y*
- —
- 10Y*
- —
GOEX
- 1D
- -4.11%
- 1M
- -3.45%
- YTD
- -5.02%
- 6M
- 2.89%
- 1Y
- 64.25%
- 3Y*
- 46.31%
- 5Y*
- 18.83%
- 10Y*
- 13.99%
DULL vs. GOEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -29.67% | -80.59% | -51.68% | -29.56% |
GOEX Global X Gold Explorers ETF | -5.02% | 179.50% | 19.38% | 6.08% |
Correlation
The correlation between DULL and GOEX is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023 | -0.78 |
The correlation between DULL and GOEX has been stable across timeframes, ranging from -0.79 to -0.78 - 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. 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.
| DULL | GOEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.41 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.24 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 1.97 | -2.82 |
| Martin ratioReturn relative to average drawdown | -1.24 | 4.94 | -6.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DULL | GOEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | 1.31 | -2.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.49 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.35 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.05 | 0.02 | -1.07 |
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.
Loading charts...
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 | -81.97% | -32.78% | -49.19% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -32.78% | -64.34% |
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 | -95.46% | -29.90% | -65.56% |
Average DrawdownAverage peak-to-trough decline | -59.30% | -63.59% | +4.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.01% | 13.04% | +42.97% |
Volatility
DULL vs. GOEX - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 16.82% compared to Global X Gold Explorers ETF (GOEX) at 14.62%. 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.
Loading charts...
Volatility by Period
| DULL | GOEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.82% | 14.62% | +2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 66.66% | 39.87% | +26.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.11% | 49.13% | +28.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.97% | 39.00% | +18.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.97% | 39.97% | +18.00% |
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 2.19%.
| 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 | 2.19% | 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 -0.79, 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 GOEX (14.62%). In terms of maximum drawdown, DULL dropped -97.12% vs GOEX's -88.83%.
On 3-year performance, GOEX leads with 46.31% vs -61.47% for DULL. On fees, GOEX is cheaper at 0.65% per year. On volatility, GOEX has been the lower-risk option at 14.62%. 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 46.31% return vs -61.47%. 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 2.19%, compared with 0.00% for DULL.
DULL is categorized as Inverse Commodities, while GOEX is Materials. 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 (1.31 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.
Find the right allocation for DULL and GOEX
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