DULL vs. RAAX
DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and RAAX (VanEck Inflation Allocation ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while RAAX is a Diversified Portfolio fund actively managed by VanEck. DULL is passively managed, while RAAX is actively managed. Over the past 3 years, DULL returned -59.48%/yr vs 20.58%/yr for RAAX. At a correlation of -0.58, they often move in opposite directions. DULL charges 0.95%/yr vs 0.78%/yr for RAAX.
Performance
DULL vs. RAAX - Performance Comparison
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Returns By Period
In the year-to-date period, DULL achieves a -14.10% return, which is significantly lower than RAAX's 13.77% return.
DULL
- 1D
- 5.46%
- 1M
- 27.21%
- YTD
- -14.10%
- 6M
- -3.79%
- 1Y
- -61.92%
- 3Y*
- -59.48%
- 5Y*
- —
- 10Y*
- —
RAAX
- 1D
- -1.27%
- 1M
- -4.59%
- YTD
- 13.77%
- 6M
- 11.58%
- 1Y
- 28.77%
- 3Y*
- 20.58%
- 5Y*
- 12.91%
- 10Y*
- —
DULL vs. RAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -14.10% | -80.59% | -51.68% | -28.84% |
RAAX VanEck Inflation Allocation ETF | 13.77% | 26.74% | 12.50% | 6.24% |
Correlation
The correlation between DULL and RAAX is -0.70, 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 | -0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | -0.58 |
The correlation between DULL and RAAX shifts across timeframes, from -0.70 (1 year) to -0.58 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DULL vs. RAAX — Risk / Return Rank
DULL
RAAX
DULL vs. RAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and VanEck Inflation Allocation ETF (RAAX). 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 | RAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.79 | ||
| Sortino ratioReturn per unit of downside risk | -3.87 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.37 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 4.03 | -4.79 |
| Martin ratioReturn relative to average drawdown | -1.07 | 13.32 | -14.39 |
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Drawdowns
DULL vs. RAAX - Drawdown Comparison
The maximum DULL drawdown since its inception was -97.12%, which is greater than RAAX's maximum drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for DULL and RAAX.
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Drawdown Indicators
| DULL | RAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.12% | -33.91% | -63.21% |
Max Drawdown (1Y)Largest decline over 1 year | -81.97% | -7.17% | -74.80% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -11.59% | -85.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.55% | — |
Current DrawdownCurrent decline from peak | -94.46% | -6.93% | -87.53% |
Average DrawdownAverage peak-to-trough decline | -59.79% | -6.77% | -53.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 58.11% | 2.17% | +55.94% |
Volatility
DULL vs. RAAX - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 23.88% compared to VanEck Inflation Allocation ETF (RAAX) at 4.82%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than RAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DULL | RAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.88% | 4.82% | +19.06% |
Volatility (6M)Calculated over the trailing 6-month period | 70.26% | 12.36% | +57.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 81.08% | 14.32% | +66.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.89% | 15.67% | +43.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.89% | 15.78% | +43.11% |
DULL vs. RAAX - Expense Ratio Comparison
DULL has a 0.95% expense ratio, which is higher than RAAX's 0.78% expense ratio.
Dividends
DULL vs. RAAX - Dividend Comparison
DULL has not paid dividends to shareholders, while RAAX's dividend yield for the trailing twelve months is around 2.05%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
RAAX VanEck Inflation Allocation ETF | 2.05% | 2.34% | 1.91% | 3.66% | 1.53% | 8.72% | 6.27% | 2.37% | 0.56% |
Frequently Asked Questions
DULL and RAAX have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DULL has higher volatility (23.88%) compared to RAAX (4.82%). In terms of maximum drawdown, DULL dropped -97.12% vs RAAX's -33.91%.
On 3-year performance, RAAX leads with 20.58% vs -59.48% for DULL. On fees, RAAX is cheaper at 0.78% per year. On volatility, RAAX has been the lower-risk option at 4.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, RAAX has performed better with a 20.58% return vs -59.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RAAX is cheaper with a 0.78% expense ratio, compared with 0.95% for DULL.
RAAX has the higher dividend yield at 2.05%, compared with 0.00% for DULL.
DULL is categorized as Inverse Commodities, while RAAX is Diversified Portfolio. They also come from different issuers: REX and VanEck. Their fees differ too: 0.95% for DULL and 0.78% for RAAX.
RAAX currently has the higher Sharpe Ratio (2.02 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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