DULL vs. RING
DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and RING (iShares MSCI Global Gold Miners ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 3 years, DULL returned -57.82%/yr vs 38.89%/yr for RING. At a correlation of -0.79, they often move in opposite directions. DULL charges 0.95%/yr vs 0.39%/yr for RING.
Performance
DULL vs. RING - Performance Comparison
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Returns By Period
In the year-to-date period, DULL achieves a -7.80% return, which is significantly higher than RING's -13.45% return.
DULL
- 1D
- 7.78%
- 1M
- 14.10%
- 6M
- 11.44%
- YTD
- -7.80%
- 1Y
- -59.77%
- 3Y*
- -57.82%
- 5Y*
- —
- 10Y*
- —
RING
- 1D
- -2.53%
- 1M
- -8.38%
- 6M
- -22.60%
- YTD
- -13.45%
- 1Y
- 45.11%
- 3Y*
- 38.89%
- 5Y*
- 19.27%
- 10Y*
- 11.09%
DULL vs. RING - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DULL MicroSectors Gold -3X Inverse Leveraged ETN | -7.80% | -80.59% | -51.68% | -28.84% |
RING iShares MSCI Global Gold Miners ETF | -13.45% | 164.72% | 15.98% | 14.29% |
Correlation
The correlation between DULL and RING is -0.81, 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 | -0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | -0.79 |
The correlation between DULL and RING 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. RING — Risk / Return Rank
DULL
RING
DULL vs. RING - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and iShares MSCI Global Gold Miners ETF (RING). 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 | RING | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.19 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 1.26 | -1.99 |
| Martin ratioReturn relative to average drawdown | -1.00 | 2.93 | -3.93 |
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Drawdowns
DULL vs. RING - Drawdown Comparison
The maximum DULL drawdown since its inception was -97.12%, which is greater than RING's maximum drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for DULL and RING.
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Drawdown Indicators
| DULL | RING | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.12% | -79.47% | -17.65% |
Max Drawdown (1Y)Largest decline over 1 year | -81.92% | -35.91% | -46.01% |
Max Drawdown (3Y)Largest decline over 3 years | -97.12% | -35.91% | -61.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -47.94% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.04% | — |
Current DrawdownCurrent decline from peak | -94.05% | -35.90% | -58.15% |
Average DrawdownAverage peak-to-trough decline | -60.32% | -47.28% | -13.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.81% | 15.46% | +44.35% |
Volatility
DULL vs. RING - Volatility Comparison
MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a higher volatility of 22.82% compared to iShares MSCI Global Gold Miners ETF (RING) at 14.58%. This indicates that DULL's price experiences larger fluctuations and is considered to be riskier than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DULL | RING | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.82% | 14.58% | +8.24% |
Volatility (6M)Calculated over the trailing 6-month period | 69.93% | 39.61% | +30.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.31% | 48.36% | +33.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.12% | 37.11% | +22.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.12% | 36.71% | +22.41% |
DULL vs. RING - Expense Ratio Comparison
DULL has a 0.95% expense ratio, which is higher than RING's 0.39% expense ratio.
Dividends
DULL vs. RING - Dividend Comparison
DULL has not paid dividends to shareholders, while RING's dividend yield for the trailing twelve months is around 1.43%.
| 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% |
RING iShares MSCI Global Gold Miners ETF | 1.43% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
Frequently Asked Questions
DULL and RING 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 (22.82%) compared to RING (14.58%). In terms of maximum drawdown, DULL dropped -97.12% vs RING's -79.47%.
On 3-year performance, RING leads with 38.89% vs -57.82% for DULL. On fees, RING is cheaper at 0.39% per year. On volatility, RING has been the lower-risk option at 14.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, RING has performed better with a 38.89% return vs -57.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RING is cheaper with a 0.39% expense ratio, compared with 0.95% for DULL.
RING has the higher dividend yield at 1.43%, compared with 0.00% for DULL.
DULL is categorized as Inverse Commodities, while RING is Gold. DULL tracks LBMA Gold Price PM ($/ozt) (-300%), while RING tracks MSCI ACWI Select Gold Miners Investable Market Index. They also come from different issuers: REX and iShares. Their fees differ too: 0.95% for DULL and 0.39% for RING.
RING currently has the higher Sharpe Ratio (0.94 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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