DULL vs. TSII

Last updated Aug 2, 2026

DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and TSII (REX TSLA Growth & Income ETF) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while TSII is a Leveraged Equities fund actively managed by REX. DULL is passively managed, while TSII is actively managed. Over the past year, DULL returned -61.47% vs -2.85% for TSII. Their -0.21 correlation means they have often moved in opposite directions in the past. DULL charges 0.95%/yr vs 0.99%/yr for TSII.

Performance

DULL vs. TSII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and REX TSLA Growth & Income ETF (TSII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DULL achieves a -12.16% return, which is significantly higher than TSII's -35.03% return.

DULL

• 1D: 4.27%
• 1M: 3.77%
• 6M: 35.38%
• YTD: -12.16%
• 1Y: -61.47%
• 3Y*: -58.74%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -56.20%

TSII

• 1D: 1.37%
• 1M: -22.61%
• 6M: -32.70%
• YTD: -35.03%
• 1Y: -2.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -8.22%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DULL MicroSectors Gold -3X Inverse Leveraged ETN	$435.85K	$839.62K	$687.64K
TSII REX TSLA Growth & Income ETF	$1.63M	$1.31M	$1.07M

DULL vs. TSII - Yearly Performance Comparison

	2026 (YTD)	2025
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-12.16%	-56.48%
TSII REX TSLA Growth & Income ETF	-35.03%	39.41%

Correlation

The correlation between DULL and TSII is -0.24, 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.	-0.24
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	-0.21

Return for Risk

DULL vs. TSII — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DULL

DULL Risk / Return Rank: 3
DULL Sharpe Ratio Rank: 3
DULL Sortino Ratio Rank: 3
DULL Omega Ratio Rank: 3
DULL Calmar Ratio Rank: 3
DULL Martin Ratio Rank: 4

TSII

TSII Risk / Return Rank: 10
TSII Sharpe Ratio Rank: 9
TSII Sortino Ratio Rank: 11
TSII Omega Ratio Rank: 12
TSII Calmar Ratio Rank: 9
TSII Martin Ratio Rank: 9

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DULL vs. TSII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and REX TSLA Growth & Income ETF (TSII). 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	TSII	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	-0.10	-0.68
Sortino ratio: Return per unit of downside risk	-1.23	0.19	-1.43
Omega ratio: Gain probability vs. loss probability	0.86	1.02	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.11	-0.68
Martin ratio: Return relative to average drawdown	-1.06	-0.29	-0.76

DULL vs. TSII - Sharpe Ratio Comparison

The current DULL Sharpe Ratio is -0.77, which is lower than the TSII Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of DULL and TSII, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DULL vs. TSII - Drawdown Comparison

The maximum DULL drawdown since its inception was -97.12%, which is greater than TSII's maximum drawdown of -44.14%. Use the drawdown chart below to compare losses from any high point for DULL and TSII.

Drawdown Indicators

	DULL	TSII	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-44.14%	-52.98%
Max Drawdown (1Y) Largest decline over 1 year	-81.20%	-44.14%	-37.06%
Max Drawdown (3Y) Largest decline over 3 years	-97.12%	—	—
Current Drawdown Current decline from peak	-94.33%	-40.63%	-53.70%
Average Drawdown Average peak-to-trough decline	-60.87%	-11.52%	-49.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.14%	15.75%	+45.39%

Volatility

DULL vs. TSII - Volatility Comparison

The current volatility for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) is 18.63%, while REX TSLA Growth & Income ETF (TSII) has a volatility of 24.75%. This indicates that DULL experiences smaller price fluctuations and is considered to be less risky than TSII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DULL	TSII	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.63%	24.75%	-6.12%
Volatility (6M) Calculated over the trailing 6-month period	67.73%	37.69%	+30.04%
Volatility (1Y) Calculated over the trailing 1-year period	82.78%	47.70%	+35.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.13%	50.45%	+8.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.13%	50.45%	+8.68%

DULL vs. TSII - Expense Ratio Comparison

DULL has a 0.95% expense ratio, which is lower than TSII's 0.99% expense ratio.

Dividends

DULL vs. TSII - Dividend Comparison

DULL has not paid dividends to shareholders, while TSII's dividend yield for the trailing twelve months is around 109.28%.

Position	TTM	2025
DULL MicroSectors Gold -3X Inverse Leveraged ETN	0.00%	0.00%
TSII REX TSLA Growth & Income ETF	109.28%	32.17%

Frequently Asked Questions

Can I hold both DULL and TSII in my portfolio?

DULL and TSII have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DULL or TSII?

TSII has higher volatility (24.75%) compared to DULL (18.63%). In terms of maximum drawdown, DULL dropped -97.12% vs TSII's -44.14%.

Which ETF is better, DULL or TSII?

On 1-year performance, TSII leads with -2.85% vs -61.47% for DULL. On fees, DULL is cheaper at 0.95% per year. On volatility, DULL has been the lower-risk option at 18.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DULL or TSII?

Over the 1-year period, TSII has performed better with a -2.85% return vs -61.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DULL or TSII?

DULL is cheaper with a 0.95% expense ratio, compared with 0.99% for TSII.

Which ETF pays a higher dividend yield, DULL or TSII?

TSII has the higher dividend yield at 109.28%, compared with 0.00% for DULL.

What is the main difference between DULL and TSII?

DULL is categorized as Inverse Commodities, while TSII is Leveraged Equities. Their fees differ too: 0.95% for DULL and 0.99% for TSII.

Which has better risk-adjusted returns?

TSII currently has the higher Sharpe Ratio (-0.10 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.