DULL vs. WTIU

Last updated Jun 4, 2026

DULL (MicroSectors Gold -3X Inverse Leveraged ETN) and WTIU (MicroSectors Energy 3X Leveraged ETN) are both exchange-traded funds - DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%), while WTIU is a Leveraged Equities fund tracking the Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%). Both are passively managed. Over the past 3 years, DULL returned -61.47%/yr vs 5.93%/yr for WTIU. At a correlation of -0.05, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

DULL vs. WTIU - Performance Comparison

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

Returns By Period

In the year-to-date period, DULL achieves a -29.67% return, which is significantly lower than WTIU's 91.57% return.

DULL

• 1D: 2.86%
• 1M: 3.73%
• YTD: -29.67%
• 6M: -35.43%
• 1Y: -69.39%
• 3Y*: -61.47%
• 5Y*: —
• 10Y*: —

WTIU

• 1D: 4.02%
• 1M: -7.74%
• YTD: 91.57%
• 6M: 66.33%
• 1Y: 103.25%
• 3Y*: 5.93%
• 5Y*: —
• 10Y*: —

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

DULL vs. WTIU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-29.67%	-80.59%	-51.68%	-29.56%
WTIU MicroSectors Energy 3X Leveraged ETN	91.57%	-17.13%	-29.63%	-14.28%

Correlation

The correlation between DULL and WTIU is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	-0.05

The correlation between DULL and WTIU shifts across timeframes, from -0.08 (3 years) to 0.02 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DULL vs. WTIU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DULL

DULL Risk / Return Rank: 2
DULL Sharpe Ratio Rank: 2
DULL Sortino Ratio Rank: 1
DULL Omega Ratio Rank: 1
DULL Calmar Ratio Rank: 2
DULL Martin Ratio Rank: 3

WTIU

WTIU Risk / Return Rank: 43
WTIU Sharpe Ratio Rank: 43
WTIU Sortino Ratio Rank: 38
WTIU Omega Ratio Rank: 37
WTIU Calmar Ratio Rank: 54
WTIU Martin Ratio Rank: 41

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DULL vs. WTIU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) and MicroSectors Energy 3X Leveraged ETN (WTIU). 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	WTIU	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.54	-2.43
Sortino ratio: Return per unit of downside risk	-1.67	2.00	-3.66
Omega ratio: Gain probability vs. loss probability	0.81	1.25	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.85	2.65	-3.50
Martin ratio: Return relative to average drawdown	-1.24	6.55	-7.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DULL vs. WTIU - Sharpe Ratio Comparison

The current DULL Sharpe Ratio is -0.89, which is lower than the WTIU Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of DULL and WTIU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DULL	WTIU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	1.54	-2.43
Sharpe Ratio (All Time) Calculated using the full available price history	-1.05	-0.09	-0.96

Drawdowns

DULL vs. WTIU - Drawdown Comparison

The maximum DULL drawdown since its inception was -97.12%, which is greater than WTIU's maximum drawdown of -75.73%. Use the drawdown chart below to compare losses from any high point for DULL and WTIU.

Drawdown Indicators

	DULL	WTIU	Difference
Max Drawdown Largest peak-to-trough decline	-97.12%	-75.73%	-21.39%
Max Drawdown (1Y) Largest decline over 1 year	-81.97%	-39.11%	-42.86%
Max Drawdown (3Y) Largest decline over 3 years	-97.12%	-75.73%	-21.39%
Current Drawdown Current decline from peak	-95.46%	-32.10%	-63.36%
Average Drawdown Average peak-to-trough decline	-59.30%	-39.19%	-20.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.01%	15.83%	+40.18%

Volatility

DULL vs. WTIU - Volatility Comparison

The current volatility for MicroSectors Gold -3X Inverse Leveraged ETN (DULL) is 16.82%, while MicroSectors Energy 3X Leveraged ETN (WTIU) has a volatility of 27.06%. This indicates that DULL experiences smaller price fluctuations and is considered to be less risky than WTIU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DULL	WTIU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.82%	27.06%	-10.24%
Volatility (6M) Calculated over the trailing 6-month period	66.66%	54.98%	+11.68%
Volatility (1Y) Calculated over the trailing 1-year period	78.11%	67.51%	+10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.97%	70.62%	-12.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.97%	70.62%	-12.65%

DULL vs. WTIU - Expense Ratio Comparison

Both DULL and WTIU have an expense ratio of 0.95%.

Dividends

DULL vs. WTIU - Dividend Comparison

Neither DULL nor WTIU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DULL and WTIU in my portfolio?

DULL and WTIU have a correlation of 0.02, 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 WTIU?

WTIU has higher volatility (27.06%) compared to DULL (16.82%). In terms of maximum drawdown, DULL dropped -97.12% vs WTIU's -75.73%.

Which ETF is better, DULL or WTIU?

On 3-year performance, WTIU leads with 5.93% vs -61.47% for DULL. Both ETFs have the same 0.95% expense ratio. On volatility, DULL has been the lower-risk option at 16.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DULL or WTIU?

Over the 3-year period, WTIU has performed better with a 5.93% 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 WTIU?

DULL and WTIU have the same expense ratio: 0.95% per year.

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

DULL and WTIU have nearly identical dividend yields, around 0.00%.

What is the main difference between DULL and WTIU?

DULL is categorized as Inverse Commodities, while WTIU is Leveraged Equities. DULL tracks LBMA Gold Price PM ($/ozt) (-300%), while WTIU tracks Solactive MicroSectors Energy Index - Benchmark TR Gross (--300%).

Which has better risk-adjusted returns?

WTIU currently has the higher Sharpe Ratio (1.54 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.