DUST vs. COPX
DUST (Direxion Daily Gold Miners Bear 2X Shares) and COPX (Global X Copper Miners ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while COPX is a Copper fund tracking the Solactive Global Copper Miners Total Return Index. Both are passively managed. Over the past 10 years, DUST returned -49.28%/yr vs 18.23%/yr for COPX. At a correlation of -0.45, they often move in opposite directions. DUST charges 1.07%/yr vs 0.65%/yr for COPX.
Performance
DUST vs. COPX - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -4.79% return, which is significantly lower than COPX's 4.38% return. Over the past 10 years, DUST has underperformed COPX with an annualized return of -49.28%, while COPX has yielded a comparatively higher 18.23% annualized return.
DUST
- 1D
- 7.05%
- 1M
- 44.18%
- 6M
- 22.98%
- YTD
- -4.79%
- 1Y
- -70.93%
- 3Y*
- -58.02%
- 5Y*
- -46.95%
- 10Y*
- -49.28%
COPX
- 1D
- -3.34%
- 1M
- -16.55%
- 6M
- -8.66%
- YTD
- 4.38%
- 1Y
- 73.12%
- 3Y*
- 26.24%
- 5Y*
- 18.98%
- 10Y*
- 18.23%
DUST vs. COPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -4.79% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
COPX Global X Copper Miners ETF | 4.38% | 93.50% | 3.57% | 8.38% | -0.76% | 23.39% | 51.66% | 12.48% | -31.31% | 38.92% |
Correlation
The correlation between DUST and COPX is -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.45 |
Over the past year, the inverse relationship between DUST and COPX has strengthened: their correlation has moved from -0.45 to -0.72, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
DUST vs. COPX — Risk / Return Rank
DUST
COPX
DUST vs. COPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and Global X Copper Miners ETF (COPX). 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.
| DUST | COPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.28 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.26 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.64 | -3.47 |
| Martin ratioReturn relative to average drawdown | -1.05 | 7.03 | -8.09 |
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Drawdowns
DUST vs. COPX - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than COPX's maximum drawdown of -83.16%. Use the drawdown chart below to compare losses from any high point for DUST and COPX.
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Drawdown Indicators
| DUST | COPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -83.16% | -16.84% |
Max Drawdown (1Y)Largest decline over 1 year | -85.83% | -27.82% | -58.01% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -39.72% | -57.83% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -42.12% | -56.56% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -65.41% | -34.57% |
Current DrawdownCurrent decline from peak | -100.00% | -21.70% | -78.30% |
Average DrawdownAverage peak-to-trough decline | -83.45% | -39.17% | -44.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 67.27% | 10.43% | +56.84% |
Volatility
DUST vs. COPX - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 23.53% compared to Global X Copper Miners ETF (COPX) at 13.82%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than COPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | COPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.53% | 13.82% | +9.71% |
Volatility (6M)Calculated over the trailing 6-month period | 77.17% | 39.72% | +37.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 95.66% | 45.35% | +50.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.51% | 37.25% | +36.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.97% | 35.81% | +51.16% |
DUST vs. COPX - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than COPX's 0.65% expense ratio.
Dividends
DUST vs. COPX - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 3.98%, more than COPX's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
COPX Global X Copper Miners ETF | 2.58% | 2.68% | 1.80% | 2.39% | 3.14% | 1.48% | 1.30% | 1.37% | 2.59% | 1.57% | 0.60% | 1.20% |
DUST Direxion Daily Gold Miners Bear 2X Shares | 3.98% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DUST and COPX have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (23.53%) compared to COPX (13.82%). In terms of maximum drawdown, DUST dropped -100.00% vs COPX's -83.16%.
On 10-year performance, COPX leads with 18.23% vs -49.28% for DUST. On fees, COPX is cheaper at 0.65% per year. On volatility, COPX has been the lower-risk option at 13.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, COPX has performed better with a 18.23% return vs -49.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
COPX is cheaper with a 0.65% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 3.98%, compared with 2.58% for COPX.
DUST is categorized as Leveraged Equities, while COPX is Copper. DUST tracks NYSE Arca Gold Miners Index (-300%), while COPX tracks Solactive Global Copper Miners Total Return Index. They also come from different issuers: Direxion and Global X. Their fees differ too: 1.07% for DUST and 0.65% for COPX.
COPX currently has the higher Sharpe Ratio (1.62 vs -0.74), 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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