DUST vs. GC=F

Last updated Jun 3, 2026

DUST (Direxion Daily Gold Miners Bear 2X Shares) is Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while GC=F (Gold) is an asset. Over the past 10 years, DUST returned -53.95%/yr vs 13.80%/yr for GC=F. At a correlation of -0.64, they often move in opposite directions.

Performance

DUST vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bear 2X Shares (DUST) and Gold (GC=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUST achieves a -31.39% return, which is significantly lower than GC=F's 4.48% return. Over the past 10 years, DUST has underperformed GC=F with an annualized return of -53.95%, while GC=F has yielded a comparatively higher 13.80% annualized return.

DUST

• 1D: -2.91%
• 1M: -7.54%
• YTD: -31.39%
• 6M: -40.29%
• 1Y: -77.70%
• 3Y*: -62.92%
• 5Y*: -48.16%
• 10Y*: -53.95%

GC=F

• 1D: 0.98%
• 1M: -2.39%
• YTD: 4.48%
• 6M: 7.94%
• 1Y: 34.08%
• 3Y*: 32.28%
• 5Y*: 19.29%
• 10Y*: 13.80%

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

DUST vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUST Direxion Daily Gold Miners Bear 2X Shares	-31.39%	-88.72%	-29.51%	-27.63%	-22.70%	-4.82%	-85.75%	-75.11%	-3.27%	-51.00%
GC=F Gold	4.48%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Correlation

The correlation between DUST and GC=F 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	-0.72
Correlation (5Y) Calculated over the trailing 5-year period	-0.72
Correlation (10Y) Calculated over the trailing 10-year period	-0.67
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	-0.64

The correlation between DUST and GC=F has been stable across timeframes, ranging from -0.72 to -0.64 - a consistent structural relationship.

Return for Risk

DUST vs. GC=F — Risk / Return Rank

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

DUST

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

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 48
GC=F Sortino Ratio Rank: 48
GC=F Omega Ratio Rank: 45
GC=F Calmar Ratio Rank: 61
GC=F Martin Ratio Rank: 67

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.

DUST vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and Gold (GC=F). 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.

	DUST	GC=F	Difference
Sharpe ratio Return per unit of total volatility	-0.86	1.25	-2.11
Sortino ratio Return per unit of downside risk	-1.80	1.63	-3.43
Omega ratio Gain probability vs. loss probability	0.81	1.25	-0.44
Calmar ratio Return relative to maximum drawdown	-0.93	2.03	-2.97
Martin ratio Return relative to average drawdown	-1.28	5.15	-6.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUST vs. GC=F - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.86, which is lower than the GC=F Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of DUST and GC=F, 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

	DUST	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	1.25	-2.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.67	1.05	-1.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.62	0.84	-1.46
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	0.62	-1.13

Drawdowns

DUST vs. GC=F - Drawdown Comparison

The maximum DUST drawdown since its inception was -100.00%, which is greater than GC=F's maximum drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for DUST and GC=F.

Drawdown Indicators

	DUST	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-44.36%	-55.64%
Max Drawdown (1Y) Largest decline over 1 year	-86.15%	-17.73%	-68.42%
Max Drawdown (3Y) Largest decline over 3 years	-97.55%	-17.73%	-79.82%
Max Drawdown (5Y) Largest decline over 5 years	-98.68%	-20.43%	-78.25%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-20.87%	-79.11%
Current Drawdown Current decline from peak	-100.00%	-15.03%	-84.97%
Average Drawdown Average peak-to-trough decline	-83.34%	-13.03%	-70.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.66%	7.01%	+55.65%

Volatility

DUST vs. GC=F - Volatility Comparison

Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 29.73% compared to Gold (GC=F) at 5.37%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUST	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.73%	5.37%	+24.36%
Volatility (6M) Calculated over the trailing 6-month period	71.79%	23.05%	+48.74%
Volatility (1Y) Calculated over the trailing 1-year period	90.85%	26.56%	+64.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.13%	18.21%	+53.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.18%	16.44%	+70.74%

Frequently Asked Questions

Can I hold both DUST and GC=F in my portfolio?

DUST and GC=F 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.

Which is riskier, DUST or GC=F?

DUST has higher volatility (29.73%) compared to GC=F (5.37%). In terms of maximum drawdown, DUST dropped -100.00% vs GC=F's -44.36%.

Which has better risk-adjusted returns?

GC=F currently has the higher Sharpe Ratio (1.25 vs -0.86), 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.