DUST vs. GC=F

Last updated Aug 2, 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 Futures) is an asset. Over the past 10 years, DUST returned -48.81%/yr vs 11.63%/yr for GC=F. Their -0.66 correlation means they have often moved in opposite directions in the past.

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 Futures (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 -13.22% return, which is significantly lower than GC=F's -5.25% return. Over the past 10 years, DUST has underperformed GC=F with an annualized return of -48.81%, while GC=F has yielded a comparatively higher 11.63% annualized return.

DUST

• 1D: 6.62%
• 1M: 8.88%
• 6M: 12.29%
• YTD: -13.22%
• 1Y: -72.70%
• 3Y*: -60.67%
• 5Y*: -47.24%
• 10Y*: -48.81%
• ALL TIME*: -48.48%

GC=F

• 1D: -0.04%
• 1M: -0.34%
• 6M: -13.05%
• YTD: -5.25%
• 1Y: 22.43%
• 3Y*: 28.30%
• 5Y*: 17.72%
• 10Y*: 11.63%
• ALL TIME*: 11.00%

*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)
DUST Direxion Daily Gold Miners Bear 2X Shares	$30.19M	$36.63M	$44.10M
GC=F Gold Futures	$116.79M	$56.64M	$28.60M

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	-13.22%	-88.72%	-29.51%	-27.63%	-22.70%	-4.82%	-85.75%	-75.11%	-3.27%	-51.00%
GC=F Gold Futures	-5.25%	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 -0.75, 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.	-0.75
Correlation (3Y) Balances recent behavior with more history.	-0.74
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.73
Correlation (10Y) Provides a long-term view across more market conditions.	-0.68
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010	-0.66

The correlation between DUST and GC=F has been stable across timeframes, ranging from -0.75 to -0.66 - a consistent structural relationship.

Return for Risk

DUST vs. GC=F — Risk / Return Rank

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

DUST

DUST Risk / Return Rank: 3
DUST Sharpe Ratio Rank: 3
DUST Sortino Ratio Rank: 2
DUST Omega Ratio Rank: 3
DUST Calmar Ratio Rank: 2
DUST Martin Ratio Rank: 4

GC=F

GC=F Risk / Return Rank: 3
GC=F Sharpe Ratio Rank: 0
GC=F Sortino Ratio Rank: 0
GC=F Omega Ratio Rank: 0
GC=F Calmar Ratio Rank: 0
GC=F Martin Ratio Rank: 13

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.

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 Futures (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.

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	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	0.87	-1.64
Sortino ratio: Return per unit of downside risk	-1.33	1.22	-2.55
Omega ratio: Gain probability vs. loss probability	0.86	1.18	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.87	0.98	-1.85
Martin ratio: Return relative to average drawdown	-1.09	2.17	-3.26

DUST vs. GC=F - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.76, which is lower than the GC=F Sharpe Ratio of 0.87. 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.

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	-85.03%	-25.06%	-59.97%
Max Drawdown (3Y) Largest decline over 3 years	-97.55%	-25.06%	-72.49%
Max Drawdown (5Y) Largest decline over 5 years	-98.68%	-25.06%	-73.62%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-25.06%	-74.92%
Current Drawdown Current decline from peak	-100.00%	-22.94%	-77.06%
Average Drawdown Average peak-to-trough decline	-83.50%	-13.58%	-69.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	68.24%	11.31%	+56.93%

Volatility

DUST vs. GC=F - Volatility Comparison

Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 25.85% compared to Gold Futures (GC=F) at 6.13%. 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	25.85%	6.13%	+19.72%
Volatility (6M) Calculated over the trailing 6-month period	77.14%	23.41%	+53.73%
Volatility (1Y) Calculated over the trailing 1-year period	96.41%	28.14%	+68.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.80%	18.65%	+55.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.65%	16.66%	+69.99%

Frequently Asked Questions

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

DUST and GC=F have a correlation of -0.75, 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 (25.85%) compared to GC=F (6.13%). 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 (0.87 vs -0.76), 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.