DUST vs. GC=F

Last updated Jul 14, 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. At a correlation of -0.13, 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 Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DUST

• 1D: 5.73%
• 1M: 13.84%
• 6M: 13.42%
• YTD: -9.29%
• 1Y: -71.58%
• 3Y*: -58.72%
• 5Y*: -46.95%
• 10Y*: -49.61%

GC=F

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DUST vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DUST Direxion Daily Gold Miners Bear 2X Shares	-9.29%	-88.72%	-29.51%	-27.63%	-32.91%
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.84%

Correlation

The correlation between DUST and GC=F is -0.13, 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 (All Time) Calculated using the full available price history since Jan 31, 2022	-0.13

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

GC=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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 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	-0.75	—	—
Sortino ratio: Return per unit of downside risk	-1.26	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.84	—	—
Martin ratio: Return relative to average drawdown	-1.07	—	—

Drawdowns

Drawdown Indicators

	DUST	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-85.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-97.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-98.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	—	—
Current Drawdown Current decline from peak	-100.00%	—	—
Average Drawdown Average peak-to-trough decline	-83.44%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	66.80%	—	—

Volatility

Volatility by Period

	DUST	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.11%	—	—
Volatility (6M) Calculated over the trailing 6-month period	77.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	95.53%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.48%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.97%	—	—

Frequently Asked Questions

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

DUST and GC=F have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.