DUST vs. GDX
DUST (Direxion Daily Gold Miners Bear 2X Shares) and GDX (VanEck Gold Miners ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index. Both are passively managed. Over the past 10 years, DUST returned -53.65%/yr vs 13.98%/yr for GDX. At a correlation of -0.99, they often move in opposite directions. DUST charges 1.07%/yr vs 0.51%/yr for GDX.
Performance
DUST vs. GDX - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -26.71% return, which is significantly lower than GDX's -0.90% return. Over the past 10 years, DUST has underperformed GDX with an annualized return of -53.65%, while GDX has yielded a comparatively higher 13.98% annualized return.
DUST
- 1D
- 6.82%
- 1M
- -4.38%
- YTD
- -26.71%
- 6M
- -36.80%
- 1Y
- -76.81%
- 3Y*
- -62.09%
- 5Y*
- -47.20%
- 10Y*
- -53.65%
GDX
- 1D
- -3.46%
- 1M
- -0.76%
- YTD
- -0.90%
- 6M
- 5.62%
- 1Y
- 61.27%
- 3Y*
- 41.00%
- 5Y*
- 18.69%
- 10Y*
- 13.98%
DUST vs. GDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -26.71% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
GDX VanEck Gold Miners ETF | -0.90% | 154.77% | 10.63% | 9.98% | -9.01% | -9.52% | 23.66% | 39.84% | -8.77% | 11.99% |
Correlation
The correlation between DUST and GDX is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010 | -0.99 |
The correlation between DUST and GDX has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
DUST vs. GDX — Risk / Return Rank
DUST
GDX
DUST vs. GDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and VanEck Gold Miners ETF (GDX). 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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.25 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 2.00 | -2.89 |
| Martin ratioReturn relative to average drawdown | -1.22 | 5.13 | -6.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DUST | GDX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.85 | 1.35 | -2.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 0.52 | -1.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | 0.38 | -0.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.13 | -0.63 |
Drawdowns
DUST vs. GDX - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than GDX's maximum drawdown of -80.34%. Use the drawdown chart below to compare losses from any high point for DUST and GDX.
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Drawdown Indicators
| DUST | GDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -80.34% | -19.66% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -30.84% | -55.31% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -30.84% | -66.71% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -46.51% | -52.17% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -49.79% | -50.19% |
Current DrawdownCurrent decline from peak | -100.00% | -26.62% | -73.38% |
Average DrawdownAverage peak-to-trough decline | -83.35% | -40.43% | -42.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.85% | 11.99% | +50.86% |
Volatility
DUST vs. GDX - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 30.34% compared to VanEck Gold Miners ETF (GDX) at 15.40%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than GDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | GDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.34% | 15.40% | +14.94% |
Volatility (6M)Calculated over the trailing 6-month period | 72.12% | 37.50% | +34.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.34% | 45.49% | +44.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 36.39% | +35.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.19% | 37.18% | +50.01% |
DUST vs. GDX - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than GDX's 0.51% expense ratio.
Dividends
DUST vs. GDX - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 8.90%, more than GDX's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 8.90% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% | 0.00% | 0.00% | 0.00% |
GDX VanEck Gold Miners ETF | 0.74% | 0.74% | 1.19% | 1.61% | 1.66% | 1.67% | 0.53% | 0.67% | 0.50% | 0.76% | 0.26% | 0.85% |
Frequently Asked Questions
DUST and GDX have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (30.34%) compared to GDX (15.40%). In terms of maximum drawdown, DUST dropped -100.00% vs GDX's -80.34%.
On 10-year performance, GDX leads with 13.98% vs -53.65% for DUST. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 15.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDX has performed better with a 13.98% return vs -53.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDX is cheaper with a 0.51% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 8.90%, compared with 0.74% for GDX.
DUST is categorized as Leveraged Equities, while GDX is Gold. DUST tracks NYSE Arca Gold Miners Index (-300%), while GDX tracks NYSE MarketVector Global Gold Miners Index. They also come from different issuers: Direxion and VanEck. Their fees differ too: 1.07% for DUST and 0.51% for GDX.
GDX currently has the higher Sharpe Ratio (1.35 vs -0.85), 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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