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DUST vs. GDX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DUST vs. GDX

Last updated Jun 3, 2026

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 -53.95%/yr vs 14.38%/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

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

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Returns By Period

In the year-to-date period, DUST achieves a -31.39% return, which is significantly lower than GDX's 2.66% return. Over the past 10 years, DUST has underperformed GDX with an annualized return of -53.95%, while GDX has yielded a comparatively higher 14.38% 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%

GDX

1D
1.58%
1M
1.08%
YTD
2.66%
6M
8.67%
1Y
64.94%
3Y*
42.66%
5Y*
19.85%
10Y*
14.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DUST vs. GDX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
GDX
VanEck Gold Miners ETF		2.66%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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Gold Miners Bear 2X Shares

VanEck Gold Miners ETF

Often compared with DUST:
DUST vs. NUGTDUST vs. GDXDDUST vs. JNUGDUST vs. GDXUDUST vs. GC=FDUST vs. GDXJDUST vs. IAU
Often compared with GDX:
GDX vs. GLDGDX vs. GDXJGDX vs. GOLDGDX vs. IAUGDX vs. GDXUGDX vs. RINGGDX vs. SLV

Return for Risk

DUST vs. GDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DUST
DUST Risk / Return Rank: 11
Overall Rank
DUST Sharpe Ratio Rank: 22
Sharpe Ratio Rank
DUST Sortino Ratio Rank: 11
Sortino Ratio Rank
DUST Omega Ratio Rank: 11
Omega Ratio Rank
DUST Calmar Ratio Rank: 11
Calmar Ratio Rank
DUST Martin Ratio Rank: 22
Martin Ratio Rank
GDX
GDX Risk / Return Rank: 4040
Overall Rank
GDX Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
GDX Sortino Ratio Rank: 3434
Sortino Ratio Rank
GDX Omega Ratio Rank: 3939
Omega Ratio Rank
GDX Calmar Ratio Rank: 4949
Calmar Ratio Rank
GDX Martin Ratio Rank: 4040
Martin Ratio Rank
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. 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.

DUSTGDXDifference

Sharpe ratio

Return per unit of total volatility

-0.86

1.44

-2.30

Sortino ratio

Return per unit of downside risk

-1.80

1.84

-3.63

Omega ratio

Gain probability vs. loss probability

0.81

1.26

-0.45

Calmar ratio

Return relative to maximum drawdown

-0.93

2.44

-3.37

Martin ratio

Return relative to average drawdown

-1.28

6.32

-7.61

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. GDX - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.86, which is lower than the GDX Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of DUST and GDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DUSTGDXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.86

1.44

-2.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.67

0.55

-1.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.62

0.39

-1.01

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.51

0.13

-0.64

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

DUSTGDXDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-100.00%

-23.99%

-76.01%

Average Drawdown

Average peak-to-trough decline

-83.34%

-40.44%

-42.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

62.66%

11.87%

+50.79%

Volatility

DUST vs. GDX - Volatility Comparison

Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 29.73% compared to VanEck Gold Miners ETF (GDX) at 15.07%. 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

DUSTGDXDifference

Volatility (1M)

Calculated over the trailing 1-month period

29.73%

15.07%

+14.66%

Volatility (6M)

Calculated over the trailing 6-month period

71.79%

37.34%

+34.45%

Volatility (1Y)

Calculated over the trailing 1-year period

90.85%

45.72%

+45.13%

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

87.18%

37.17%

+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 9.50%, more than GDX's 0.72% yield.

PositionTTM20252024202320222021202020192018201720162015
DUST
Direxion Daily Gold Miners Bear 2X Shares		9.50%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		0.72%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 (29.73%) compared to GDX (15.07%). In terms of maximum drawdown, DUST dropped -100.00% vs GDX's -80.34%.

On 10-year performance, GDX leads with 14.38% vs -53.95% for DUST. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 15.07%. 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 14.38% return vs -53.95%. 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 9.50%, compared with 0.72% 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 (1.44 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.

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