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 -49.81%/yr vs 10.71%/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
The year-to-date returns for both investments are quite close, with DUST having a -12.95% return and GDX slightly higher at -12.70%. Over the past 10 years, DUST has underperformed GDX with an annualized return of -49.81%, while GDX has yielded a comparatively higher 10.71% annualized return.
DUST
- 1D
- -4.03%
- 1M
- 9.25%
- 6M
- 10.90%
- YTD
- -12.95%
- 1Y
- -72.76%
- 3Y*
- -59.28%
- 5Y*
- -47.28%
- 10Y*
- -49.81%
GDX
- 1D
- 2.06%
- 1M
- -6.44%
- 6M
- -22.38%
- YTD
- -12.70%
- 1Y
- 43.80%
- 3Y*
- 34.38%
- 5Y*
- 18.07%
- 10Y*
- 10.71%
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 | -12.95% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
GDX VanEck Gold Miners ETF | -12.70% | 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 8, 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.
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 | GDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.18 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 1.20 | -2.05 |
| Martin ratioReturn relative to average drawdown | -1.09 | 2.74 | -3.83 |
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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 | -85.83% | -36.66% | -49.17% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -36.66% | -60.89% |
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% | -35.36% | -64.64% |
Average DrawdownAverage peak-to-trough decline | -83.44% | -40.38% | -43.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 66.96% | 16.01% | +50.95% |
Volatility
DUST vs. GDX - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 28.12% compared to VanEck Gold Miners ETF (GDX) at 13.88%. 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 | 28.12% | 13.88% | +14.24% |
Volatility (6M)Calculated over the trailing 6-month period | 77.19% | 40.00% | +37.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 95.41% | 48.02% | +47.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.49% | 37.07% | +36.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.97% | 37.36% | +49.61% |
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 4.36%, more than GDX's 0.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 4.36% | 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 | 0.85% | 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 (28.12%) compared to GDX (13.88%). In terms of maximum drawdown, DUST dropped -100.00% vs GDX's -80.34%.
On 10-year performance, GDX leads with 10.71% vs -49.81% for DUST. On fees, GDX is cheaper at 0.51% per year. On volatility, GDX has been the lower-risk option at 13.88%. 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 10.71% return vs -49.81%. 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 4.36%, compared with 0.85% 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 (0.92 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.
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