DUST vs. GDXD
DUST (Direxion Daily Gold Miners Bear 2X Shares) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). Both are passively managed. Over the past 5 years, DUST returned -48.30%/yr vs -73.69%/yr for GDXD. With a 0.99 correlation, they move nearly in lockstep. DUST charges 1.07%/yr vs 0.95%/yr for GDXD.
Performance
DUST vs. GDXD - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -17.98% return, which is significantly higher than GDXD's -44.09% return.
DUST
- 1D
- 8.73%
- 1M
- 10.22%
- YTD
- -17.98%
- 6M
- -9.99%
- 1Y
- -73.95%
- 3Y*
- -62.05%
- 5Y*
- -48.30%
- 10Y*
- -52.03%
GDXD
- 1D
- 14.60%
- 1M
- 10.85%
- YTD
- -44.09%
- 6M
- -36.28%
- 1Y
- -92.07%
- 3Y*
- -84.34%
- 5Y*
- -73.69%
- 10Y*
- —
DUST vs. GDXD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -17.98% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -3.26% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -44.09% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
Correlation
The correlation between DUST and GDXD is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| 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 | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.99 |
The correlation between DUST and GDXD has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
DUST vs. GDXD — Risk / Return Rank
DUST
GDXD
DUST vs. GDXD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). 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 | GDXD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.83 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.96 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.13 | -1.17 | +0.03 |
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Drawdowns
DUST vs. GDXD - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, roughly equal to the maximum GDXD drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for DUST and GDXD.
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Drawdown Indicators
| DUST | GDXD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.96% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -96.33% | +10.18% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -99.86% | +2.31% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -99.96% | +1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.92% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -83.38% | -72.06% | -11.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.24% | 78.80% | -13.56% |
Volatility
DUST vs. GDXD - Volatility Comparison
The current volatility for Direxion Daily Gold Miners Bear 2X Shares (DUST) is 34.13%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a volatility of 53.31%. This indicates that DUST experiences smaller price fluctuations and is considered to be less risky than GDXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | GDXD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.13% | 53.31% | -19.18% |
Volatility (6M)Calculated over the trailing 6-month period | 77.03% | 117.73% | -40.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.59% | 143.27% | -48.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.10% | 111.54% | -38.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.25% | 110.62% | -23.37% |
DUST vs. GDXD - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than GDXD's 0.95% expense ratio.
Dividends
DUST vs. GDXD - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 7.95%, while GDXD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 7.95% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, DUST and GDXD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GDXD has higher volatility (53.31%) compared to DUST (34.13%). In terms of maximum drawdown, DUST dropped -100.00% vs GDXD's -99.96%.
On 5-year performance, DUST leads with -48.30% vs -73.69% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, DUST has been the lower-risk option at 34.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DUST has performed better with a -48.30% return vs -73.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXD is cheaper with a 0.95% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 7.95%, compared with 0.00% for GDXD.
DUST is categorized as Leveraged Equities, while GDXD is Inverse Equities. DUST tracks NYSE Arca Gold Miners Index (-300%), while GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 1.07% for DUST and 0.95% for GDXD.
GDXD currently has the higher Sharpe Ratio (-0.64 vs -0.78), 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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