DUST vs. GDXD

Last updated Jun 3, 2026

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 -48.16%/yr vs -73.52%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bear 2X Shares (DUST) and MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUST achieves a -31.39% return, which is significantly higher than GDXD's -55.94% 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%

GDXD

• 1D: -3.69%
• 1M: -14.82%
• YTD: -55.94%
• 6M: -65.66%
• 1Y: -93.58%
• 3Y*: -84.77%
• 5Y*: -73.52%
• 10Y*: —

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

DUST vs. GDXD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
DUST Direxion Daily Gold Miners Bear 2X Shares	-31.39%	-88.72%	-29.51%	-27.63%	-22.70%	-4.82%	-5.87%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-55.94%	-97.53%	-57.78%	-52.35%	-52.56%	-19.71%	-13.30%

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 4, 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.

Return for Risk

DUST vs. GDXD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DUST

DUST Risk / Return Rank: 1
DUST Sharpe Ratio Rank: 2
DUST Sortino Ratio Rank: 1
DUST Omega Ratio Rank: 1
DUST Calmar Ratio Rank: 1
DUST Martin Ratio Rank: 2

GDXD

GDXD Risk / Return Rank: 1
GDXD Sharpe Ratio Rank: 3
GDXD Sortino Ratio Rank: 1
GDXD Omega Ratio Rank: 1
GDXD Calmar Ratio Rank: 0
GDXD Martin Ratio Rank: 2

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. 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.

	DUST	GDXD	Difference
Sharpe ratio Return per unit of total volatility	-0.86	-0.69	-0.17
Sortino ratio Return per unit of downside risk	-1.80	-1.97	+0.17
Omega ratio Gain probability vs. loss probability	0.81	0.79	+0.02
Calmar ratio Return relative to maximum drawdown	-0.93	-0.98	+0.05
Martin ratio Return relative to average drawdown	-1.28	-1.25	-0.03
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. GDXD - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.86, which is comparable to the GDXD Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of DUST and GDXD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DUST	GDXD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	-0.69	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.67	-0.67	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	-0.67	+0.17

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.

Drawdown Indicators

	DUST	GDXD	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-100.00%	-99.94%	-0.06%
Average Drawdown Average peak-to-trough decline	-83.34%	-71.83%	-11.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.66%	75.68%	-13.02%

Volatility

DUST vs. GDXD - Volatility Comparison

The current volatility for Direxion Daily Gold Miners Bear 2X Shares (DUST) is 29.73%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a volatility of 46.46%. 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.

Volatility by Period

	DUST	GDXD	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.73%	46.46%	-16.73%
Volatility (6M) Calculated over the trailing 6-month period	71.79%	109.32%	-37.53%
Volatility (1Y) Calculated over the trailing 1-year period	90.85%	136.86%	-46.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.13%	109.98%	-37.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.18%	109.29%	-22.11%

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 9.50%, 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	9.50%	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

Can I hold both DUST and GDXD in my portfolio?

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.

Which is riskier, DUST or GDXD?

GDXD has higher volatility (46.46%) compared to DUST (29.73%). In terms of maximum drawdown, DUST dropped -100.00% vs GDXD's -99.96%.

Which ETF is better, DUST or GDXD?

On 5-year performance, DUST leads with -48.16% vs -73.52% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, DUST has been the lower-risk option at 29.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUST or GDXD?

Over the 5-year period, DUST has performed better with a -48.16% return vs -73.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUST or GDXD?

GDXD is cheaper with a 0.95% expense ratio, compared with 1.07% for DUST.

Which ETF pays a higher dividend yield, DUST or GDXD?

DUST has the higher dividend yield at 9.50%, compared with 0.00% for GDXD.

What is the main difference between DUST and 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.

Which has better risk-adjusted returns?

GDXD currently has the higher Sharpe Ratio (-0.69 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.