DUST vs. GDXD
DUST (Direxion Daily Gold Miners Bear 2X Shares) and GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) 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. Both are passively managed. Over the past 5 years, DUST returned -47.24%/yr vs -73.29%/yr for GDXD. Their 0.99 correlation means they have historically moved very closely together. 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 -13.22% return, which is significantly higher than GDXD's -42.32% return.
DUST
- 1D
- 6.62%
- 1M
- 8.88%
- 6M
- 12.29%
- YTD
- -13.22%
- 1Y
- -72.70%
- 3Y*
- -60.67%
- 5Y*
- -47.24%
- 10Y*
- -48.81%
- ALL TIME*
- -48.48%
GDXD
- 1D
- 10.48%
- 1M
- 10.38%
- 6M
- -10.42%
- YTD
- -42.32%
- 1Y
- -91.93%
- 3Y*
- -83.55%
- 5Y*
- -73.29%
- 10Y*
- —
- ALL TIME*
- -70.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.19M | $36.63M | $44.10M | |
| $19.58M | $21.95M | $29.87M |
DUST vs. GDXD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -13.22% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -3.26% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | -42.32% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
Correlation
The correlation between DUST and GDXD is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer 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 due June 29, 2040 (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 | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.84 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.96 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.09 | -1.11 | +0.02 |
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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 | -85.03% | -95.95% | +10.92% |
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 | -83.50% | -72.59% | -10.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.24% | 83.56% | -15.32% |
Volatility
DUST vs. GDXD - Volatility Comparison
The current volatility for Direxion Daily Gold Miners Bear 2X Shares (DUST) is 25.85%, while MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a volatility of 40.76%. 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 | 25.85% | 40.76% | -14.91% |
Volatility (6M)Calculated over the trailing 6-month period | 77.14% | 118.25% | -41.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.41% | 146.68% | -50.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.80% | 112.62% | -38.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.65% | 110.97% | -24.32% |
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 4.37%, 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 | 4.37% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | 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 (40.76%) compared to DUST (25.85%). In terms of maximum drawdown, DUST dropped -100.00% vs GDXD's -99.96%.
On 5-year performance, DUST leads with -47.24% vs -73.29% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, DUST has been the lower-risk option at 25.85%. 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 -47.24% return vs -73.29%. 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 4.37%, 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. 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 (-0.63 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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