DUST vs. GDXJ
DUST (Direxion Daily Gold Miners Bear 2X Shares) and GDXJ (VanEck Junior Gold Miners ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while GDXJ is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 10 years, DUST returned -48.81%/yr vs 8.17%/yr for GDXJ. Their -0.95 correlation means they have often moved in opposite directions in the past. DUST charges 1.07%/yr vs 0.52%/yr for GDXJ.
Performance
DUST vs. GDXJ - 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 GDXJ's -16.16% return. Over the past 10 years, DUST has underperformed GDXJ with an annualized return of -48.81%, while GDXJ has yielded a comparatively higher 8.17% annualized 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%
GDXJ
- 1D
- -3.69%
- 1M
- -7.31%
- 6M
- -23.13%
- YTD
- -16.16%
- 1Y
- 50.07%
- 3Y*
- 40.59%
- 5Y*
- 17.64%
- 10Y*
- 8.17%
- ALL TIME*
- 1.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.19M | $36.63M | $44.10M | |
| $446.17M | $451.03M | $619.88M |
DUST vs. GDXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -13.22% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
GDXJ VanEck Junior Gold Miners ETF | -16.16% | 172.28% | 15.67% | 7.12% | -14.53% | -21.25% | 30.40% | 40.44% | -11.02% | 8.22% |
Correlation
The correlation between DUST and GDXJ is -0.98, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.98 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.98 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.95 |
The correlation between DUST and GDXJ has been stable across timeframes, ranging from -0.98 to -0.95 - a consistent structural relationship.
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Return for Risk
DUST vs. GDXJ — Risk / Return Rank
DUST
GDXJ
DUST vs. GDXJ - 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 Junior Gold Miners ETF (GDXJ). 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 | GDXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.19 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 1.26 | -2.13 |
| Martin ratioReturn relative to average drawdown | -1.09 | 2.68 | -3.77 |
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Drawdowns
DUST vs. GDXJ - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than GDXJ's maximum drawdown of -88.66%. Use the drawdown chart below to compare losses from any high point for DUST and GDXJ.
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Drawdown Indicators
| DUST | GDXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -88.66% | -11.34% |
Max Drawdown (1Y)Largest decline over 1 year | -85.03% | -41.32% | -43.71% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -41.32% | -56.23% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -48.79% | -49.89% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -57.77% | -42.21% |
Current DrawdownCurrent decline from peak | -100.00% | -38.93% | -61.07% |
Average DrawdownAverage peak-to-trough decline | -83.50% | -60.26% | -23.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.24% | 19.42% | +48.82% |
Volatility
DUST vs. GDXJ - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 25.85% compared to VanEck Junior Gold Miners ETF (GDXJ) at 14.90%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than GDXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | GDXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.85% | 14.90% | +10.95% |
Volatility (6M)Calculated over the trailing 6-month period | 77.14% | 44.56% | +32.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.41% | 53.86% | +42.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.80% | 42.07% | +31.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.65% | 44.18% | +42.47% |
DUST vs. GDXJ - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than GDXJ's 0.52% expense ratio.
Dividends
DUST vs. GDXJ - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 4.37%, more than GDXJ's 2.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
GDXJ VanEck Junior Gold Miners ETF | 2.78% | 2.33% | 2.61% | 0.72% | 0.51% | 1.78% | 1.58% | 0.39% | 0.45% | 0.03% | 4.78% | 0.72% |
Frequently Asked Questions
DUST and GDXJ have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (25.85%) compared to GDXJ (14.90%). In terms of maximum drawdown, DUST dropped -100.00% vs GDXJ's -88.66%.
On 10-year performance, GDXJ leads with 8.17% vs -48.81% for DUST. On fees, GDXJ is cheaper at 0.52% per year. On volatility, GDXJ has been the lower-risk option at 14.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GDXJ has performed better with a 8.17% return vs -48.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXJ is cheaper with a 0.52% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 4.37%, compared with 2.78% for GDXJ.
DUST is categorized as Leveraged Equities, while GDXJ is Gold. DUST tracks NYSE Arca Gold Miners Index (-300%), while GDXJ tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: Direxion and VanEck. Their fees differ too: 1.07% for DUST and 0.52% for GDXJ.
GDXJ currently has the higher Sharpe Ratio (0.97 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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