DUST vs. GDXU
DUST (Direxion Daily Gold Miners Bear 2X Shares) and GDXU (MicroSectors Gold Miners 3X Leveraged ETN) are both Leveraged Equities funds - DUST tracks the NYSE Arca Gold Miners Index (-300%) while GDXU tracks the S-Network MicroSectors Gold Miners Index. Both are passively managed. Over the past 5 years, DUST returned -48.16%/yr vs -10.91%/yr for GDXU. At a correlation of -0.99, they often move in opposite directions. DUST charges 1.07%/yr vs 0.95%/yr for GDXU.
Performance
DUST vs. GDXU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DUST achieves a -31.39% return, which is significantly higher than GDXU's -43.81% 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%
GDXU
- 1D
- -10.63%
- 1M
- -11.26%
- YTD
- -43.81%
- 6M
- -33.96%
- 1Y
- 72.31%
- 3Y*
- 46.61%
- 5Y*
- -10.91%
- 10Y*
- —
DUST vs. GDXU - 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% |
GDXU MicroSectors Gold Miners 3X Leveraged ETN | -43.81% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.66% |
Correlation
The correlation between DUST and GDXU is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
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 GDXU has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DUST vs. GDXU — Risk / Return Rank
DUST
GDXU
DUST vs. GDXU - 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 Leveraged ETN (GDXU). 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 | GDXU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.86 | 0.53 | -1.39 |
Sortino ratioReturn per unit of downside risk | -1.80 | 1.53 | -3.33 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.21 | -0.40 |
Calmar ratioReturn relative to maximum drawdown | -0.93 | 0.98 | -1.92 |
Martin ratioReturn relative to average drawdown | -1.28 | 2.00 | -3.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DUST | GDXU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 0.53 | -1.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.67 | -0.10 | -0.57 |
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 | -0.09 | -0.42 |
Drawdowns
DUST vs. GDXU - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than GDXU's maximum drawdown of -94.39%. Use the drawdown chart below to compare losses from any high point for DUST and GDXU.
Loading charts...
Drawdown Indicators
| DUST | GDXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -94.39% | -5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -73.99% | -12.16% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -73.99% | -23.56% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -92.93% | -5.75% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -73.92% | -26.08% |
Average DrawdownAverage peak-to-trough decline | -83.34% | -69.77% | -13.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.66% | 36.23% | +26.43% |
Volatility
DUST vs. GDXU - Volatility Comparison
The current volatility for Direxion Daily Gold Miners Bear 2X Shares (DUST) is 29.73%, while MicroSectors Gold Miners 3X Leveraged ETN (GDXU) has a volatility of 46.45%. This indicates that DUST experiences smaller price fluctuations and is considered to be less risky than GDXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DUST | GDXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.73% | 46.45% | -16.72% |
Volatility (6M)Calculated over the trailing 6-month period | 71.79% | 118.07% | -46.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.85% | 137.57% | -46.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 110.85% | -38.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.18% | 110.02% | -22.84% |
DUST vs. GDXU - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than GDXU's 0.95% expense ratio.
Dividends
DUST vs. GDXU - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 9.50%, while GDXU 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% |
GDXU MicroSectors Gold Miners 3X Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DUST and GDXU have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (46.45%) compared to DUST (29.73%). In terms of maximum drawdown, DUST dropped -100.00% vs GDXU's -94.39%.
On 5-year performance, GDXU leads with -10.91% vs -48.16% for DUST. On fees, GDXU 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.
Over the 5-year period, GDXU has performed better with a -10.91% return vs -48.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXU is cheaper with a 0.95% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 9.50%, compared with 0.00% for GDXU.
DUST tracks NYSE Arca Gold Miners Index (-300%), while GDXU 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 GDXU.
GDXU currently has the higher Sharpe Ratio (0.53 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.
Find the right allocation for DUST and GDXU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer