DUST vs. GDXU
DUST (Direxion Daily Gold Miners Bear 2X Shares) and GDXU (MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040) 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 -48.30%/yr vs -10.98%/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
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Returns By Period
In the year-to-date period, DUST achieves a -17.98% return, which is significantly higher than GDXU's -61.33% 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%
GDXU
- 1D
- -14.32%
- 1M
- -33.30%
- YTD
- -61.33%
- 6M
- -67.45%
- 1Y
- 21.84%
- 3Y*
- 37.86%
- 5Y*
- -10.98%
- 10Y*
- —
DUST vs. GDXU - 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% |
GDXU MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 | -61.33% | 796.47% | -18.60% | -21.36% | -62.82% | -54.93% | 4.32% |
Correlation
The correlation between DUST and GDXU is -1.00, 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 | -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 GDXU has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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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 ETNs due June 29, 2040 (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.
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 | GDXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.17 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 0.26 | -1.12 |
| Martin ratioReturn relative to average drawdown | -1.13 | 0.55 | -1.68 |
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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.
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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% | -83.97% | -2.18% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -83.97% | -13.58% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -91.30% | -7.38% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -82.05% | -17.95% |
Average DrawdownAverage peak-to-trough decline | -83.38% | -69.80% | -13.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.24% | 40.13% | +25.11% |
Volatility
DUST vs. GDXU - Volatility Comparison
The current volatility for Direxion Daily Gold Miners Bear 2X Shares (DUST) is 34.13%, while MicroSectors Gold Miners 3X Leveraged ETNs due June 29, 2040 (GDXU) has a volatility of 55.17%. 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.
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Volatility by Period
| DUST | GDXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.13% | 55.17% | -21.04% |
Volatility (6M)Calculated over the trailing 6-month period | 77.03% | 126.35% | -49.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.59% | 144.35% | -49.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.10% | 112.41% | -39.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.25% | 111.26% | -24.01% |
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 7.95%, 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 | 7.95% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
GDXU MicroSectors Gold Miners 3X 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
DUST and GDXU have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXU has higher volatility (55.17%) compared to DUST (34.13%). In terms of maximum drawdown, DUST dropped -100.00% vs GDXU's -94.39%.
On 5-year performance, GDXU leads with -10.98% vs -48.30% for DUST. On fees, GDXU 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, GDXU has performed better with a -10.98% return vs -48.30%. 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 7.95%, 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 (0.15 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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