DUST vs. GLD
DUST (Direxion Daily Gold Miners Bear 2X Shares) and GLD (SPDR Gold Shares) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, DUST returned -53.65%/yr vs 13.12%/yr for GLD. At a correlation of -0.76, they often move in opposite directions. DUST charges 1.07%/yr vs 0.40%/yr for GLD.
Performance
DUST vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -26.71% return, which is significantly lower than GLD's 2.92% return. Over the past 10 years, DUST has underperformed GLD with an annualized return of -53.65%, while GLD has yielded a comparatively higher 13.12% annualized return.
DUST
- 1D
- 6.82%
- 1M
- -4.38%
- YTD
- -26.71%
- 6M
- -36.80%
- 1Y
- -76.81%
- 3Y*
- -62.09%
- 5Y*
- -47.20%
- 10Y*
- -53.65%
GLD
- 1D
- -0.99%
- 1M
- -1.65%
- YTD
- 2.92%
- 6M
- 5.43%
- 1Y
- 32.04%
- 3Y*
- 31.09%
- 5Y*
- 18.15%
- 10Y*
- 13.12%
DUST vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -26.71% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
GLD SPDR Gold Shares | 2.92% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between DUST and GLD is -0.80, 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 | -0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010 | -0.76 |
The correlation between DUST and GLD has been stable across timeframes, ranging from -0.80 to -0.76 - a consistent structural relationship.
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Return for Risk
DUST vs. GLD — Risk / Return Rank
DUST
GLD
DUST vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.24 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 1.68 | -2.57 |
| Martin ratioReturn relative to average drawdown | -1.22 | 4.15 | -5.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DUST | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.85 | 1.21 | -2.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | 1.01 | -1.67 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | 0.83 | -1.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | 0.60 | -1.10 |
Drawdowns
DUST vs. GLD - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for DUST and GLD.
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Drawdown Indicators
| DUST | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -45.56% | -54.44% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -19.21% | -66.94% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -19.21% | -78.34% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -21.03% | -77.65% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -22.00% | -77.98% |
Current DrawdownCurrent decline from peak | -100.00% | -17.75% | -82.25% |
Average DrawdownAverage peak-to-trough decline | -83.35% | -16.16% | -67.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.85% | 7.73% | +55.12% |
Volatility
DUST vs. GLD - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 30.34% compared to SPDR Gold Shares (GLD) at 5.51%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.34% | 5.51% | +24.83% |
Volatility (6M)Calculated over the trailing 6-month period | 72.12% | 23.16% | +48.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.34% | 26.61% | +63.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 18.00% | +54.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.19% | 15.95% | +71.24% |
DUST vs. GLD - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
DUST vs. GLD - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 8.90%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 8.90% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DUST and GLD have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (30.34%) compared to GLD (5.51%). In terms of maximum drawdown, DUST dropped -100.00% vs GLD's -45.56%.
On 10-year performance, GLD leads with 13.12% vs -53.65% for DUST. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 13.12% return vs -53.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 8.90%, compared with 0.00% for GLD.
DUST is categorized as Leveraged Equities, while GLD is Gold. DUST tracks NYSE Arca Gold Miners Index (-300%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.07% for DUST and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (1.21 vs -0.85), 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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