DUST vs. IAU
DUST (Direxion Daily Gold Miners Bear 2X Shares) and IAU (iShares Gold Trust) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while IAU is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, DUST returned -53.95%/yr vs 13.42%/yr for IAU. At a correlation of -0.76, they often move in opposite directions. DUST charges 1.07%/yr vs 0.25%/yr for IAU.
Performance
DUST vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -31.39% return, which is significantly lower than IAU's 4.00% return. Over the past 10 years, DUST has underperformed IAU with an annualized return of -53.95%, while IAU has yielded a comparatively higher 13.42% annualized 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%
IAU
- 1D
- 0.18%
- 1M
- -2.65%
- YTD
- 4.00%
- 6M
- 6.47%
- 1Y
- 32.38%
- 3Y*
- 31.72%
- 5Y*
- 18.82%
- 10Y*
- 13.42%
DUST vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -31.39% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
IAU iShares Gold Trust | 4.00% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between DUST and IAU is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010 | -0.76 |
The correlation between DUST and IAU 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. IAU — Risk / Return Rank
DUST
IAU
DUST vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.86 | 1.23 | -2.10 |
Sortino ratioReturn per unit of downside risk | -1.80 | 1.63 | -3.42 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.25 | -0.44 |
Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.87 | -2.80 |
Martin ratioReturn relative to average drawdown | -1.28 | 4.69 | -5.98 |
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 | IAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 1.23 | -2.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.67 | 1.05 | -1.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | 0.85 | -1.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | 0.63 | -1.13 |
Drawdowns
DUST vs. IAU - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than IAU's maximum drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for DUST and IAU.
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Drawdown Indicators
| DUST | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -45.14% | -54.86% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -19.18% | -66.97% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -19.18% | -78.37% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -20.93% | -77.75% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -21.82% | -78.16% |
Current DrawdownCurrent decline from peak | -100.00% | -16.88% | -83.12% |
Average DrawdownAverage peak-to-trough decline | -83.34% | -15.96% | -67.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.66% | 7.63% | +55.03% |
Volatility
DUST vs. IAU - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 29.73% compared to iShares Gold Trust (IAU) at 5.78%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.73% | 5.78% | +23.95% |
Volatility (6M)Calculated over the trailing 6-month period | 71.79% | 23.00% | +48.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.85% | 26.51% | +64.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 17.96% | +54.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.18% | 15.90% | +71.28% |
DUST vs. IAU - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
DUST vs. IAU - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 9.50%, while IAU 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% |
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DUST and IAU have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (29.73%) compared to IAU (5.78%). In terms of maximum drawdown, DUST dropped -100.00% vs IAU's -45.14%.
On 10-year performance, IAU leads with 13.42% vs -53.95% for DUST. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAU has performed better with a 13.42% return vs -53.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAU is cheaper with a 0.25% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 9.50%, compared with 0.00% for IAU.
DUST is categorized as Leveraged Equities, while IAU is Gold. DUST tracks NYSE Arca Gold Miners Index (-300%), while IAU tracks LBMA Gold Price. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for DUST and 0.25% for IAU.
IAU currently has the higher Sharpe Ratio (1.23 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.
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