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 -48.81%/yr vs 11.21%/yr for IAU. Their -0.76 correlation means they have often moved in opposite directions in the past. 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 -13.22% return, which is significantly lower than IAU's -6.16% return. Over the past 10 years, DUST has underperformed IAU with an annualized return of -48.81%, while IAU has yielded a comparatively higher 11.21% 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%
IAU
- 1D
- -1.46%
- 1M
- -1.73%
- 6M
- -16.48%
- YTD
- -6.16%
- 1Y
- 20.35%
- 3Y*
- 27.40%
- 5Y*
- 17.12%
- 10Y*
- 11.21%
- ALL TIME*
- 10.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.19M | $36.63M | $44.10M | |
| $349.43M | $363.40M | $472.72M |
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 | -13.22% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
IAU iShares Gold Trust | -6.16% | 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 -0.82, 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. | -0.82 |
Correlation (3Y) Balances recent behavior with more history. | -0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.76 |
The correlation between DUST and IAU has been stable across timeframes, ranging from -0.82 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.
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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.17 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 0.87 | -1.74 |
| Martin ratioReturn relative to average drawdown | -1.09 | 1.88 | -2.97 |
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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 | -85.03% | -26.36% | -58.67% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -26.36% | -71.19% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -26.36% | -72.32% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -26.36% | -73.62% |
Current DrawdownCurrent decline from peak | -100.00% | -25.01% | -74.99% |
Average DrawdownAverage peak-to-trough decline | -83.50% | -16.02% | -67.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.24% | 12.16% | +56.08% |
Volatility
DUST vs. IAU - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 25.85% compared to iShares Gold Trust (IAU) at 6.35%. 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 | 25.85% | 6.35% | +19.50% |
Volatility (6M)Calculated over the trailing 6-month period | 77.14% | 23.35% | +53.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.41% | 27.92% | +68.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.80% | 18.42% | +55.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.65% | 16.08% | +70.57% |
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 4.37%, 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 | 4.37% | 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 -0.82, 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 IAU (6.35%). In terms of maximum drawdown, DUST dropped -100.00% vs IAU's -45.14%.
On 10-year performance, IAU leads with 11.21% vs -48.81% for DUST. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 6.35%. 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 11.21% return vs -48.81%. 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 4.37%, 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 (0.82 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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