DUST vs. ICOP
DUST (Direxion Daily Gold Miners Bear 2X Shares) and ICOP (iShares Copper and Metals Mining ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while ICOP is a Copper fund tracking the STOXX Global Copper and Metals Mining Index. Both are passively managed. Over the past 3 years, DUST returned -60.67%/yr vs 26.30%/yr for ICOP. Their -0.67 correlation means they have often moved in opposite directions in the past. DUST charges 1.07%/yr vs 0.47%/yr for ICOP.
Performance
DUST vs. ICOP - 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 ICOP's 13.30% 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%
ICOP
- 1D
- -1.40%
- 1M
- 1.44%
- 6M
- -1.66%
- YTD
- 13.30%
- 1Y
- 75.25%
- 3Y*
- 26.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 28.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.19M | $36.63M | $44.10M | |
| $3.24M | $3.32M | $5.52M |
DUST vs. ICOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -13.22% | -88.72% | -29.51% | -15.83% |
ICOP iShares Copper and Metals Mining ETF | 13.30% | 78.01% | 1.10% | 8.08% |
Correlation
The correlation between DUST and ICOP is -0.76, 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. | -0.76 |
Correlation (3Y) Balances recent behavior with more history. | -0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | -0.67 |
The correlation between DUST and ICOP has been stable across timeframes, ranging from -0.76 to -0.67 - a consistent structural relationship.
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Return for Risk
DUST vs. ICOP — Risk / Return Rank
DUST
ICOP
DUST vs. ICOP - 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 Copper and Metals Mining ETF (ICOP). 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 | ICOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.61 | ||
| Sortino ratioReturn per unit of downside risk | -3.62 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.30 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 2.88 | -3.74 |
| Martin ratioReturn relative to average drawdown | -1.09 | 8.34 | -9.43 |
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Drawdowns
DUST vs. ICOP - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than ICOP's maximum drawdown of -38.67%. Use the drawdown chart below to compare losses from any high point for DUST and ICOP.
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Drawdown Indicators
| DUST | ICOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -38.67% | -61.33% |
Max Drawdown (1Y)Largest decline over 1 year | -85.03% | -26.13% | -58.90% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -38.67% | -58.88% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -13.92% | -86.08% |
Average DrawdownAverage peak-to-trough decline | -83.50% | -11.76% | -71.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.24% | 8.99% | +59.25% |
Volatility
DUST vs. ICOP - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 25.85% compared to iShares Copper and Metals Mining ETF (ICOP) at 12.26%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than ICOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | ICOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.85% | 12.26% | +13.59% |
Volatility (6M)Calculated over the trailing 6-month period | 77.14% | 35.69% | +41.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.41% | 40.68% | +55.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.80% | 34.64% | +39.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.65% | 34.64% | +52.01% |
DUST vs. ICOP - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than ICOP's 0.47% expense ratio.
Dividends
DUST vs. ICOP - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 4.37%, more than ICOP's 1.79% yield.
| 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% |
ICOP iShares Copper and Metals Mining ETF | 1.79% | 2.08% | 1.87% | 2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DUST and ICOP have a correlation of -0.76, 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 ICOP (12.26%). In terms of maximum drawdown, DUST dropped -100.00% vs ICOP's -38.67%.
On 3-year performance, ICOP leads with 26.30% vs -60.67% for DUST. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 12.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ICOP has performed better with a 26.30% return vs -60.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ICOP is cheaper with a 0.47% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 4.37%, compared with 1.79% for ICOP.
DUST is categorized as Leveraged Equities, while ICOP is Copper. DUST tracks NYSE Arca Gold Miners Index (-300%), while ICOP tracks STOXX Global Copper and Metals Mining Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for DUST and 0.47% for ICOP.
ICOP currently has the higher Sharpe Ratio (1.85 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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