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 -62.05%/yr vs 30.39%/yr for ICOP. At a correlation of -0.66, they often move in opposite directions. 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 -17.98% return, which is significantly lower than ICOP's 13.96% 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%
ICOP
- 1D
- -5.31%
- 1M
- -3.15%
- YTD
- 13.96%
- 6M
- 12.44%
- 1Y
- 82.41%
- 3Y*
- 30.39%
- 5Y*
- —
- 10Y*
- —
DUST vs. ICOP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -17.98% | -88.72% | -29.51% | -15.83% |
ICOP iShares Copper and Metals Mining ETF | 13.96% | 78.01% | 1.10% | 8.08% |
Correlation
The correlation between DUST and ICOP is -0.72, 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 | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023 | -0.66 |
The correlation between DUST and ICOP has been stable across timeframes, ranging from -0.72 to -0.66 - 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 | -2.87 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.33 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 3.17 | -4.03 |
| Martin ratioReturn relative to average drawdown | -1.13 | 11.16 | -12.29 |
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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 | -86.15% | -26.13% | -60.02% |
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% | -13.41% | -86.59% |
Average DrawdownAverage peak-to-trough decline | -83.38% | -11.61% | -71.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.24% | 7.41% | +57.83% |
Volatility
DUST vs. ICOP - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 34.13% compared to iShares Copper and Metals Mining ETF (ICOP) at 16.27%. 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 | 34.13% | 16.27% | +17.86% |
Volatility (6M)Calculated over the trailing 6-month period | 77.03% | 35.00% | +42.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.59% | 39.67% | +54.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.10% | 34.44% | +38.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.25% | 34.44% | +52.81% |
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 7.95%, more than ICOP's 1.78% yield.
| 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% |
ICOP iShares Copper and Metals Mining ETF | 1.78% | 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 -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (34.13%) compared to ICOP (16.27%). In terms of maximum drawdown, DUST dropped -100.00% vs ICOP's -38.67%.
On 3-year performance, ICOP leads with 30.39% vs -62.05% for DUST. On fees, ICOP is cheaper at 0.47% per year. On volatility, ICOP has been the lower-risk option at 16.27%. 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 30.39% return vs -62.05%. 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 7.95%, compared with 1.78% 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 (2.09 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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