DUST vs. MGNR

Last updated Jul 14, 2026

DUST (Direxion Daily Gold Miners Bear 2X Shares) and MGNR (American Beacon GLG Natural Resources ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while MGNR is a Energy Equities fund actively managed by American Beacon. DUST is passively managed, while MGNR is actively managed. Over the past year, DUST returned -71.58% vs 45.62% for MGNR. At a correlation of -0.66, they often move in opposite directions. DUST charges 1.07%/yr vs 0.75%/yr for MGNR.

Performance

DUST vs. MGNR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bear 2X Shares (DUST) and American Beacon GLG Natural Resources ETF (MGNR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUST achieves a -9.29% return, which is significantly lower than MGNR's 9.69% return.

DUST

• 1D: 5.73%
• 1M: 13.84%
• 6M: 13.42%
• YTD: -9.29%
• 1Y: -71.58%
• 3Y*: -58.72%
• 5Y*: -46.95%
• 10Y*: -49.61%

MGNR

• 1D: -0.17%
• 1M: -8.13%
• 6M: 2.97%
• YTD: 9.69%
• 1Y: 45.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DUST vs. MGNR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DUST Direxion Daily Gold Miners Bear 2X Shares	-9.29%	-88.72%	-44.66%
MGNR American Beacon GLG Natural Resources ETF	9.69%	50.57%	22.90%

Correlation

The correlation between DUST and MGNR is -0.76, 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	-0.76
Correlation (All Time) Calculated using the full available price history since Feb 6, 2024	-0.66

The correlation between DUST and MGNR has been stable across timeframes, ranging from -0.76 to -0.66 - a consistent structural relationship.

Return for Risk

DUST vs. MGNR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DUST

DUST Risk / Return Rank: 3
DUST Sharpe Ratio Rank: 3
DUST Sortino Ratio Rank: 3
DUST Omega Ratio Rank: 3
DUST Calmar Ratio Rank: 2
DUST Martin Ratio Rank: 4

MGNR

MGNR Risk / Return Rank: 69
MGNR Sharpe Ratio Rank: 74
MGNR Sortino Ratio Rank: 64
MGNR Omega Ratio Rank: 67
MGNR Calmar Ratio Rank: 74
MGNR Martin Ratio Rank: 66

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DUST vs. MGNR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and American Beacon GLG Natural Resources ETF (MGNR). 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	MGNR	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	1.87	-2.62
Sortino ratio: Return per unit of downside risk	-1.26	2.34	-3.61
Omega ratio: Gain probability vs. loss probability	0.87	1.32	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.84	2.99	-3.82
Martin ratio: Return relative to average drawdown	-1.07	9.45	-10.53

DUST vs. MGNR - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.75, which is lower than the MGNR Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of DUST and MGNR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DUST vs. MGNR - Drawdown Comparison

The maximum DUST drawdown since its inception was -100.00%, which is greater than MGNR's maximum drawdown of -22.06%. Use the drawdown chart below to compare losses from any high point for DUST and MGNR.

Drawdown Indicators

	DUST	MGNR	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-22.06%	-77.94%
Max Drawdown (1Y) Largest decline over 1 year	-85.83%	-15.34%	-70.49%
Max Drawdown (3Y) Largest decline over 3 years	-97.55%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-98.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	—	—
Current Drawdown Current decline from peak	-100.00%	-14.40%	-85.60%
Average Drawdown Average peak-to-trough decline	-83.44%	-4.17%	-79.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.80%	4.84%	+61.96%

Volatility

DUST vs. MGNR - Volatility Comparison

Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 30.11% compared to American Beacon GLG Natural Resources ETF (MGNR) at 6.34%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than MGNR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUST	MGNR	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.11%	6.34%	+23.77%
Volatility (6M) Calculated over the trailing 6-month period	77.11%	19.27%	+57.84%
Volatility (1Y) Calculated over the trailing 1-year period	95.53%	24.61%	+70.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.48%	25.19%	+48.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.97%	25.19%	+61.78%

DUST vs. MGNR - Expense Ratio Comparison

DUST has a 1.07% expense ratio, which is higher than MGNR's 0.75% expense ratio.

Dividends

DUST vs. MGNR - Dividend Comparison

DUST's dividend yield for the trailing twelve months is around 4.18%, more than MGNR's 0.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DUST Direxion Daily Gold Miners Bear 2X Shares	4.18%	12.51%	4.99%	4.47%	0.00%	0.00%	3.60%	2.50%	0.37%
MGNR American Beacon GLG Natural Resources ETF	0.85%	1.17%	0.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DUST and MGNR in my portfolio?

DUST and MGNR 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.

Which is riskier, DUST or MGNR?

DUST has higher volatility (30.11%) compared to MGNR (6.34%). In terms of maximum drawdown, DUST dropped -100.00% vs MGNR's -22.06%.

Which ETF is better, DUST or MGNR?

On 1-year performance, MGNR leads with 45.62% vs -71.58% for DUST. On fees, MGNR is cheaper at 0.75% per year. On volatility, MGNR has been the lower-risk option at 6.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUST or MGNR?

Over the 1-year period, MGNR has performed better with a 45.62% return vs -71.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUST or MGNR?

MGNR is cheaper with a 0.75% expense ratio, compared with 1.07% for DUST.

Which ETF pays a higher dividend yield, DUST or MGNR?

DUST has the higher dividend yield at 4.18%, compared with 0.85% for MGNR.

What is the main difference between DUST and MGNR?

DUST is categorized as Leveraged Equities, while MGNR is Energy Equities. They also come from different issuers: Direxion and American Beacon. Their fees differ too: 1.07% for DUST and 0.75% for MGNR.

Which has better risk-adjusted returns?

MGNR currently has the higher Sharpe Ratio (1.87 vs -0.75), 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.