DUST vs. MXI
DUST (Direxion Daily Gold Miners Bear 2X Shares) and MXI (iShares Global Materials ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while MXI is a Materials fund tracking the S&P Global Materials Index. Both are passively managed. Over the past 10 years, DUST returned -48.81%/yr vs 10.43%/yr for MXI. Their -0.44 correlation means they have often moved in opposite directions in the past. DUST charges 1.07%/yr vs 0.46%/yr for MXI.
Performance
DUST vs. MXI - 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 MXI's 10.45% return. Over the past 10 years, DUST has underperformed MXI with an annualized return of -48.81%, while MXI has yielded a comparatively higher 10.43% 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%
MXI
- 1D
- -2.15%
- 1M
- -1.96%
- 6M
- 1.26%
- YTD
- 10.45%
- 1Y
- 28.15%
- 3Y*
- 10.42%
- 5Y*
- 5.97%
- 10Y*
- 10.43%
- ALL TIME*
- 6.38%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.19M | $36.63M | $44.10M | |
| $1.58M | $1.75M | $2.67M |
DUST vs. MXI - 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% |
MXI iShares Global Materials ETF | 10.45% | 27.43% | -8.25% | 14.37% | -9.09% | 15.06% | 22.31% | 22.19% | -16.06% | 30.33% |
Correlation
The correlation between DUST and MXI is -0.78, 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. | -0.78 |
Correlation (3Y) Balances recent behavior with more history. | -0.64 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.61 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.44 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.44 |
Over the past year, the inverse relationship between DUST and MXI has strengthened: their correlation has moved from -0.44 to -0.78, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
DUST vs. MXI — Risk / Return Rank
DUST
MXI
DUST vs. MXI - 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 Global Materials ETF (MXI). 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 | MXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.23 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 1.72 | -2.58 |
| Martin ratioReturn relative to average drawdown | -1.09 | 5.64 | -6.73 |
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Drawdowns
DUST vs. MXI - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than MXI's maximum drawdown of -68.44%. Use the drawdown chart below to compare losses from any high point for DUST and MXI.
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Drawdown Indicators
| DUST | MXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -68.44% | -31.56% |
Max Drawdown (1Y)Largest decline over 1 year | -85.03% | -16.18% | -68.85% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -22.25% | -75.30% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -28.76% | -69.92% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -39.52% | -60.46% |
Current DrawdownCurrent decline from peak | -100.00% | -8.41% | -91.59% |
Average DrawdownAverage peak-to-trough decline | -83.50% | -17.98% | -65.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.24% | 4.91% | +63.33% |
Volatility
DUST vs. MXI - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 25.85% compared to iShares Global Materials ETF (MXI) at 6.48%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than MXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | MXI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.85% | 6.48% | +19.37% |
Volatility (6M)Calculated over the trailing 6-month period | 77.14% | 18.38% | +58.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.41% | 20.95% | +75.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.80% | 19.92% | +53.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.65% | 20.42% | +66.23% |
DUST vs. MXI - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than MXI's 0.46% expense ratio.
Dividends
DUST vs. MXI - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 4.37%, more than MXI's 1.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
MXI iShares Global Materials ETF | 1.73% | 2.22% | 3.24% | 2.92% | 4.84% | 3.51% | 1.21% | 3.64% | 2.77% | 1.76% | 1.31% | 3.64% |
Frequently Asked Questions
DUST and MXI have a correlation of -0.78, 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 MXI (6.48%). In terms of maximum drawdown, DUST dropped -100.00% vs MXI's -68.44%.
On 10-year performance, MXI leads with 10.43% vs -48.81% for DUST. On fees, MXI is cheaper at 0.46% per year. On volatility, MXI has been the lower-risk option at 6.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MXI has performed better with a 10.43% return vs -48.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MXI is cheaper with a 0.46% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 4.37%, compared with 1.73% for MXI.
DUST is categorized as Leveraged Equities, while MXI is Materials. DUST tracks NYSE Arca Gold Miners Index (-300%), while MXI tracks S&P Global Materials Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for DUST and 0.46% for MXI.
MXI currently has the higher Sharpe Ratio (1.33 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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