DUST vs. NRGU

Last updated Jun 4, 2026

DUST (Direxion Daily Gold Miners Bear 2X Shares) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both Leveraged Equities funds - DUST tracks the NYSE Arca Gold Miners Index (-300%) while NRGU tracks the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, DUST returned -76.81% vs 156.99% for NRGU. At a 0.09 correlation, their price movements are largely independent. DUST charges 1.07%/yr vs 0.95%/yr for NRGU.

Performance

DUST vs. NRGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bear 2X Shares (DUST) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUST achieves a -26.71% return, which is significantly lower than NRGU's 129.31% return.

DUST

• 1D: 6.82%
• 1M: -4.38%
• YTD: -26.71%
• 6M: -36.80%
• 1Y: -76.81%
• 3Y*: -62.09%
• 5Y*: -47.20%
• 10Y*: -53.65%

NRGU

• 1D: 2.53%
• 1M: -6.67%
• YTD: 129.31%
• 6M: 97.01%
• 1Y: 156.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DUST vs. NRGU - Yearly Performance Comparison

	2026 (YTD)	2025
DUST Direxion Daily Gold Miners Bear 2X Shares	-26.71%	-82.31%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	129.31%	-33.00%

Correlation

The correlation between DUST and NRGU is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (All Time) Calculated using the full available price history since Feb 21, 2025	0.09

Return for Risk

DUST vs. NRGU — Risk / Return Rank

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

DUST

DUST Risk / Return Rank: 2
DUST Sharpe Ratio Rank: 2
DUST Sortino Ratio Rank: 1
DUST Omega Ratio Rank: 1
DUST Calmar Ratio Rank: 1
DUST Martin Ratio Rank: 3

NRGU

NRGU Risk / Return Rank: 58
NRGU Sharpe Ratio Rank: 62
NRGU Sortino Ratio Rank: 48
NRGU Omega Ratio Rank: 48
NRGU Calmar Ratio Rank: 77
NRGU Martin Ratio Rank: 56

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. NRGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). 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.

	DUST	NRGU	Difference
Sharpe ratio Return per unit of total volatility	-0.85	2.11	-2.96
Sortino ratio Return per unit of downside risk	-1.73	2.43	-4.16
Omega ratio Gain probability vs. loss probability	0.82	1.30	-0.49
Calmar ratio Return relative to maximum drawdown	-0.89	3.95	-4.85
Martin ratio Return relative to average drawdown	-1.22	9.88	-11.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUST vs. NRGU - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.85, which is lower than the NRGU Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of DUST and NRGU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DUST	NRGU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	2.11	-2.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	0.45	-0.95

Drawdowns

DUST vs. NRGU - Drawdown Comparison

The maximum DUST drawdown since its inception was -100.00%, which is greater than NRGU's maximum drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for DUST and NRGU.

Drawdown Indicators

	DUST	NRGU	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-57.50%	-42.50%
Max Drawdown (1Y) Largest decline over 1 year	-86.15%	-39.95%	-46.20%
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%	-20.91%	-79.09%
Average Drawdown Average peak-to-trough decline	-83.35%	-25.42%	-57.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.85%	15.96%	+46.89%

Volatility

DUST vs. NRGU - Volatility Comparison

Direxion Daily Gold Miners Bear 2X Shares (DUST) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) have volatilities of 30.34% and 31.63%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUST	NRGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.34%	31.63%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	72.12%	61.27%	+10.85%
Volatility (1Y) Calculated over the trailing 1-year period	90.34%	75.15%	+15.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.13%	89.15%	-17.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.19%	89.15%	-1.96%

DUST vs. NRGU - Expense Ratio Comparison

DUST has a 1.07% expense ratio, which is higher than NRGU's 0.95% expense ratio.

Dividends

DUST vs. NRGU - Dividend Comparison

DUST's dividend yield for the trailing twelve months is around 8.90%, while NRGU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DUST Direxion Daily Gold Miners Bear 2X Shares	8.90%	12.51%	4.99%	4.47%	0.00%	0.00%	3.60%	2.50%	0.37%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DUST and NRGU in my portfolio?

DUST and NRGU have a correlation of 0.08, 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 NRGU?

NRGU has higher volatility (31.63%) compared to DUST (30.34%). In terms of maximum drawdown, DUST dropped -100.00% vs NRGU's -57.50%.

Which ETF is better, DUST or NRGU?

On 1-year performance, NRGU leads with 156.99% vs -76.81% for DUST. On fees, NRGU is cheaper at 0.95% per year. On volatility, DUST has been the lower-risk option at 30.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUST or NRGU?

Over the 1-year period, NRGU has performed better with a 156.99% return vs -76.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUST or NRGU?

NRGU is cheaper with a 0.95% expense ratio, compared with 1.07% for DUST.

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

DUST has the higher dividend yield at 8.90%, compared with 0.00% for NRGU.

What is the main difference between DUST and NRGU?

DUST tracks NYSE Arca Gold Miners Index (-300%), while NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 1.07% for DUST and 0.95% for NRGU.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (2.11 vs -0.85), 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.