DUST vs. QTAP

Last updated Jul 17, 2026

DUST (Direxion Daily Gold Miners Bear 2X Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. DUST is passively managed, while QTAP is actively managed. Over the past 5 years, DUST returned -46.95%/yr vs 12.67%/yr for QTAP. At a correlation of -0.22, they often move in opposite directions. DUST charges 1.07%/yr vs 0.79%/yr for QTAP.

Performance

DUST vs. QTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bear 2X Shares (DUST) and Innovator Growth Accelerated Plus ETF - April (QTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUST achieves a -4.79% return, which is significantly lower than QTAP's 13.89% return.

DUST

• 1D: 7.05%
• 1M: 44.18%
• 6M: 22.98%
• YTD: -4.79%
• 1Y: -70.93%
• 3Y*: -58.02%
• 5Y*: -46.95%
• 10Y*: -49.28%

QTAP

• 1D: -0.43%
• 1M: -0.16%
• 6M: 13.32%
• YTD: 13.89%
• 1Y: 20.69%
• 3Y*: 18.98%
• 5Y*: 12.67%
• 10Y*: —

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

DUST vs. QTAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DUST Direxion Daily Gold Miners Bear 2X Shares	-4.79%	-88.72%	-29.51%	-27.63%	-22.70%	-15.18%
QTAP Innovator Growth Accelerated Plus ETF - April	13.89%	19.36%	17.34%	43.32%	-25.87%	15.95%

Correlation

The correlation between DUST and QTAP is -0.31, 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	-0.31
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (5Y) Calculated over the trailing 5-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021	-0.22

Return for Risk

DUST vs. QTAP — 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

QTAP

QTAP Risk / Return Rank: 97
QTAP Sharpe Ratio Rank: 96
QTAP Sortino Ratio Rank: 97
QTAP Omega Ratio Rank: 97
QTAP Calmar Ratio Rank: 97
QTAP Martin Ratio Rank: 98

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. QTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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	QTAP	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	3.34	-4.08
Sortino ratio: Return per unit of downside risk	-1.22	5.37	-6.60
Omega ratio: Gain probability vs. loss probability	0.87	1.81	-0.94
Calmar ratio: Return relative to maximum drawdown	-0.83	8.34	-9.17
Martin ratio: Return relative to average drawdown	-1.05	42.65	-43.70

DUST vs. QTAP - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.74, which is lower than the QTAP Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of DUST and QTAP, 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. QTAP - Drawdown Comparison

The maximum DUST drawdown since its inception was -100.00%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for DUST and QTAP.

Drawdown Indicators

	DUST	QTAP	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-29.44%	-70.56%
Max Drawdown (1Y) Largest decline over 1 year	-85.83%	-2.49%	-83.34%
Max Drawdown (3Y) Largest decline over 3 years	-97.55%	-13.03%	-84.52%
Max Drawdown (5Y) Largest decline over 5 years	-98.68%	-29.44%	-69.24%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	—	—
Current Drawdown Current decline from peak	-100.00%	-0.78%	-99.22%
Average Drawdown Average peak-to-trough decline	-83.45%	-4.94%	-78.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.27%	0.49%	+66.78%

Volatility

DUST vs. QTAP - Volatility Comparison

Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 23.53% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.45%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUST	QTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.53%	2.45%	+21.08%
Volatility (6M) Calculated over the trailing 6-month period	77.17%	5.24%	+71.93%
Volatility (1Y) Calculated over the trailing 1-year period	95.66%	6.23%	+89.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.51%	18.92%	+54.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.97%	18.62%	+68.35%

DUST vs. QTAP - Expense Ratio Comparison

DUST has a 1.07% expense ratio, which is higher than QTAP's 0.79% expense ratio.

Dividends

DUST vs. QTAP - Dividend Comparison

DUST's dividend yield for the trailing twelve months is around 3.98%, while QTAP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DUST Direxion Daily Gold Miners Bear 2X Shares	3.98%	12.51%	4.99%	4.47%	0.00%	0.00%	3.60%	2.50%	0.37%
QTAP Innovator Growth Accelerated Plus ETF - April	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 QTAP in my portfolio?

DUST and QTAP have a correlation of -0.31, 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 QTAP?

DUST has higher volatility (23.53%) compared to QTAP (2.45%). In terms of maximum drawdown, DUST dropped -100.00% vs QTAP's -29.44%.

Which ETF is better, DUST or QTAP?

On 5-year performance, QTAP leads with 12.67% vs -46.95% for DUST. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUST or QTAP?

Over the 5-year period, QTAP has performed better with a 12.67% return vs -46.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUST or QTAP?

QTAP is cheaper with a 0.79% expense ratio, compared with 1.07% for DUST.

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

DUST has the higher dividend yield at 3.98%, compared with 0.00% for QTAP.

What is the main difference between DUST and QTAP?

They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.07% for DUST and 0.79% for QTAP.

Which has better risk-adjusted returns?

QTAP currently has the higher Sharpe Ratio (3.34 vs -0.74), 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.