DUST vs. RING
DUST (Direxion Daily Gold Miners Bear 2X Shares) and RING (iShares MSCI Global Gold Miners ETF) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while RING is a Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. Both are passively managed. Over the past 10 years, DUST returned -53.31%/yr vs 14.14%/yr for RING. At a correlation of -0.96, they often move in opposite directions. DUST charges 1.07%/yr vs 0.39%/yr for RING.
Performance
DUST vs. RING - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -26.48% return, which is significantly lower than RING's -2.37% return. Over the past 10 years, DUST has underperformed RING with an annualized return of -53.31%, while RING has yielded a comparatively higher 14.14% annualized return.
DUST
- 1D
- 4.55%
- 1M
- 1.79%
- YTD
- -26.48%
- 6M
- -25.17%
- 1Y
- -76.68%
- 3Y*
- -62.15%
- 5Y*
- -49.60%
- 10Y*
- -53.31%
RING
- 1D
- -2.37%
- 1M
- -4.45%
- YTD
- -2.37%
- 6M
- -3.81%
- 1Y
- 62.69%
- 3Y*
- 45.68%
- 5Y*
- 22.42%
- 10Y*
- 14.14%
DUST vs. RING - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -26.48% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
RING iShares MSCI Global Gold Miners ETF | -2.37% | 164.72% | 15.98% | 12.29% | -15.40% | -7.46% | 24.98% | 49.92% | -13.14% | 10.24% |
Correlation
The correlation between DUST and RING is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | -0.96 |
The correlation between DUST and RING has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
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Return for Risk
DUST vs. RING — Risk / Return Rank
DUST
RING
DUST vs. RING - 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 MSCI Global Gold Miners ETF (RING). 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 | RING | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.13 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 1.76 | -2.66 |
| Martin ratioReturn relative to average drawdown | -1.18 | 4.79 | -5.97 |
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Drawdowns
DUST vs. RING - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than RING's maximum drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for DUST and RING.
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Drawdown Indicators
| DUST | RING | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -79.47% | -20.53% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -35.72% | -50.43% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -35.72% | -61.83% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -47.94% | -50.74% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -52.04% | -47.94% |
Current DrawdownCurrent decline from peak | -100.00% | -27.69% | -72.31% |
Average DrawdownAverage peak-to-trough decline | -83.37% | -47.34% | -36.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 64.88% | 13.12% | +51.76% |
Volatility
DUST vs. RING - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 33.63% compared to iShares MSCI Global Gold Miners ETF (RING) at 16.90%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than RING based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | RING | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.63% | 16.90% | +16.73% |
Volatility (6M)Calculated over the trailing 6-month period | 76.53% | 39.65% | +36.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.18% | 47.79% | +46.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.97% | 36.87% | +36.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.40% | 36.74% | +50.66% |
DUST vs. RING - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than RING's 0.39% expense ratio.
Dividends
DUST vs. RING - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 8.87%, more than RING's 1.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 8.87% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% | 0.00% | 0.00% | 0.00% |
RING iShares MSCI Global Gold Miners ETF | 1.27% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
Frequently Asked Questions
DUST and RING have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (33.63%) compared to RING (16.90%). In terms of maximum drawdown, DUST dropped -100.00% vs RING's -79.47%.
On 10-year performance, RING leads with 14.14% vs -53.31% for DUST. On fees, RING is cheaper at 0.39% per year. On volatility, RING has been the lower-risk option at 16.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RING has performed better with a 14.14% return vs -53.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RING is cheaper with a 0.39% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 8.87%, compared with 1.27% for RING.
DUST is categorized as Leveraged Equities, while RING is Gold. DUST tracks NYSE Arca Gold Miners Index (-300%), while RING tracks MSCI ACWI Select Gold Miners Investable Market Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for DUST and 0.39% for RING.
RING currently has the higher Sharpe Ratio (1.32 vs -0.82), 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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