DUST vs. SPXL
DUST (Direxion Daily Gold Miners Bear 2X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - DUST tracks the NYSE Arca Gold Miners Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, DUST returned -53.95%/yr vs 30.47%/yr for SPXL. At a correlation of -0.18, they often move in opposite directions. DUST charges 1.07%/yr vs 0.84%/yr for SPXL.
Performance
DUST vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, DUST achieves a -31.39% return, which is significantly lower than SPXL's 30.87% return. Over the past 10 years, DUST has underperformed SPXL with an annualized return of -53.95%, while SPXL has yielded a comparatively higher 30.47% annualized return.
DUST
- 1D
- -2.91%
- 1M
- -7.54%
- YTD
- -31.39%
- 6M
- -40.29%
- 1Y
- -77.70%
- 3Y*
- -62.92%
- 5Y*
- -48.16%
- 10Y*
- -53.95%
SPXL
- 1D
- 0.41%
- 1M
- 15.92%
- YTD
- 30.87%
- 6M
- 30.90%
- 1Y
- 88.59%
- 3Y*
- 53.90%
- 5Y*
- 24.69%
- 10Y*
- 30.47%
DUST vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -31.39% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 30.87% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between DUST and SPXL is -0.33, 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 | -0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010 | -0.18 |
The correlation between DUST and SPXL shifts across timeframes, from -0.33 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DUST vs. SPXL — Risk / Return Rank
DUST
SPXL
DUST vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.86 | 2.52 | -3.39 |
Sortino ratioReturn per unit of downside risk | -1.80 | 2.95 | -4.74 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.39 | -0.58 |
Calmar ratioReturn relative to maximum drawdown | -0.93 | 3.43 | -4.36 |
Martin ratioReturn relative to average drawdown | -1.28 | 14.51 | -15.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DUST | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 2.52 | -3.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.67 | 0.49 | -1.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | 0.57 | -1.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | 0.53 | -1.04 |
Drawdowns
DUST vs. SPXL - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for DUST and SPXL.
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Drawdown Indicators
| DUST | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -76.86% | -23.14% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -26.77% | -59.38% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -48.95% | -48.60% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -63.80% | -34.88% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -76.86% | -23.12% |
Current DrawdownCurrent decline from peak | -100.00% | 0.00% | -100.00% |
Average DrawdownAverage peak-to-trough decline | -83.34% | -15.73% | -67.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.66% | 6.32% | +56.34% |
Volatility
DUST vs. SPXL - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 29.73% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.21%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.73% | 8.21% | +21.52% |
Volatility (6M)Calculated over the trailing 6-month period | 71.79% | 26.62% | +45.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.85% | 35.34% | +55.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 50.23% | +21.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.18% | 53.42% | +33.76% |
DUST vs. SPXL - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
DUST vs. SPXL - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 9.50%, more than SPXL's 0.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 9.50% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.51% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
DUST and SPXL have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (29.73%) compared to SPXL (8.21%). In terms of maximum drawdown, DUST dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.47% vs -53.95% for DUST. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 30.47% return vs -53.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 9.50%, compared with 0.51% for SPXL.
DUST tracks NYSE Arca Gold Miners Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.07% for DUST and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (2.52 vs -0.86), 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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