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 -48.81%/yr vs 28.61%/yr for SPXL. Their -0.19 correlation means they have often moved in opposite directions in the past. 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 -13.22% return, which is significantly lower than SPXL's 22.10% return. Over the past 10 years, DUST has underperformed SPXL with an annualized return of -48.81%, while SPXL has yielded a comparatively higher 28.61% 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%
SPXL
- 1D
- 2.01%
- 1M
- -0.23%
- 6M
- 18.15%
- YTD
- 22.10%
- 1Y
- 54.55%
- 3Y*
- 41.56%
- 5Y*
- 19.59%
- 10Y*
- 28.61%
- ALL TIME*
- 27.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.19M | $36.63M | $44.10M | |
| $473.70M | $462.79M | $534.56M |
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 | -13.22% | -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 | 22.10% | 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 -0.42, 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. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.30 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.20 |
Correlation (All Time) Calculated using the full available price history since Dec 8, 2010 | -0.19 |
Over the past year, the inverse relationship between DUST and SPXL has strengthened: their correlation has moved from -0.19 to -0.42, meaning they now move in opposite directions more often than their long-term average.
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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.
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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -3.05 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.22 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | 1.76 | -2.62 |
| Martin ratioReturn relative to average drawdown | -1.09 | 6.74 | -7.82 |
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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 | -85.03% | -26.77% | -58.26% |
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% | -6.70% | -93.30% |
Average DrawdownAverage peak-to-trough decline | -83.50% | -16.04% | -67.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 68.24% | 6.98% | +61.26% |
Volatility
DUST vs. SPXL - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 25.85% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. 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 | 25.85% | 10.75% | +15.10% |
Volatility (6M)Calculated over the trailing 6-month period | 77.14% | 30.45% | +46.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 96.41% | 38.62% | +57.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.80% | 50.62% | +23.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 86.65% | 53.45% | +33.20% |
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 4.37%, more than SPXL's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.53% | 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 -0.42, 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 SPXL (10.75%). In terms of maximum drawdown, DUST dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 28.61% vs -48.81% for DUST. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. 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 28.61% return vs -48.81%. 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 4.37%, compared with 0.53% 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 (1.22 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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