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 -52.03%/yr vs 30.27%/yr for SPXL. At a correlation of -0.19, they often move in opposite directions. DUST charges 1.07%/yr vs 0.84%/yr for SPXL.
Performance
DUST vs. SPXL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DUST achieves a -17.98% return, which is significantly lower than SPXL's 17.21% return. Over the past 10 years, DUST has underperformed SPXL with an annualized return of -52.03%, while SPXL has yielded a comparatively higher 30.27% annualized return.
DUST
- 1D
- 8.73%
- 1M
- 10.22%
- YTD
- -17.98%
- 6M
- -9.99%
- 1Y
- -73.95%
- 3Y*
- -62.05%
- 5Y*
- -48.30%
- 10Y*
- -52.03%
SPXL
- 1D
- -4.48%
- 1M
- -5.53%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.56%
- 3Y*
- 46.39%
- 5Y*
- 20.70%
- 10Y*
- 30.27%
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 | -17.98% | -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 | 17.21% | 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 -0.40, 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 | -0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.19 |
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 -0.40, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -2.47 | ||
| Sortino ratioReturn per unit of downside risk | -3.58 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.28 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.35 | -3.21 |
| Martin ratioReturn relative to average drawdown | -1.13 | 9.57 | -10.70 |
Loading charts...
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.
Loading charts...
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% | -10.44% | -89.56% |
Average DrawdownAverage peak-to-trough decline | -83.38% | -16.09% | -67.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.24% | 6.56% | +58.68% |
Volatility
DUST vs. SPXL - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 34.13% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 14.70%. 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.
Loading charts...
Volatility by Period
| DUST | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.13% | 14.70% | +19.43% |
Volatility (6M)Calculated over the trailing 6-month period | 77.03% | 29.55% | +47.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.59% | 37.43% | +57.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.10% | 50.54% | +22.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.25% | 53.47% | +33.78% |
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 7.95%, more than SPXL's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 7.95% | 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 | 0.57% | 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 -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (34.13%) compared to SPXL (14.70%). In terms of maximum drawdown, DUST dropped -100.00% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.27% vs -52.03% for DUST. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 14.70%. 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 30.27% return vs -52.03%. 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 7.95%, compared with 0.57% 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 (1.69 vs -0.78), 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.
Find the right allocation for DUST and SPXL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer