DUST vs. SPXS
DUST (Direxion Daily Gold Miners Bear 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, DUST returned -53.65%/yr vs -42.01%/yr for SPXS. At a 0.18 correlation, their price movements are largely independent. DUST charges 1.07%/yr vs 1.08%/yr for SPXS.
Performance
DUST vs. SPXS - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with DUST having a -26.71% return and SPXS slightly higher at -25.49%. Over the past 10 years, DUST has underperformed SPXS with an annualized return of -53.65%, while SPXS has yielded a comparatively higher -42.01% annualized return.
DUST
- 1D
- 6.82%
- 1M
- -4.38%
- YTD
- -26.71%
- 6M
- -36.80%
- 1Y
- -76.81%
- 3Y*
- -62.09%
- 5Y*
- -47.20%
- 10Y*
- -53.65%
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
DUST vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | -26.71% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between DUST and SPXS is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
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 SPXS shifts across timeframes, from 0.18 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DUST vs. SPXS — Risk / Return Rank
DUST
SPXS
DUST vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.75 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.96 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.22 | -1.62 | +0.40 |
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 | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.85 | -1.38 | +0.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.66 | -0.69 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | -0.79 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.83 | +0.33 |
Drawdowns
DUST vs. SPXS - Drawdown Comparison
The maximum DUST drawdown since its inception was -100.00%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DUST and SPXS.
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Drawdown Indicators
| DUST | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -100.00% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -50.77% | -35.38% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -84.13% | -13.42% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -90.11% | -8.57% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -99.63% | -0.35% |
Current DrawdownCurrent decline from peak | -100.00% | -100.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -83.35% | -96.30% | +12.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 62.85% | 30.04% | +32.81% |
Volatility
DUST vs. SPXS - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 30.34% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUST | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.34% | 8.51% | +21.83% |
Volatility (6M)Calculated over the trailing 6-month period | 72.12% | 26.82% | +45.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 90.34% | 35.54% | +54.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.13% | 50.39% | +21.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.19% | 53.54% | +33.65% |
DUST vs. SPXS - Expense Ratio Comparison
DUST has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
DUST vs. SPXS - Dividend Comparison
DUST's dividend yield for the trailing twelve months is around 8.90%, more than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 8.90% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
DUST and SPXS have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DUST has higher volatility (30.34%) compared to SPXS (8.51%). In terms of maximum drawdown, DUST dropped -100.00% vs SPXS's -100.00%.
On 10-year performance, SPXS leads with -42.01% vs -53.65% for DUST. On fees, DUST is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXS has performed better with a -42.01% return vs -53.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUST is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.
DUST has the higher dividend yield at 8.90%, compared with 4.91% for SPXS.
DUST is categorized as Leveraged Equities, while SPXS is Inverse Equities. DUST tracks NYSE Arca Gold Miners Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.07% for DUST and 1.08% for SPXS.
DUST currently has the higher Sharpe Ratio (-0.85 vs -1.38), 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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