DUST vs. UGL

Last updated Jun 4, 2026

DUST (Direxion Daily Gold Miners Bear 2X Shares) and UGL (ProShares Ultra Gold) are both exchange-traded funds - DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%), while UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, DUST returned -53.65%/yr vs 18.45%/yr for UGL. At a correlation of -0.76, they often move in opposite directions. DUST charges 1.07%/yr vs 0.95%/yr for UGL.

Performance

DUST vs. UGL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Gold Miners Bear 2X Shares (DUST) and ProShares Ultra Gold (UGL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUST achieves a -26.71% return, which is significantly lower than UGL's -2.16% return. Over the past 10 years, DUST has underperformed UGL with an annualized return of -53.65%, while UGL has yielded a comparatively higher 18.45% 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%

UGL

• 1D: -2.00%
• 1M: -3.96%
• YTD: -2.16%
• 6M: 1.78%
• 1Y: 51.67%
• 3Y*: 53.18%
• 5Y*: 27.00%
• 10Y*: 18.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DUST vs. UGL - 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%
UGL ProShares Ultra Gold	-2.16%	137.57%	46.36%	15.56%	-7.59%	-12.30%	39.04%	31.11%	-8.02%	22.50%

Correlation

The correlation between DUST and UGL is -0.79, 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	-0.79
Correlation (3Y) Calculated over the trailing 3-year period	-0.80
Correlation (5Y) Calculated over the trailing 5-year period	-0.79
Correlation (10Y) Calculated over the trailing 10-year period	-0.78
Correlation (All Time) Calculated using the full available price history since Dec 9, 2010	-0.76

The correlation between DUST and UGL has been stable across timeframes, ranging from -0.80 to -0.76 - a consistent structural relationship.

Return for Risk

DUST vs. UGL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DUST

DUST Risk / Return Rank: 2
DUST Sharpe Ratio Rank: 2
DUST Sortino Ratio Rank: 1
DUST Omega Ratio Rank: 1
DUST Calmar Ratio Rank: 1
DUST Martin Ratio Rank: 3

UGL

UGL Risk / Return Rank: 27
UGL Sharpe Ratio Rank: 26
UGL Sortino Ratio Rank: 26
UGL Omega Ratio Rank: 31
UGL Calmar Ratio Rank: 28
UGL Martin Ratio Rank: 24

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DUST vs. UGL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Gold Miners Bear 2X Shares (DUST) and ProShares Ultra Gold (UGL). 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	UGL	Difference
Sharpe ratio Return per unit of total volatility	-0.85	0.98	-1.83
Sortino ratio Return per unit of downside risk	-1.73	1.43	-3.16
Omega ratio Gain probability vs. loss probability	0.82	1.21	-0.40
Calmar ratio Return relative to maximum drawdown	-0.89	1.38	-2.28
Martin ratio Return relative to average drawdown	-1.22	3.17	-4.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUST vs. UGL - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.85, which is lower than the UGL Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of DUST and UGL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DUST	UGL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	0.98	-1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.66	0.75	-1.41
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	-0.50	0.39	-0.89

Drawdowns

DUST vs. UGL - Drawdown Comparison

The maximum DUST drawdown since its inception was -100.00%, which is greater than UGL's maximum drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for DUST and UGL.

Drawdown Indicators

	DUST	UGL	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-75.93%	-24.07%
Max Drawdown (1Y) Largest decline over 1 year	-86.15%	-37.56%	-48.59%
Max Drawdown (3Y) Largest decline over 3 years	-97.55%	-37.56%	-59.99%
Max Drawdown (5Y) Largest decline over 5 years	-98.68%	-40.23%	-58.45%
Max Drawdown (10Y) Largest decline over 10 years	-99.98%	-46.23%	-53.75%
Current Drawdown Current decline from peak	-100.00%	-36.56%	-63.44%
Average Drawdown Average peak-to-trough decline	-83.35%	-43.63%	-39.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.85%	16.35%	+46.50%

Volatility

DUST vs. UGL - Volatility Comparison

Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 30.34% compared to ProShares Ultra Gold (UGL) at 11.03%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUST	UGL	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.34%	11.03%	+19.31%
Volatility (6M) Calculated over the trailing 6-month period	72.12%	46.81%	+25.31%
Volatility (1Y) Calculated over the trailing 1-year period	90.34%	52.91%	+37.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.13%	36.18%	+35.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.19%	32.34%	+54.85%

DUST vs. UGL - Expense Ratio Comparison

DUST has a 1.07% expense ratio, which is higher than UGL's 0.95% expense ratio.

Dividends

DUST vs. UGL - Dividend Comparison

DUST's dividend yield for the trailing twelve months is around 8.90%, while UGL has not paid dividends to shareholders.

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%
UGL ProShares Ultra Gold	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DUST and UGL in my portfolio?

DUST and UGL have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUST or UGL?

DUST has higher volatility (30.34%) compared to UGL (11.03%). In terms of maximum drawdown, DUST dropped -100.00% vs UGL's -75.93%.

Which ETF is better, DUST or UGL?

On 10-year performance, UGL leads with 18.45% vs -53.65% for DUST. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 11.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUST or UGL?

Over the 10-year period, UGL has performed better with a 18.45% return vs -53.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUST or UGL?

UGL is cheaper with a 0.95% expense ratio, compared with 1.07% for DUST.

Which ETF pays a higher dividend yield, DUST or UGL?

DUST has the higher dividend yield at 8.90%, compared with 0.00% for UGL.

What is the main difference between DUST and UGL?

DUST is categorized as Leveraged Equities, while UGL is Leveraged Commodities. DUST tracks NYSE Arca Gold Miners Index (-300%), while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for DUST and 0.95% for UGL.

Which has better risk-adjusted returns?

UGL currently has the higher Sharpe Ratio (0.98 vs -0.85), 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.