DUST vs. UGL
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 -52.03%/yr vs 15.23%/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
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Returns By Period
In the year-to-date period, DUST achieves a -17.98% return, which is significantly lower than UGL's -16.89% return. Over the past 10 years, DUST has underperformed UGL with an annualized return of -52.03%, while UGL has yielded a comparatively higher 15.23% 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%
UGL
- 1D
- -3.69%
- 1M
- -17.68%
- YTD
- -16.89%
- 6M
- -24.16%
- 1Y
- 27.53%
- 3Y*
- 46.82%
- 5Y*
- 26.27%
- 10Y*
- 15.23%
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 | -17.98% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -85.75% | -75.11% | -3.27% | -51.00% |
UGL ProShares Ultra Gold | -16.89% | 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 -0.80, 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 | -0.80 |
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 8, 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.
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Return for Risk
DUST vs. UGL — Risk / Return Rank
DUST
UGL
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.
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 | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.14 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 0.59 | -1.45 |
| Martin ratioReturn relative to average drawdown | -1.13 | 1.46 | -2.60 |
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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.
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Drawdown Indicators
| DUST | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -75.93% | -24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -86.15% | -46.64% | -39.51% |
Max Drawdown (3Y)Largest decline over 3 years | -97.55% | -46.64% | -50.91% |
Max Drawdown (5Y)Largest decline over 5 years | -98.68% | -46.64% | -52.04% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -46.64% | -53.34% |
Current DrawdownCurrent decline from peak | -100.00% | -46.11% | -53.89% |
Average DrawdownAverage peak-to-trough decline | -83.38% | -43.62% | -39.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.24% | 18.88% | +46.36% |
Volatility
DUST vs. UGL - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 34.13% compared to ProShares Ultra Gold (UGL) at 16.29%. 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.
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Volatility by Period
| DUST | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.13% | 16.29% | +17.84% |
Volatility (6M)Calculated over the trailing 6-month period | 77.03% | 49.19% | +27.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.59% | 54.81% | +39.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.10% | 36.65% | +36.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.25% | 32.51% | +54.74% |
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 7.95%, 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 | 7.95% | 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
DUST and UGL have a correlation of -0.80, 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 UGL (16.29%). In terms of maximum drawdown, DUST dropped -100.00% vs UGL's -75.93%.
On 10-year performance, UGL leads with 15.23% vs -52.03% for DUST. On fees, UGL is cheaper at 0.95% per year. On volatility, UGL has been the lower-risk option at 16.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 15.23% return vs -52.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 7.95%, compared with 0.00% for 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.
UGL currently has the higher Sharpe Ratio (0.50 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.
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