PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DUST vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DUST vs. UPRO

Last updated Jun 4, 2026

DUST (Direxion Daily Gold Miners Bear 2X Shares) and UPRO (ProShares UltraPro S&P 500) are both Leveraged Equities funds - DUST tracks the NYSE Arca Gold Miners Index (-300%) while UPRO tracks the S&P 500. Both are passively managed. Over the past 10 years, DUST returned -53.65%/yr vs 30.09%/yr for UPRO. At a correlation of -0.18, they often move in opposite directions. DUST charges 1.07%/yr vs 0.89%/yr for UPRO.

Performance

DUST vs. UPRO - 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 UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, DUST achieves a -26.71% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, DUST has underperformed UPRO with an annualized return of -53.65%, while UPRO has yielded a comparatively higher 30.09% 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%

UPRO

1D
-2.09%
1M
14.64%
YTD
27.90%
6M
26.67%
1Y
80.84%
3Y*
52.58%
5Y*
23.13%
10Y*
30.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DUST vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UPRO
ProShares UltraPro S&P 500		27.90%31.88%63.57%68.53%-56.84%98.64%10.09%102.30%-25.11%71.37%

Correlation

The correlation between DUST and UPRO is -0.34, 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

-0.34

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

-0.19

Correlation (All Time)
Calculated using the full available price history since Dec 9, 2010

-0.18

The correlation between DUST and UPRO shifts across timeframes, from -0.34 (1 year) to -0.18 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Gold Miners Bear 2X Shares

ProShares UltraPro S&P 500

Often compared with DUST:
DUST vs. NUGTDUST vs. GDXDUST vs. GDXDDUST vs. JNUGDUST vs. GDXUDUST vs. GC=FDUST vs. GDXJ
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

DUST vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DUST
DUST Risk / Return Rank: 22
Overall Rank
DUST Sharpe Ratio Rank: 22
Sharpe Ratio Rank
DUST Sortino Ratio Rank: 11
Sortino Ratio Rank
DUST Omega Ratio Rank: 11
Omega Ratio Rank
DUST Calmar Ratio Rank: 11
Calmar Ratio Rank
DUST Martin Ratio Rank: 33
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 6262
Overall Rank
UPRO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 5757
Sortino Ratio Rank
UPRO Omega Ratio Rank: 5858
Omega Ratio Rank
UPRO Calmar Ratio Rank: 6060
Calmar Ratio Rank
UPRO Martin Ratio Rank: 6868
Martin Ratio Rank
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. UPRO - 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 UltraPro S&P 500 (UPRO). 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.

DUSTUPRODifference

Sharpe ratio

Return per unit of total volatility

-0.85

2.30

-3.15

Sortino ratio

Return per unit of downside risk

-1.73

2.76

-4.49

Omega ratio

Gain probability vs. loss probability

0.82

1.36

-0.55

Calmar ratio

Return relative to maximum drawdown

-0.89

3.03

-3.93

Martin ratio

Return relative to average drawdown

-1.22

12.80

-14.03

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. UPRO - Sharpe Ratio Comparison

The current DUST Sharpe Ratio is -0.85, which is lower than the UPRO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of DUST and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

DUSTUPRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.85

2.30

-3.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.66

0.46

-1.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.62

0.56

-1.18

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.50

0.65

-1.16

Drawdowns

DUST vs. UPRO - Drawdown Comparison

The maximum DUST drawdown since its inception was -100.00%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for DUST and UPRO.

Loading charts...

Drawdown Indicators

DUSTUPRODifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-76.82%

-23.18%

Max Drawdown (1Y)

Largest decline over 1 year

-86.15%

-26.78%

-59.37%

Max Drawdown (3Y)

Largest decline over 3 years

-97.55%

-48.87%

-48.68%

Max Drawdown (5Y)

Largest decline over 5 years

-98.68%

-63.94%

-34.74%

Max Drawdown (10Y)

Largest decline over 10 years

-99.98%

-76.82%

-23.16%

Current Drawdown

Current decline from peak

-100.00%

-2.09%

-97.91%

Average Drawdown

Average peak-to-trough decline

-83.35%

-14.42%

-68.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

62.85%

6.33%

+56.52%

Volatility

DUST vs. UPRO - Volatility Comparison

Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 30.34% compared to ProShares UltraPro S&P 500 (UPRO) at 8.45%. This indicates that DUST's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

DUSTUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

30.34%

8.45%

+21.89%

Volatility (6M)

Calculated over the trailing 6-month period

72.12%

26.60%

+45.52%

Volatility (1Y)

Calculated over the trailing 1-year period

90.34%

35.35%

+54.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

72.13%

50.32%

+21.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

87.19%

53.74%

+33.45%

DUST vs. UPRO - Expense Ratio Comparison

DUST has a 1.07% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

DUST vs. UPRO - Dividend Comparison

DUST's dividend yield for the trailing twelve months is around 8.90%, more than UPRO's 0.68% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
UPRO
ProShares UltraPro S&P 500		0.68%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

Frequently Asked Questions

DUST and UPRO 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 UPRO (8.45%). In terms of maximum drawdown, DUST dropped -100.00% vs UPRO's -76.82%.

On 10-year performance, UPRO leads with 30.09% vs -53.65% for DUST. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 8.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UPRO has performed better with a 30.09% return vs -53.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UPRO is cheaper with a 0.89% expense ratio, compared with 1.07% for DUST.

DUST has the higher dividend yield at 8.90%, compared with 0.68% for UPRO.

DUST tracks NYSE Arca Gold Miners Index (-300%), while UPRO tracks S&P 500. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for DUST and 0.89% for UPRO.

UPRO currently has the higher Sharpe Ratio (2.30 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.

Portfolio Optimizer

Find the right allocation for DUST and UPRO

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