DUST vs. UPRO
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 -52.03%/yr vs 30.18%/yr for UPRO. At a correlation of -0.19, they often move in opposite directions. DUST charges 1.07%/yr vs 0.89%/yr for UPRO.
Performance
DUST vs. UPRO - 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 UPRO's 17.21% return. Over the past 10 years, DUST has underperformed UPRO with an annualized return of -52.03%, while UPRO has yielded a comparatively higher 30.18% 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%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
DUST vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 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 -0.40, 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 UPRO 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.
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Return for Risk
DUST vs. UPRO — Risk / Return Rank
DUST
UPRO
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.
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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.46 | ||
| 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 | 2.34 | -3.20 |
| Martin ratioReturn relative to average drawdown | -1.13 | 9.52 | -10.65 |
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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.
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Drawdown Indicators
| DUST | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -100.00% | -10.27% | -89.73% |
Average DrawdownAverage peak-to-trough decline | -83.38% | -14.39% | -68.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 65.24% | 6.57% | +58.67% |
Volatility
DUST vs. UPRO - Volatility Comparison
Direxion Daily Gold Miners Bear 2X Shares (DUST) has a higher volatility of 34.13% compared to ProShares UltraPro S&P 500 (UPRO) at 14.68%. 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.
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Volatility by Period
| DUST | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.13% | 14.68% | +19.45% |
Volatility (6M)Calculated over the trailing 6-month period | 77.03% | 29.49% | +47.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.59% | 37.35% | +57.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.10% | 50.62% | +22.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 87.25% | 53.79% | +33.46% |
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 7.95%, more than UPRO's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 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 -0.40, 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 UPRO (14.68%). In terms of maximum drawdown, DUST dropped -100.00% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -52.03% for DUST. On fees, UPRO is cheaper at 0.89% per year. On volatility, UPRO has been the lower-risk option at 14.68%. 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 30.18% return vs -52.03%. 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 7.95%, compared with 0.74% 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 (1.68 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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