DXD vs. GLD
DXD (ProShares UltraShort Dow30) and GLD (SPDR Gold Shares) are both exchange-traded funds - DXD is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (-200%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, DXD returned -25.32%/yr vs 11.25%/yr for GLD. At a correlation of -0.04, they often move in opposite directions. DXD charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
DXD vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, DXD achieves a -14.35% return, which is significantly lower than GLD's -7.67% return. Over the past 10 years, DXD has underperformed GLD with an annualized return of -25.32%, while GLD has yielded a comparatively higher 11.25% annualized return.
DXD
- 1D
- -1.47%
- 1M
- -5.67%
- YTD
- -14.35%
- 6M
- -11.86%
- 1Y
- -29.25%
- 3Y*
- -22.27%
- 5Y*
- -15.77%
- 10Y*
- -25.32%
GLD
- 1D
- -3.02%
- 1M
- -11.58%
- YTD
- -7.67%
- 6M
- -11.17%
- 1Y
- 19.51%
- 3Y*
- 27.10%
- 5Y*
- 17.04%
- 10Y*
- 11.25%
DXD vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | -14.35% | -21.11% | -16.07% | -18.77% | 7.09% | -35.18% | -44.57% | -35.33% | 3.07% | -38.64% |
GLD SPDR Gold Shares | -7.67% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between DXD and GLD is -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | -0.04 |
Over the past year, the inverse relationship between DXD and GLD has strengthened: their correlation has moved from -0.04 to -0.25, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
DXD vs. GLD — Risk / Return Rank
DXD
GLD
DXD vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) and SPDR Gold Shares (GLD). 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.
| DXD | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.15 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.75 | -1.74 |
| Martin ratioReturn relative to average drawdown | -1.71 | 2.12 | -3.83 |
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Drawdowns
DXD vs. GLD - Drawdown Comparison
The maximum DXD drawdown since its inception was -99.71%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for DXD and GLD.
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Drawdown Indicators
| DXD | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.71% | -45.56% | -54.15% |
Max Drawdown (1Y)Largest decline over 1 year | -29.50% | -26.21% | -3.29% |
Max Drawdown (3Y)Largest decline over 3 years | -57.68% | -26.21% | -31.47% |
Max Drawdown (5Y)Largest decline over 5 years | -66.02% | -26.21% | -39.81% |
Max Drawdown (10Y)Largest decline over 10 years | -94.76% | -26.21% | -68.55% |
Current DrawdownCurrent decline from peak | -99.71% | -26.21% | -73.50% |
Average DrawdownAverage peak-to-trough decline | -82.34% | -16.17% | -66.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.09% | 9.24% | +7.85% |
Volatility
DXD vs. GLD - Volatility Comparison
ProShares UltraShort Dow30 (DXD) and SPDR Gold Shares (GLD) have volatilities of 8.35% and 8.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXD | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.35% | 8.58% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 19.78% | 24.57% | -4.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.91% | 27.75% | -2.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.59% | 18.30% | +11.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.91% | 16.07% | +18.84% |
DXD vs. GLD - Expense Ratio Comparison
DXD has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
DXD vs. GLD - Dividend Comparison
DXD's dividend yield for the trailing twelve months is around 4.32%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.32% | 4.25% | 5.91% | 3.87% | 0.25% | 0.00% | 0.31% | 1.76% | 1.15% | 0.12% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DXD and GLD have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.58%) compared to DXD (8.35%). In terms of maximum drawdown, DXD dropped -99.71% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.25% vs -25.32% for DXD. On fees, GLD is cheaper at 0.40% per year. On volatility, DXD has been the lower-risk option at 8.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.25% return vs -25.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for DXD.
DXD has the higher dividend yield at 4.32%, compared with 0.00% for GLD.
DXD is categorized as Leveraged Equities, while GLD is Gold. DXD tracks Dow Jones Industrial Average Index (-200%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for DXD and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.71 vs -1.18), 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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