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 -24.85%/yr vs 11.36%/yr for GLD. Their -0.04 correlation means they have often moved in opposite directions in the past. 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 -20.27% return, which is significantly lower than GLD's -5.59% return. Over the past 10 years, DXD has underperformed GLD with an annualized return of -24.85%, while GLD has yielded a comparatively higher 11.36% annualized return.
DXD
- 1D
- -3.36%
- 1M
- -4.22%
- 6M
- -16.65%
- YTD
- -20.27%
- 1Y
- -31.35%
- 3Y*
- -22.34%
- 5Y*
- -16.28%
- 10Y*
- -24.85%
- ALL TIME*
- -23.41%
GLD
- 1D
- 0.66%
- 1M
- -1.05%
- 6M
- -17.64%
- YTD
- -5.59%
- 1Y
- 20.34%
- 3Y*
- 27.58%
- 5Y*
- 17.25%
- 10Y*
- 11.36%
- ALL TIME*
- 10.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.93M | $11.34M | $30.23M | |
| $2.41B | $2.34B | $2.70B |
DXD vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | -20.27% | -21.11% | -16.07% | -18.77% | 7.09% | -35.18% | -44.57% | -35.33% | 3.07% | -38.64% |
GLD SPDR Gold Shares | -5.59% | 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 -0.29, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.29 |
Correlation (3Y) Balances recent behavior with more history. | -0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.29, 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 | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.89 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.16 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 0.77 | -1.76 |
| Martin ratioReturn relative to average drawdown | -1.83 | 1.65 | -3.48 |
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Drawdowns
DXD vs. GLD - Drawdown Comparison
The maximum DXD drawdown since its inception was -99.73%, 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 | -99.73% | -45.56% | -54.17% |
Max Drawdown (1Y)Largest decline over 1 year | -32.02% | -26.40% | -5.62% |
Max Drawdown (3Y)Largest decline over 3 years | -60.60% | -26.40% | -34.20% |
Max Drawdown (5Y)Largest decline over 5 years | -68.37% | -26.40% | -41.97% |
Max Drawdown (10Y)Largest decline over 10 years | -94.55% | -26.40% | -68.15% |
Current DrawdownCurrent decline from peak | -99.73% | -24.55% | -75.18% |
Average DrawdownAverage peak-to-trough decline | -82.43% | -16.21% | -66.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.15% | 12.38% | +4.77% |
Volatility
DXD vs. GLD - Volatility Comparison
ProShares UltraShort Dow30 (DXD) has a higher volatility of 8.39% compared to SPDR Gold Shares (GLD) at 5.99%. This indicates that DXD's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. 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 | 8.39% | 5.99% | +2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 20.20% | 20.58% | -0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.32% | 28.06% | -2.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.65% | 18.50% | +11.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.94% | 16.13% | +18.81% |
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 4.27%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.27% | 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 -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXD has higher volatility (8.39%) compared to GLD (5.99%). In terms of maximum drawdown, DXD dropped -99.73% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.36% vs -24.85% for DXD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 5.99%. 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 11.36% return vs -24.85%. 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 4.27%, 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 (0.73 vs -1.25), 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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