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 -24.45%/yr vs 11.36%/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 -15.47% return, which is significantly lower than GLD's -6.10% return. Over the past 10 years, DXD has underperformed GLD with an annualized return of -24.45%, while GLD has yielded a comparatively higher 11.36% annualized return.
DXD
- 1D
- 0.06%
- 1M
- -4.48%
- 6M
- -11.64%
- YTD
- -15.47%
- 1Y
- -25.94%
- 3Y*
- -21.53%
- 5Y*
- -15.46%
- 10Y*
- -24.45%
GLD
- 1D
- 1.37%
- 1M
- -3.72%
- 6M
- -11.74%
- YTD
- -6.10%
- 1Y
- 20.82%
- 3Y*
- 27.06%
- 5Y*
- 16.82%
- 10Y*
- 11.36%
DXD vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | -15.47% | -21.11% | -16.07% | -18.77% | 7.09% | -35.18% | -44.57% | -35.33% | 3.07% | -38.64% |
GLD SPDR Gold Shares | -6.10% | 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 -0.27, 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 | -0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
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 -0.27, 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 | -1.80 | ||
| Sortino ratioReturn per unit of downside risk | -2.56 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.16 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 0.80 | -1.65 |
| Martin ratioReturn relative to average drawdown | -1.52 | 1.93 | -3.46 |
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Drawdowns
DXD vs. GLD - Drawdown Comparison
The maximum DXD drawdown since its inception was -99.72%, 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 | -99.72% | -45.56% | -54.16% |
Max Drawdown (1Y)Largest decline over 1 year | -30.71% | -26.21% | -4.50% |
Max Drawdown (3Y)Largest decline over 3 years | -59.14% | -26.21% | -32.93% |
Max Drawdown (5Y)Largest decline over 5 years | -67.19% | -26.21% | -40.98% |
Max Drawdown (10Y)Largest decline over 10 years | -94.35% | -26.21% | -68.14% |
Current DrawdownCurrent decline from peak | -99.71% | -24.95% | -74.76% |
Average DrawdownAverage peak-to-trough decline | -82.38% | -16.19% | -66.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.04% | 10.80% | +6.24% |
Volatility
DXD vs. GLD - Volatility Comparison
The current volatility for ProShares UltraShort Dow30 (DXD) is 5.12%, while SPDR Gold Shares (GLD) has a volatility of 6.99%. This indicates that DXD experiences smaller price fluctuations and is considered to be less risky 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 | 5.12% | 6.99% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 19.53% | 24.21% | -4.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.67% | 27.93% | -3.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.57% | 18.40% | +11.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.86% | 16.10% | +18.76% |
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 4.03%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.03% | 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 -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (6.99%) compared to DXD (5.12%). In terms of maximum drawdown, DXD dropped -99.72% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.36% vs -24.45% for DXD. On fees, GLD is cheaper at 0.40% per year. On volatility, DXD has been the lower-risk option at 5.12%. 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 -24.45%. 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 4.03%, 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 (0.75 vs -1.06), 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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