EDGH vs. DULL

Last updated Jul 14, 2026

EDGH (3EDGE Dynamic Hard Assets ETF) and DULL (MicroSectors Gold -3X Inverse Leveraged ETN) are both exchange-traded funds - EDGH is a Commodities fund actively managed by 3EDGE Asset Management, while DULL is a Inverse Commodities fund tracking the LBMA Gold Price PM ($/ozt) (-300%). EDGH is actively managed, while DULL is passively managed. Over the past year, EDGH returned 23.98% vs -59.77% for DULL. At a correlation of -0.88, they often move in opposite directions. EDGH charges 1.01%/yr vs 0.95%/yr for DULL.

Performance

EDGH vs. DULL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 3EDGE Dynamic Hard Assets ETF (EDGH) and MicroSectors Gold -3X Inverse Leveraged ETN (DULL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EDGH achieves a 7.09% return, which is significantly higher than DULL's -7.80% return.

EDGH

• 1D: -0.72%
• 1M: -0.66%
• 6M: 2.63%
• YTD: 7.09%
• 1Y: 23.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DULL

• 1D: 7.78%
• 1M: 14.10%
• 6M: 11.44%
• YTD: -7.80%
• 1Y: -59.77%
• 3Y*: -57.82%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EDGH vs. DULL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EDGH 3EDGE Dynamic Hard Assets ETF	7.09%	28.98%	-1.97%
DULL MicroSectors Gold -3X Inverse Leveraged ETN	-7.80%	-80.59%	2.96%

Correlation

The correlation between EDGH and DULL is -0.86, 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	-0.86
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.88

The correlation between EDGH and DULL has been stable across timeframes, ranging from -0.88 to -0.86 - a consistent structural relationship.

Return for Risk

EDGH vs. DULL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EDGH

EDGH Risk / Return Rank: 46
EDGH Sharpe Ratio Rank: 48
EDGH Sortino Ratio Rank: 40
EDGH Omega Ratio Rank: 54
EDGH Calmar Ratio Rank: 48
EDGH Martin Ratio Rank: 42

DULL

DULL Risk / Return Rank: 4
DULL Sharpe Ratio Rank: 3
DULL Sortino Ratio Rank: 3
DULL Omega Ratio Rank: 3
DULL Calmar Ratio Rank: 3
DULL Martin Ratio Rank: 4

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.

EDGH vs. DULL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 3EDGE Dynamic Hard Assets ETF (EDGH) and MicroSectors Gold -3X Inverse Leveraged ETN (DULL). 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.

	EDGH	DULL	Difference
Sharpe ratio: Return per unit of total volatility	1.32	-0.73	+2.05
Sortino ratio: Return per unit of downside risk	1.68	-1.06	+2.74
Omega ratio: Gain probability vs. loss probability	1.27	0.88	+0.39
Calmar ratio: Return relative to maximum drawdown	1.93	-0.73	+2.66
Martin ratio: Return relative to average drawdown	5.45	-1.00	+6.45

EDGH vs. DULL - Sharpe Ratio Comparison

The current EDGH Sharpe Ratio is 1.32, which is higher than the DULL Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of EDGH and DULL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EDGH vs. DULL - Drawdown Comparison

The maximum EDGH drawdown since its inception was -12.47%, smaller than the maximum DULL drawdown of -97.12%. Use the drawdown chart below to compare losses from any high point for EDGH and DULL.

Drawdown Indicators

	EDGH	DULL	Difference
Max Drawdown Largest peak-to-trough decline	-12.47%	-97.12%	+84.65%
Max Drawdown (1Y) Largest decline over 1 year	-12.47%	-81.92%	+69.45%
Max Drawdown (3Y) Largest decline over 3 years	—	-97.12%	—
Current Drawdown Current decline from peak	-9.37%	-94.05%	+84.68%
Average Drawdown Average peak-to-trough decline	-2.47%	-60.32%	+57.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.41%	59.81%	-55.40%

Volatility

EDGH vs. DULL - Volatility Comparison

The current volatility for 3EDGE Dynamic Hard Assets ETF (EDGH) is 4.00%, while MicroSectors Gold -3X Inverse Leveraged ETN (DULL) has a volatility of 22.82%. This indicates that EDGH experiences smaller price fluctuations and is considered to be less risky than DULL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EDGH	DULL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	22.82%	-18.82%
Volatility (6M) Calculated over the trailing 6-month period	14.97%	69.93%	-54.96%
Volatility (1Y) Calculated over the trailing 1-year period	18.23%	82.31%	-64.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.57%	59.12%	-43.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.57%	59.12%	-43.55%

EDGH vs. DULL - Expense Ratio Comparison

EDGH has a 1.01% expense ratio, which is higher than DULL's 0.95% expense ratio.

Dividends

EDGH vs. DULL - Dividend Comparison

EDGH's dividend yield for the trailing twelve months is around 1.10%, while DULL has not paid dividends to shareholders.

Position	TTM	2025	2024
DULL MicroSectors Gold -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%
EDGH 3EDGE Dynamic Hard Assets ETF	1.10%	1.18%	3.19%

Frequently Asked Questions

Can I hold both EDGH and DULL in my portfolio?

EDGH and DULL have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EDGH or DULL?

DULL has higher volatility (22.82%) compared to EDGH (4.00%). In terms of maximum drawdown, EDGH dropped -12.47% vs DULL's -97.12%.

Which ETF is better, EDGH or DULL?

On 1-year performance, EDGH leads with 23.98% vs -59.77% for DULL. On fees, DULL is cheaper at 0.95% per year. On volatility, EDGH has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EDGH or DULL?

Over the 1-year period, EDGH has performed better with a 23.98% return vs -59.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EDGH or DULL?

DULL is cheaper with a 0.95% expense ratio, compared with 1.01% for EDGH.

Which ETF pays a higher dividend yield, EDGH or DULL?

EDGH has the higher dividend yield at 1.10%, compared with 0.00% for DULL.

What is the main difference between EDGH and DULL?

EDGH is categorized as Commodities, while DULL is Inverse Commodities. They also come from different issuers: 3EDGE Asset Management and REX. Their fees differ too: 1.01% for EDGH and 0.95% for DULL.

Which has better risk-adjusted returns?

EDGH currently has the higher Sharpe Ratio (1.32 vs -0.73), 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.