GDXD vs. DUST
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and DUST (Direxion Daily Gold Miners Bear 2X Shares) are both exchange-traded funds - GDXD is a Inverse Equities fund tracking the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while DUST is a Leveraged Equities fund tracking the NYSE Arca Gold Miners Index (-300%). Both are passively managed. Over the past 5 years, GDXD returned -74.72%/yr vs -49.60%/yr for DUST. With a 0.99 correlation, they move nearly in lockstep. GDXD charges 0.95%/yr vs 1.07%/yr for DUST.
Performance
GDXD vs. DUST - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -53.10% return, which is significantly lower than DUST's -26.48% return.
GDXD
- 1D
- 6.19%
- 1M
- -4.28%
- YTD
- -53.10%
- 6M
- -52.54%
- 1Y
- -93.59%
- 3Y*
- -84.51%
- 5Y*
- -74.72%
- 10Y*
- —
DUST
- 1D
- 4.55%
- 1M
- 0.93%
- YTD
- -26.48%
- 6M
- -25.17%
- 1Y
- -77.30%
- 3Y*
- -62.15%
- 5Y*
- -49.60%
- 10Y*
- -53.31%
GDXD vs. DUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -53.10% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
DUST Direxion Daily Gold Miners Bear 2X Shares | -26.48% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -3.26% |
Correlation
The correlation between GDXD and DUST is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020 | 0.99 |
The correlation between GDXD and DUST has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
GDXD vs. DUST — Risk / Return Rank
GDXD
DUST
GDXD vs. DUST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) and Direxion Daily Gold Miners Bear 2X Shares (DUST). 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.
| GDXD | DUST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.83 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.89 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.19 | -1.18 | -0.01 |
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Drawdowns
GDXD vs. DUST - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, roughly equal to the maximum DUST drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for GDXD and DUST.
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Drawdown Indicators
| GDXD | DUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -100.00% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -96.33% | -86.15% | -10.18% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -97.55% | -2.31% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | -98.68% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.98% | — |
Current DrawdownCurrent decline from peak | -99.94% | -100.00% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -72.02% | -83.37% | +11.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.36% | 64.88% | +13.48% |
Volatility
GDXD vs. DUST - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 52.17% compared to Direxion Daily Gold Miners Bear 2X Shares (DUST) at 33.63%. This indicates that GDXD's price experiences larger fluctuations and is considered to be riskier than DUST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDXD | DUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 52.17% | 33.63% | +18.54% |
Volatility (6M)Calculated over the trailing 6-month period | 116.83% | 76.53% | +40.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 142.52% | 94.18% | +48.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 111.31% | 72.97% | +38.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.50% | 87.40% | +23.10% |
GDXD vs. DUST - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is lower than DUST's 1.07% expense ratio.
Dividends
GDXD vs. DUST - Dividend Comparison
GDXD has not paid dividends to shareholders, while DUST's dividend yield for the trailing twelve months is around 8.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 8.87% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 1.00, GDXD and DUST move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GDXD has higher volatility (52.17%) compared to DUST (33.63%). In terms of maximum drawdown, GDXD dropped -99.96% vs DUST's -100.00%.
On 5-year performance, DUST leads with -49.60% vs -74.72% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, DUST has been the lower-risk option at 33.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DUST has performed better with a -49.60% return vs -74.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXD is cheaper with a 0.95% expense ratio, compared with 1.07% for DUST.
DUST has the higher dividend yield at 8.87%, compared with 0.00% for GDXD.
GDXD is categorized as Inverse Equities, while DUST is Leveraged Equities. GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), while DUST tracks NYSE Arca Gold Miners Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for GDXD and 1.07% for DUST.
GDXD currently has the higher Sharpe Ratio (-0.66 vs -0.82), 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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