GDXD vs. DUST
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) 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, 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 -73.29%/yr vs -47.24%/yr for DUST. Their 0.99 correlation means they have historically moved very closely together. 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 -42.32% return, which is significantly lower than DUST's -13.22% return.
GDXD
- 1D
- 10.48%
- 1M
- 10.38%
- 6M
- -10.42%
- YTD
- -42.32%
- 1Y
- -91.93%
- 3Y*
- -83.55%
- 5Y*
- -73.29%
- 10Y*
- —
- ALL TIME*
- -70.78%
DUST
- 1D
- 6.62%
- 1M
- 8.88%
- 6M
- 12.29%
- YTD
- -13.22%
- 1Y
- -72.70%
- 3Y*
- -60.67%
- 5Y*
- -47.24%
- 10Y*
- -48.81%
- ALL TIME*
- -48.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $30.19M | $36.63M | $44.10M | |
| $19.58M | $21.95M | $29.87M |
GDXD vs. DUST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | -42.32% | -97.53% | -57.78% | -52.35% | -52.56% | -19.71% | -13.10% |
DUST Direxion Daily Gold Miners Bear 2X Shares | -13.22% | -88.72% | -29.51% | -27.63% | -22.70% | -4.82% | -3.26% |
Correlation
The correlation between GDXD and DUST is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 1.00 |
Correlation (3Y) Balances recent behavior with more history. | 1.00 |
Correlation (5Y) Shows whether the relationship held over a longer 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 due June 29, 2040 (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 | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.86 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.87 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.11 | -1.09 | -0.02 |
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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 | -95.95% | -85.03% | -10.92% |
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 | -99.92% | -100.00% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -72.59% | -83.50% | +10.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 83.56% | 68.24% | +15.32% |
Volatility
GDXD vs. DUST - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a higher volatility of 40.76% compared to Direxion Daily Gold Miners Bear 2X Shares (DUST) at 25.85%. 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 | 40.76% | 25.85% | +14.91% |
Volatility (6M)Calculated over the trailing 6-month period | 118.25% | 77.14% | +41.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 146.68% | 96.41% | +50.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.62% | 73.80% | +38.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.97% | 86.65% | +24.32% |
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 4.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUST Direxion Daily Gold Miners Bear 2X Shares | 4.37% | 12.51% | 4.99% | 4.47% | 0.00% | 0.00% | 3.60% | 2.50% | 0.37% |
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | 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 (40.76%) compared to DUST (25.85%). In terms of maximum drawdown, GDXD dropped -99.96% vs DUST's -100.00%.
On 5-year performance, DUST leads with -47.24% vs -73.29% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, DUST has been the lower-risk option at 25.85%. 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 -47.24% return vs -73.29%. 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 4.37%, 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, 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 (-0.63 vs -0.76), 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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